Equity-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 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 consolidated statements of operations and comprehensive loss for the years ended December 31, 2025 and 2024 (in thousands): | | | | | | | | | Year Ended | | | December 31, | | | 2025 | | 2024 | Research and development expense | | $ | 20,676 | | $ | 16,002 | General and administrative expense | | | 54,924 | | | 20,626 | | | $ | 75,600 | | $ | 36,628 |
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| Summary of unrecognized equity-based compensation expense |
| | | | | | | | As of December 31, 2025 | | | Unrecognized Expense (in thousands) | | Weighted Average Remaining Period of Recognition (years) | RSUs | $ | 66,347 | | 2.6 | Performance stock units (“PSUs”) | | 17,593 | | 3.3 | Stock options | | 69,722 | | 2.7 | | $ | 153,662 | | |
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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 | | 2,204,642 | | $ | 34.14 | Vested | | (1,331,907) | | $ | 13.89 | Forfeited | | (1,075,464) | | $ | 19.84 | RSUs as of December 31, 2025 | | 3,283,939 | | $ | 25.50 |
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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 December 31, 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 | | 2,804,296 | | $ | 34.23 | | | | | | Exercised | | (1,860,105) | | $ | 12.80 | | | | | | Cancelled | | (1,568,657) | | $ | 22.70 | | | | | | Outstanding as of December 31, 2025 | | 7,845,460 | | $ | 21.06 | | 6.72 | | $ | 185,525 | Options exercisable as of December 31, 2025 | | 4,125,011 | | $ | 16.48 | | 4.93 | | $ | 118,791 |
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| Schedule of weighted average assumptions in fair value |
| | | | | | Year Ended | | | December 31, | | | 2025 | | 2024 | | Risk-free interest rate | 4.06 | % | 4.09 | % | Expected dividend yield | 0.0 | % | 0.0 | % | Expected term (in years) | 6.07 | | 6.01 | | Expected volatility | 108.28 | % | 92.30 | % |
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