v3.25.2
Equity-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of stock option activity

 

OPTIONS

 

 

WEIGHTED-
AVERAGE
EXERCISE
PRICE

 

 

WEIGHTED-
AVERAGE
REMAINING
CONTRACTUAL TERM
(IN YEARS)

 

 

AGGREGATE
INTRINSIC
VALUE
(IN THOUSANDS)

 

Outstanding as of December 31, 2024

 

 

5,155,414

 

 

$

35.12

 

 

 

9.4

 

 

$

61,506

 

Granted

 

 

686,403

 

 

$

39.19

 

 

 

 

 

$

 

Exercised

 

 

(49,922

)

 

$

20.16

 

 

 

 

 

$

 

Forfeited

 

 

(77,208

)

 

$

34.87

 

 

 

 

 

$

 

Outstanding as of June 30, 2025

 

 

5,714,687

 

 

$

35.74

 

 

 

9.0

 

 

$

57,200

 

Exercisable as of June 30, 2025

 

 

1,323,751

 

 

$

28.93

 

 

 

8.6

 

 

$

20,760

 

Schedule of restricted stock unit activity

 

NUMBER OF
SHARES

 

 

WEIGHTED-
AVERAGE
GRANT DATE FAIR
VALUE PER SHARE

 

Unvested restricted stock units as of December 31, 2024

 

 

267,564

 

 

$

38.48

 

Vested

 

 

(37,213

)

 

 

36.54

 

Forfeited

 

 

(5,908

)

 

 

43.61

 

Unvested restricted stock units as of June 30, 2025

 

 

224,443

 

 

$

38.67

 

Schedule of equity-based compensation expense

 

THREE MONTHS ENDED
JUNE 30,

 

 

SIX MONTHS ENDED
JUNE 30,

 

 

2025

 

 

2024

 

 

2025

 

2024

 

Research and development expense

 

$

5,538

 

 

$

2,154

 

 

$

10,910

 

$

4,084

 

General and administrative expense

 

 

5,806

 

 

 

3,544

 

 

 

11,560

 

 

5,800

 

Total

 

$

11,344

 

 

$

5,698

 

 

$

22,470

 

$

9,884

 

Unvested restricted common stock  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of activity of equity instrument other than option

 

NUMBER OF SHARES

 

 

WEIGHTED-
AVERAGE
GRANT DATE FAIR
VALUE PER
SHARE

 

Unvested restricted common stock as of December 31, 2024

 

 

1,415,827

 

 

$

5.30

 

Vested

 

 

(388,922

)

 

 

4.98

 

Unvested restricted common stock as of June 30, 2025

 

 

1,026,905

 

 

$

5.43

 

2023 Equity Incentive Plan | Employee Stock Option  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of fair value assumptions of share based payment

 

THREE MONTHS ENDED JUNE 30,

 

SIX MONTHS ENDED JUNE 30,

 

2025

 

2025

Risk-free interest rate

 

3.9% - 4.1%

 

3.9% - 4.4%

Expected dividend yield

 

0.0%

 

0.0%

Expected term (in years)

 

5.5 - 6.25

 

5.5 - 6.25

Expected volatility

 

74.8% - 75.5%

 

74.8% - 75.5%