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Share-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of common stock reserved for future issuance

As of December 31, 2025, the Company had reserved shares of its common stock for future issuance as follows:

 

Shares
Reserved

 

Common stock options outstanding

 

 

2,714,651

 

Unvested restricted stock units under the 2023 Plan

 

 

41,376

 

Available for future grants under the 2024 Plan

 

 

868,712

 

Available for future grants under the ESPP

 

 

163,041

 

Total shares of common stock reserved for future issuance

 

 

3,787,780

 

Summary of the Company's stock option activity

A summary of the Company’s stock option activity and related information for the year ended December 31, 2025 is as follows:

 

 

Options Outstanding

 

 

 

Number
of Options

 

 

Weighted Average
 Exercise
Price

 

 

Weighted Average Remaining Contractual Term
 (in years)

 

 

Aggregate Intrinsic Value
(in thousands)

 

Options outstanding - December 31, 2024

 

 

2,393,824

 

 

$

23.54

 

 

 

7.90

 

 

$

1

 

Granted

 

 

774,800

 

 

 

4.98

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

Expired

 

 

(405,567

)

 

 

42.88

 

 

 

 

 

 

 

Forfeited

 

 

(48,406

)

 

 

13.27

 

 

 

 

 

 

 

Options outstanding - December 31, 2025

 

 

2,714,651

 

 

$

15.54

 

 

 

8.52

 

 

$

22

 

Options exercisable - December 31, 2025

 

 

1,032,822

 

 

$

19.05

 

 

 

7.95

 

 

$

 

Summary of weighted-average assumptions to determine the fair value of the employee stock option The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee stock option grants were as follows:

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

Expected term (years)

 

 

5.99

 

 

5.77

 

Expected volatility

 

 

130.1

%

 

 

126.2

%

Risk-free interest rate

 

 

4.34

%

 

 

3.80

%

Expected dividend yield

 

 

0

%

 

 

0

%

Summary of RSU and RSA activities The following table summarizes RSU activities during the year ended December 31, 2025:

 

 

 

 

 

 

Number
of Shares

 

 

Weighted
Average
Grant Date
Fair Value

 

Unvested balance as of December 31, 2024

 

 

213,254

 

 

$

22.88

 

Granted

 

 

35,893

 

 

 

2.94

 

Vested and released

 

 

(205,999

)

 

 

19.41

 

Forfeited

 

 

(1,772

)

 

 

22.89

 

RSUs outstanding - December 31, 2025

 

 

41,376

 

 

$

22.89

 

Unvested balance as of December 31, 2025

 

 

41,376

 

 

$

22.89

 

Summary of Non-cash stock-based compensation expense recorded

The following table shows the allocation of share-based compensation expense related to the company’s share-based awards and employee stock purchase plan (in thousands):

 

December 31,

 

 

2025

 

 

2024

 

Research and development

$

5,636

 

 

$

2,896

 

General and administrative

 

5,997

 

 

 

1,634

 

Total

$

11,633

 

 

$

4,530