Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Assumptions used in Estimating Fair Value of Stock Options

The assumptions used to determine the fair value of stock options granted were as follows:

	March 31, 2026		March 31, 2025
Expected life of options (in years)	6.00 - 6.05			6.25
Risk-free interest rate	3.81% - 3.86%			4.42	%
Expected volatility	93.25% - 94.49%			86.7	%
Dividends	$	—	$	—
Fair value of common stock	$20.73 - $24.22		$	22.03

Schedule of Share-Based Payment Arrangement, Stock Option Activity

A summary of the Company’s stock option activity and related information is as follows (in thousands, except per share and contractual term data):

	Options Outstanding			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Balance at December 31, 2025		2,588		$	15.77		9.46	$	17,235
Granted		472			22.14
Exercised		(1	)		15.00
Forfeited		(25	)		17.51
Balance at March 31, 2026		3,034		$	16.74	9.33		$	24,420
Options vested and expected to vest as of March 31, 2026		3,034		$	16.74		9.33
Options exercisable as of March 31, 2026		192		$	17.71		7.56

Schedule of Stock-Based Compensation

During the three months ended March 31, 2026 and 2025, the Company recognized stock-based compensation expense related to stock options as follows (in thousands):

	Three Months Ended March 31,
	2026		2025
Research and development	$	470	$	129
General and administrative		2,094		505
Total stock-based compensation	$	2,564	$	634

Restricted Stock

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Share-Based Payment Arrangement, Stock Option Activity

A summary of the Company’s restricted stock activity is as follows:

	Shares			Weighted Average Grant Date Fair Value
Unvested Balance at December 31, 2025		6,647		$	11.15
Granted		—			—
Vested		(6,555	)		12.05
Unvested balance as of March 31, 2026		92		$	23.15

Schedule of Stock-Based Compensation

During the three months ended March 31, 2026 and 2025, the Company recognized stock-based compensation related to shares of restricted stock as follows (in thousands):

	Three Months Ended March 31,
	2026		2025
Research and development	$	—	$	—
General and administrative		2		1
Total stock-based compensation	$	2	$	1