v3.26.1
Stock Option and Grant Plan (Tables)
3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Stock-based Compensation Expense

Stock-based compensation expense recorded as research and development and general and administrative expenses in the condensed consolidated statements of operations and other comprehensive loss is as follows (in thousands):

 

 

Three Months Ended
March 31,

 

 

 

2026

 

 

2025

 

Research and development

 

$

11,056

 

 

$

15,733

 

General and administrative

 

 

7,988

 

 

 

10,949

 

Total stock-based compensation expense

 

$

19,044

 

 

$

26,682

 

Summary of Stock Option Activity Under Equity Award Plans

The following table provides a summary of stock option activity under the Company’s equity award plans:

 

 

Number
of options

 

 

Weighted
average
exercise
price

 

Outstanding at December 31, 2025

 

 

11,316,549

 

 

$

35.68

 

Granted

 

 

1,786,500

 

 

 

27.47

 

Exercised

 

 

(197,671

)

 

 

10.25

 

Forfeited

 

 

(157,669

)

 

 

57.57

 

Outstanding at March 31, 2026

 

 

12,747,709

 

 

 

34.66

 

Exercisable as of March 31, 2026

 

 

7,573,708

 

 

$

40.19

 

Summary of Restricted Stock Activity

The following table summarizes the Company’s restricted stock activity:

 

 

Shares

 

 

Weighted-
average grant
date fair
value

 

Unvested as of December 31, 2025

 

 

2,543,852

 

 

$

27.16

 

Issued

 

 

1,542,950

 

 

 

23.83

 

Vested

 

 

(720,697

)

 

 

31.79

 

Forfeited

 

 

(23,545

)

 

 

24.82

 

Unvested as of March 31, 2026

 

 

3,342,560

 

 

$

24.73