v3.25.2
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Restricted Stock Activity
The following table summarizes the Company’s restricted stock unit activity:
SharesWeighted
Average
Grant Date
Fair Value
Unvested as of December 31, 2024224,473 $71.71 
Issued372,668 62.05 
Vested(61,593)102.13 
Forfeited(19,952)59.37 
Unvested as of June 30, 2025515,596 $61.57 
Summary of Stock Option Activity
The following table summarizes the Company’s stock option activity:
Number of
Shares		Weighted
Average
Exercise Price
per Share		Weighted
Average
Remaining
Contractual
Term		Aggregate
Intrinsic Value
(In years)(In thousands)
Outstanding as of December 31, 20241,809,343 $90.84 
Granted324,670 60.03 
Exercised(14,422)38.83 $535 
Cancelled or Forfeited(16,964)66.95 
Outstanding as of June 30, 20252,102,627 $86.63 8.18$1,566 
Exercisable as of June 30, 20251,132,791 $111.08 7.42$1,336 
Vested and expected to vest as of June 30, 20252,102,627 $86.63 8.18$1,566 
Schedule of Fair Value of Stock Option Awards on the Grant Date Using the Black-Scholes Option Valuation Model
The weighted-average assumptions that the Company used in the Black-Scholes option pricing model to determine the grant-date fair value of stock options granted to employees and non-employees on the date of grant were as follows for the three and six months ended June 30, 2025:
Three Months Ended
June 30,		Six Months Ended
June 30,
20252025
Risk-free interest rate3.90 %4.45 %
Expected term (in years)6.006.00
Expected volatility93.10 %93.08 %
Expected dividend yield— %— %
Weighted average grant-date fair value per share$34.10 $46.74 
Summary of Stock-Based Compensation Expense
Stock-based compensation expense was allocated as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Research and development$3,230 $2,060 $7,010 $7,658 
General and administrative4,540 3,818 9,546 12,695 
Total stock-based compensation expense$7,770 $5,878 $16,556 $20,353