v3.25.3
Stock-Based Compensation (Tables)
9 Months Ended
Sep. 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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Research and development expenses

 

$

12,346

 

 

$

8,298

 

 

$

35,977

 

 

$

22,283

 

General and administrative expenses

 

 

9,968

 

 

 

7,161

 

 

 

28,791

 

 

 

22,158

 

 

$

22,314

 

 

$

15,459

 

 

$

64,768

 

 

$

44,441

 

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

 

 

1,336,157

 

 

$

76.61

 

 

 

 

 

 

 

Exercised

 

 

(676,572

)

 

$

21.57

 

 

 

 

 

 

 

Cancelled or forfeited

 

 

(74,418

)

 

$

74.77

 

 

 

 

 

 

 

Outstanding as of September 30, 2025

 

 

8,565,214

 

 

$

36.55

 

 

 

7.02

 

 

$

428,895

 

Exercisable as of September 30, 2025

 

 

5,259,242

 

 

$

21.09

 

 

 

6.14

 

 

$

343,960

 

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

 

 

618,773

 

 

$

77.23

 

Vested

 

 

(242,905

)

 

$

74.52

 

Forfeited

 

 

(18,154

)

 

$

81.38

 

Outstanding as of September 30, 2025

 

 

1,074,635

 

 

$

76.37