v3.25.3
Equity Incentive Plans (Tables)
9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity

The following table summarizes stock option activity for the Company’s equity incentive plans for the nine months ended September 30, 2025:

 

 

Common

 

 

Weighted

 

 

Weighted

 

 

 

Shares

 

 

Average

 

 

Average

 

 

 

Underlying

 

 

Exercise

 

 

Remaining

 

 

 

Stock

 

 

Price per

 

 

Contractual

 

 

 

Options

 

 

Share

 

 

Life (in years)

 

Outstanding at December 31, 2024

 

 

1,673,352

 

 

$

11.55

 

 

 

8.6

 

Granted

 

 

1,184,109

 

 

$

18.11

 

 

 

 

Exercised

 

 

(76,224

)

 

$

8.62

 

 

 

 

Forfeited / Cancelled

 

 

(47,800

)

 

$

13.60

 

 

 

 

Outstanding at September 30, 2025

 

 

2,733,437

 

 

$

14.44

 

 

 

8.7

 

Exercisable at September 30, 2025

 

 

669,840

 

 

$

10.61

 

 

 

7.2

 

Schedule of Weighted Average Fair Value of Stock Options Granted

The weighted average fair value of stock options granted during the nine months ended September 30, 2025 was $14.77 per share which was estimated using the Black-Scholes option pricing model with the following weighted average assumptions:

Expected volatility

 

72.00% – 76.00%

 

Risk-free interest rate

 

3.72% – 4.47%

 

Expected term (years)

 

5.50 – 6.08

 

Expected dividend yield

 

 

—

 

Schedule of Stock-based Compensation Expense Recognized

Total stock-based compensation expense recognized in the condensed consolidated statements of operations for the three and nine months ended September 30, 2025 and 2024 is as follows (in thousands):

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Research and development

 

$

573

 

 

$

147

 

 

$

1,473

 

 

$

437

 

General and administrative

 

 

1,217

 

 

 

52

 

 

 

2,844

 

 

 

125

 

Total stock-based compensation expense

 

$

1,790

 

 

$

199

 

 

$

4,317

 

 

$

562