v3.25.2
Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Stock-Based Compensation Expenses

The Company recorded stock-based compensation expense within its condensed consolidated statements of operations and comprehensive loss as follows (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Research and development expenses

 

$

12,200

 

 

$

7,322

 

 

$

23,631

 

 

$

13,985

 

General and administrative expenses

 

 

9,874

 

 

 

7,803

 

 

 

18,823

 

 

 

14,997

 

 

$

22,074

 

 

$

15,125

 

 

$

42,454

 

 

$

28,982

 

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity since December 31, 2024:

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

 

Weighted

 

 

Remaining

 

 

Aggregate

 

 

 

 

 

 

Average

 

 

Contractual

 

 

Intrinsic

 

 

 

Number

 

 

Exercise

 

 

Term

 

 

Value

 

 

 

of Shares

 

 

Price

 

 

(in years)

 

 

(in thousands)

 

Outstanding as of December 31, 2024

 

 

7,980,047

 

 

$

28.93

 

 

 

7.45

 

 

$

398,407

 

Granted

 

 

1,219,417

 

 

$

76.51

 

 

 

 

 

 

 

Exercised

 

 

(438,978

)

 

$

22.37

 

 

 

 

 

 

 

Cancelled or forfeited

 

 

(43,033

)

 

$

74.02

 

 

 

 

 

 

 

Outstanding as of June 30, 2025

 

 

8,717,453

 

 

$

35.69

 

 

 

7.22

 

 

$

360,933

 

Exercisable as of June 30, 2025

 

 

5,039,215

 

 

$

18.90

 

 

 

6.27

 

 

$

290,154

 

Summary of Restricted Stock Unit Activity

The following table summarizes the Company’s RSU activity since December 31, 2024:

 

Number of Shares

 

 

Weighted Average Grant-Date Fair Value

 

Outstanding as of December 31, 2024

 

 

716,921

 

 

$

75.13

 

Granted

 

 

591,880

 

 

$

77.21

 

Vested

 

 

(223,656

)

 

$

74.39

 

Forfeited

 

 

(10,053

)

 

$

85.12

 

Outstanding as of June 30, 2025

 

 

1,075,092

 

 

$

76.34