Quarterly report [Sections 13 or 15(d)]

Common Stock (Tables)

v3.26.1
Common Stock (Tables)
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Summary of Stock Option Activity

A summary of stock option activity is presented below:

 

 

Number of
Shares

 

 

Weighted
Average
Exercise Price

 

 

Weighted
Average
Remaining
Contractual
Term (years)

 

 

Aggregate
Intrinsic
Value

 

Outstanding as of January 1, 2026

 

 

13,835,372

 

 

$

1.85

 

 

 

7.1

 

 

$

4,968

 

Granted

 

 

4,166,000

 

 

 

3.28

 

 

 

 

 

 

 

Exercised

 

 

(34,257

)

 

 

1.94

 

 

 

 

 

 

49

 

Forfeited/Cancelled

 

 

(143,975

)

 

 

2.81

 

 

 

 

 

 

 

Outstanding as of June 30, 2026

 

 

17,823,140

 

 

$

2.17

 

 

 

7.3

 

 

$

17,451

 

Options Exercisable at June 30, 2026

 

 

9,518,318

 

 

$

1.83

 

 

 

5.8

 

 

$

12,152

 
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:

 

 

 

Six Months Ended
June 30,

 

 

2026

 

2025

Risk-free interest rate

 

3.70%—4.31%

 

3.94%—4.46%

Expected term

 

5.5 years—6.1 years

 

5.5 years—6.1 years

Expected volatility

 

114%—118%

 

112%—118%

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
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

3,136

 

 

$

3,289

 

 

$

6,075

 

 

$

5,955

 

General and administrative

 

 

2,363

 

 

 

2,416

 

 

 

4,680

 

 

 

4,911

 

Total

 

$

5,499

 

 

$

5,705

 

 

$

10,755

 

 

$

10,866