Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Share-based Compensation Expense

Stock-based compensation expense recognized for all equity awards has been reported in the accompanying consolidated statements of operations and comprehensive (loss) income as follows (in thousands):


	Years Ended December 31,
	2025		2024
Research and development expense	$	2,660	$	2,955
Selling, general and administrative expense		19,435		11,579
Total	$	22,095	$	14,534

Summary of Activity Related to Stock Option

A summary of the Company’s stock option activity for the year ended December 31, 2025 is as follows:


						Weighted-
	Shares			Weighted-		Average		Aggregate
	Subject to			Average		Remaining		Intrinsic
	Options			Exercise		Contractual		Value
	Outstanding			Price		Life (Years)		(in thousands)
Outstanding at December 31, 2024		15,161,180		$	6.63
Granted		3,363,850		$	11.63
Exercised		(1,134,836	)	$	3.62
Forfeited		(645,555	)	$	11.29
Outstanding at December 31, 2025		16,744,639		$	7.66		7.3	$	78,158
Exercisable at December 31, 2025		10,634,343		$	6.40		6.6	$	63,481

Summary of Fair Value of Each Option Grant Estimated Throughout Year Using Black-Scholes Option-pricing Model

The fair value of stock options granted was estimated using a Black-Scholes option-pricing model (“Black-Scholes”) with the following assumptions:


	Years Ended December 31,
	2025	2024
Expected term (in years)	5.5 – 6.1	5.5 – 6.1
Expected volatility	83.2% – 87.3%	91.9% – 94.2%
Risk-free interest rate	3.8% – 4.4%	3.6% – 4.3%
Expected dividend yield	0%	0%

ARS Pharmaceuticals, Inc. 10-K