Stock Option and Grant Plan (Tables)
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3 Months Ended |
Mar. 31, 2026 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Summary of Stock Option Activity |
A summary of option activity for the three months ended March 31, 2026 is as follows:
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Number of
Options |
|
|
Weighted-
Average
Exercise
Price |
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|
Weighted-
Average
Remaining
Contractual
Term
(in years) |
|
|
Aggregate
Intrinsic
Value
(in thousands) |
|
Outstanding at December 31, 2025 |
|
|
9,407,851 |
|
|
$ |
11.93 |
|
|
|
7.2 |
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|
$ |
42,967 |
|
Granted |
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|
2,574,095 |
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|
$ |
13.99 |
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|
|
|
|
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|
Exercised |
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|
(465,661 |
) |
|
$ |
6.94 |
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|
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|
$ |
3,161 |
|
Cancelled or forfeited |
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|
(74,343 |
) |
|
$ |
11.44 |
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|
|
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Outstanding at March 31, 2026 |
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|
11,441,942 |
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|
$ |
12.60 |
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|
7.9 |
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|
$ |
49,741 |
|
Options exercisable as of March 31, 2026 |
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|
5,560,686 |
|
|
$ |
14.84 |
|
|
|
6.6 |
|
|
$ |
22,717 |
|
Options unvested as of March 31, 2026 |
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|
5,881,256 |
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|
$ |
10.48 |
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|
9.1 |
|
|
$ |
27,023 |
|
Weighted average grant-date fair value of options granted during the period |
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$ |
11.69 |
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| Summary of Restricted Stock Unit Activity |
A summary of restricted stock unit, or RSU, activity for the three months ended March 31, 2026 is as follows:
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Number of Shares |
|
|
Weighted Average Grant Date Fair Value |
|
Nonvested as of December 31, 2025 |
|
|
2,725,084 |
|
|
$ |
8.12 |
|
Granted |
|
|
1,952,447 |
|
|
$ |
14.01 |
|
Vested |
|
|
(676,314 |
) |
|
$ |
10.95 |
|
Forfeited |
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|
(68,067 |
) |
|
$ |
7.76 |
|
Nonvested as of March 31, 2026 |
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|
3,933,150 |
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|
$ |
10.56 |
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| Summary of Performance-Based Restricted Stock Unit Activity |
A summary of PSU activity for the three months ended March 31, 2026, is as follows:
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Number of Shares |
|
|
Weighted Average Grant Date Fair Value |
|
Nonvested as of December 31, 2025 |
|
|
2,089,494 |
|
|
$ |
6.01 |
|
Granted |
|
|
— |
|
|
$ |
— |
|
Vested |
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|
— |
|
|
$ |
— |
|
Forfeited |
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|
(39,925 |
) |
|
$ |
6.48 |
|
Nonvested as of March 31, 2026 |
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|
2,049,569 |
|
|
$ |
6.00 |
|
|
| Summary of Stock-Based Compensation Expense |
Stock-based compensation expense for the three months ended March 31, 2026 and 2025, is as follows (in thousands):
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Three Months Ended March 31, |
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|
2026 |
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|
2025 |
|
Research and development |
|
$ |
1,755 |
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|
$ |
1,822 |
|
Selling, general and administrative |
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|
4,365 |
|
|
|
5,011 |
|
Total stock-based compensation expense |
|
$ |
6,120 |
|
|
$ |
6,833 |
|
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| Summary of Unrecognized Stock-Based Compensation Expense and Weighted-Average Recognition Period |
The following table summarizes unrecognized stock-based compensation expense as of March 31, 2026, by type of awards (in thousands), and the weighted-average period over which that expense is expected to be recognized (in years). The total unrecognized stock-based compensation expense will be adjusted for actual forfeitures as they occur.
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March 31, 2026 |
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Unrecognized Expense |
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Weighted-average Recognition Period |
|
Stock options |
|
$ |
45,239 |
|
|
|
3.10 |
|
Restricted stock units |
|
$ |
39,633 |
|
|
|
3.35 |
|
Performance-based restricted stock units |
|
$ |
12,298 |
|
|
|
— |
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