v3.26.1
Equity-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Summary of Stock Option Activity

A summary of stock option activity under the 2020 Plan for service and performance based vesting conditions during the three months ended March 31, 2026 is as follows (in thousands except share and per share data):

 

 

 

Number of
Options
Outstanding

 

 

Weighted
Average
Strike
Price per
Option

 

 

Weighted
Average
Remaining
Contractual
Term
(in years)

 

 

Aggregate
Intrinsic
Value

 

Outstanding at December 31, 2025

 

 

9,003,748

 

 

$

33.33

 

 

 

7.14

 

 

$

400,490

 

Granted

 

 

1,096,960

 

 

 

88.98

 

 

 

 

 

 

 

Exercised

 

 

(669,517

)

 

 

28.67

 

 

 

 

 

 

 

Forfeited

 

 

(74,915

)

 

 

38.57

 

 

 

 

 

 

 

Outstanding at March 31, 2026

 

 

9,356,276

 

 

$

40.15

 

 

 

7.26

 

 

$

410,599

 

Exercisable at March 31, 2026

 

 

5,719,063

 

 

$

32.76

 

 

 

6.13

 

 

$

289,008

 
Summary of Equity-Based Compensation Expense

Total equity-based compensation expense recorded as research and development and general and administrative expenses for employees, directors, and non-employees during the three months ended March 31, 2026 and 2025 is as follows (in thousands):

 

 

 

Three Months Ended
March 31,

 

 

 

2026

 

 

2025

 

Research and development

 

$

8,580

 

 

$

7,546

 

General and administrative

 

 

7,427

 

 

 

6,688

 

Total equity-based compensation

 

$

16,007

 

 

$

14,234

 
Summary of Weighted-Average Assumptions

The weighted-average assumptions that the Company used in the Black-Scholes option pricing model to determine the grant date fair value of stock options granted to employees and non-employees for the three months ended March 31, 2026 and 2025 were as follows:

 

 

 

Three Months Ended
March 31,

 

 

 

2026

 

 

2025

 

Expected term (in years)

 

 

6.06

 

 

 

5.82

 

Volatility

 

 

78

%

 

 

73

%

Risk-free interest rate

 

 

3.70

%

 

 

4.00

%

Dividend yield

 

 

0.00

%

 

 

0.00

%
Employee Stock Option  
Summary of Equity-Based Compensation Expense

The following table outlines our equity-based compensation expense for stock options for the three months ended March 31, 2026 and 2025:

 

 

 

Three Months Ended
March 31,

 

 

 

2026

 

 

2025

 

Research and development

 

$

5,717

 

 

$

5,713

 

General and administrative

 

 

6,288

 

 

 

5,857

 

Total equity-based compensation

 

$

12,005

 

 

$

11,570

 
Summary of Restricted Stock Activity

The Company has granted shares of restricted stock units with service-based and performance-based vesting conditions. A summary of restricted stock activity during the three months ended March 31, 2026 is as follows:

 

 

 

Number of
Units
Outstanding

 

 

Grant Date
Fair Value
per Share

 

Unvested at December 31, 2025

 

 

1,345,155

 

 

$

34.05

 

Granted

 

 

417,914

 

 

 

90.21

 

Vested

 

 

(189,052

)

 

 

34.82

 

Forfeited

 

 

(38,841

)

 

 

40.27

 

Unvested at March 31, 2026

 

 

1,535,176

 

 

$

49.08

 
Performance Stock  
Summary of Weighted-Average Assumptions The Company estimated the fair values of shares granted under the market-based TSR PSOs using a Monte Carlo simulation model with the following assumptions:

 

Volatility

 

65

%

Risk-free interest rate

 

3.50

%

Dividend yield

 

0.00

%
Restricted Stock  
Summary of Weighted-Average Assumptions The Company estimated the fair values of shares granted under the market-based TSR PSUs using a Monte Carlo simulation model with the following assumptions:

 

Volatility

 

65

%

Risk-free interest rate

 

3.50

%

Dividend yield

 

0.00

%