Quarterly report [Sections 13 or 15(d)]

Common Stock (Tables)

v3.26.1
Common Stock (Tables)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Summary of Stock Option Activity

A summary of stock option activity is presented below:

 

 

Number of
Shares

 

 

Weighted
Average
Exercise Price (1)

 

 

Weighted
Average
Remaining
Contractual
Term (years)

 

 

Aggregate
Intrinsic
Value (1)

 

Outstanding as of January 1, 2026

 

 

13,835,372

 

 

$

8.57

 

 

 

7.1

 

 

$

2,371

 

Granted

 

 

3,886,400

 

 

 

3.28

 

 

 

 

 

 

 

Exercised

 

 

(15,113

)

 

 

2.11

 

 

 

 

 

 

16

 

Forfeited/Cancelled

 

 

(116,297

)

 

 

4.63

 

 

 

 

 

 

 

Outstanding as of March 31, 2026

 

 

17,590,362

 

 

$

7.43

 

 

 

7.5

 

 

$

4,322

 

Options Exercisable at March 31, 2026

 

 

8,923,688

 

 

$

9.01

 

 

 

5.9

 

 

$

1,982

 

(1) The weighted average exercise prices and aggregate intrinsic values in this table will not reflect the impact of the May 2025 repricing until the retention period is complete in May 2026.
Schedule of Assumptions Used to Estimate Fair Value of Stock Options The fair value of each award is estimated using Black-Scholes based on the following assumptions:

 

 

 

Three Months Ended
March 31,

 

 

2026

 

2025

Risk-free interest rate

 

3.70%—3.91%

 

3.98%—4.46%

Expected term

 

6.1 years

 

6.1 years

Expected volatility

 

116%

 

112%

Expected dividend yield

 

0%

 

0%
Summary of Stock-Based Compensation

The Company has recorded stock-based compensation in the accompanying statements of operations as follows:

 

 

 

Three Months Ended
March 31,

 

 

 

2026

 

 

2025

 

Research and development

 

$

2,939

 

 

$

2,666

 

General and administrative

 

 

2,317

 

 

 

2,495

 

Total

 

$

5,256

 

 

$

5,161