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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense Recognized in Statements of Operations
The Company recognized total stock-based compensation expense for non-employees and employees in its statements of operations as follows (in thousands):

Year Ended December 31,
20252024
Research and development$5,568 $2,084 
General and administrative9,438 5,313 
Total$15,006 $7,397 
Schedule of Weighted Average Assumptions
Stock-based compensation, measured at the grant date based on the fair value of the award, is typically recognized ratably over the requisite service period, using the straight-line method of expense attribution. When utilizing the Black-Scholes option-pricing model to determine the grant date fair value of stock options granted to employees or non-employees, we used the following weighted average assumptions:

Year Ended December 31,
20252024
Risk-free interest rate
3.67% - 4.36%
3.8 %
Expected term (in years)
5.3 - 6.1
6.1
Expected annual dividend yield— %— %
Expected volatility
90.63% - 95.38%
90.8 %
Fair Value of common stock
$7.35 - $14.44
$5.45 - $24.43
Schedule of Stock Option Activity
A summary of options award activity for non-employees and employees of the Company is as follows:

SharesWeighted-Average Exercise PriceWeighted Average - Remaining Contractual Life (years)
Aggregate Intrinsic Value(1) (in thousands)
Outstanding at December 31, 20248,038,679 $7.02 
Granted2,559,847 14.40 
Exercised(556,711)4.98 
Canceled(190,838)8.22 
Outstanding as of December 31, 20259,850,977 $9.03 8.5$90,401 
Exercisable as of December 31, 20253,071,744 $6.78 7.9$31,120 
Exercisable and expected to vest as of December 31, 20259,850,977 $9.03 8.5$90,401 

(1) The aggregate intrinsic values is calculated as the difference between the exercise price of the underlying options and the fair value of the Company’s common stock on December 31, 2025 for the options that were in the money.