Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

In October 2024, the Company adopted the 2024 Equity Incentive Plan (the “2024 Plan”), which became effective in connection with the Company’s IPO. The 2024 Plan provides for the grant of stock options, stock appreciation rights, restricted and unrestricted stock awards, restricted stock unit awards, and other stock-based awards to employees, directors, and non-employee service providers of the Company.

Awards granted under the 2024 Plan expire no later than ten years from the date of grant. The price of stock options shall not be less than 100% of the estimated fair value on the date of grant and typically vest over a four-year period, although awards may be granted with different vesting terms. The 2024 Plan initially reserved 2,143,039 shares of common stock for the issuance of future awards and provides for an automatic annual increase in the number of shares of common stock reserved for future issuance by the lesser of (i) 5% of the number of shares of the Company’s common stock outstanding as of the close of business on the immediately preceding December 31 and (ii) the number of shares determined by the Company’s Board of Directors on or prior to such date for such year. As of March 31, 2026, there were 3,015,283 shares of common stock reserved and available for issuance pursuant to the 2024 Plan.

During the three months ended March 31, 2026, the Company granted options for the purchase of 28,000 shares of common stock.

The weighted-average assumptions used to estimate the fair value of the stock options granted during the three months ended March 31, 2026 were as follows:


	Three months ended March 31, 2026
Expected volatility	84.69	%
Risk-free interest rate	3.87	%
Expected dividend yield	0	%
Expected term (in years)	6.07

During the three months ended March 31, 2026, the weighted average grant-date fair value of options granted was $3.71.

During the three months ended March 31, 2026, employees of the Company purchased an aggregate of 15,562 shares under the 2024 Employee Stock Purchase Plan.

The following table presents the classification of stock-based compensation expense for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development	$	756	$	476
General and administrative	716		385
Total	$	1,472	$	861

The Company has an aggregate of $10.4 million of gross unrecognized stock-based compensation expense as of March 31, 2026, which is expected to be recognized over a weighted average period of 2.5 years.