Quarterly report [Sections 13 or 15(d)]

Common Stock (Tables)

v3.26.3
Common Stock (Tables)
 9 Months Ended
Sep. 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

 

 

4,988,200

 

 

 

3.17

 

 

 

 

 

 

 

Exercised

 

 

(91,377

)

 

 

1.83

 

 

 

 

 

 

129

 

Forfeited/Cancelled

 

 

(204,937

)

 

 

2.76

 

 

 

 

 

 

 

Outstanding as of September 30, 2026

 

 

18,527,258

 

 

$

2.20

 

 

 

7.1

 

 

$

1,396

 

Options Exercisable at September 30, 2026

 

 

9,978,389

 

 

$

1.83

 

 

 

5.7

 

 

$

941

 
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:

 

 

 

Nine Months Ended
September 30,

 

 

2026

 

2025

Risk-free interest rate

 

3.70%—5.05%

 

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
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

3,004

 

 

$

3,317

 

 

$

9,079

 

 

$

9,272

 

General and administrative

 

 

2,260

 

 

 

2,498

 

 

 

6,940

 

 

 

7,409

 

Total

 

$

5,264

 

 

$

5,815

 

 

$

16,019

 

 

$

16,681