Equity-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Equity-Based Compensation |
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| Summary of allocation of equity-based compensation |
The Company recorded equity-based compensation expense related to all equity-based awards, which was allocated as follows in the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2025 and 2024 (in thousands): | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | Research and development expense | | $ | 5,843 | | $ | 4,050 | | $ | 9,878 | | $ | 7,581 | General and administrative expense | | | 18,590 | | | 5,261 | | | 27,968 | | | 9,895 | | | $ | 24,433 | | $ | 9,311 | | $ | 37,846 | | $ | 17,476 |
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| Summary of unrecognized equity-based compensation expense |
| | | | | | | | As of June 30, 2025 | | | Unrecognized Expense (in thousands) | | Weighted Average Remaining Period of Recognition (years) | RSUs | $ | 72,053 | | 2.9 | PSUs | | 27,739 | | 3.8 | Stock options | | 75,222 | | 2.7 | | $ | 175,014 | | |
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| Summary of stock activity |
| | | | | | | | | | Weighted | | | | | Average Grant | | | Number of Units | | Date Fair Value | RSUs as of December 31, 2024 | | 3,486,668 | | $ | 13.86 | Granted | | 1,803,099 | | $ | 34.25 | Vested | | (1,066,073) | | $ | 12.86 | Forfeited | | (675,027) | | $ | 19.32 | RSUs as of June 30, 2025 | | 3,548,667 | | $ | 23.48 |
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| Summary of performance stock units |
| | | | | | | | | | Weighted | | | | | Average Grant | | | Number of Units | | Date Fair Value | PSUs as of December 31, 2024 | | — | | $ | — | Granted | | 1,100,000 | | $ | 28.63 | PSUs as of June 30, 2025 | | 1,100,000 | | $ | 28.63 |
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| Summary of stock option activity |
| | | | | | | | | | | | | | | | | | Weighted | | | | | | | | Weighted | | Average | | | | | | Number of | | Average | | Remaining | | Aggregate | | | Shares | | Exercise Price | | Contractual Term | | Intrinsic Value | | | | | | | | (in years) | | (in thousands) | Outstanding as of December 31, 2024 | | 8,469,926 | | $ | 15.19 | | 7.83 | | $ | 244,677 | Granted | | 2,268,889 | | $ | 34.37 | | | | | | Exercised | | (651,813) | | $ | 12.73 | | | | | | Cancelled | | (1,019,554) | | $ | 19.75 | | | | | | Outstanding as of June 30, 2025 | | 9,067,448 | | $ | 19.65 | | 6.94 | | $ | 155,136 | Options exercisable as of June 30, 2025 | | 4,408,693 | | $ | 16.88 | | 5.41 | | $ | 92,015 |
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| Schedule of weighted average assumptions in fair value |
| | | | | | Six Months Ended | | | June 30, | | | 2025 | | 2024 | | Risk-free interest rate | 4.10 | % | 4.18 | % | Expected dividend yield | 0.0 | % | 0.0 | % | Expected term (years to liquidity) | 6.06 | | 5.98 | | Expected volatility | 108.33 | % | 91.35 | % |
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