v3.26.1
Equity-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of stock option activity

 

OPTIONS

 

 

WEIGHTED-
AVERAGE
EXERCISE
PRICE

 

 

WEIGHTED-
AVERAGE
REMAINING
CONTRACTUAL TERM
(IN YEARS)

 

 

AGGREGATE
INTRINSIC
VALUE
(IN THOUSANDS)

 

Outstanding as of December 31, 2025

 

 

5,610,444

 

 

$

36.95

 

 

 

8.56

 

 

$

216,170

 

Granted

 

 

1,395,882

 

 

 

75.84

 

 

 

 

 

 

 

Exercised

 

 

(139,814

)

 

 

30.90

 

 

 

 

 

 

 

Forfeited

 

 

(25,076

)

 

 

46.47

 

 

 

 

 

 

 

Outstanding as of March 31, 2026

 

 

6,841,436

 

 

$

44.97

 

 

 

8.62

 

 

$

268,156

 

Exercisable as of March 31, 2026

 

 

2,165,555

 

 

$

34.06

 

 

 

8.10

 

 

$

108,508

 

Schedule of restricted stock unit activity

 

NUMBER OF
SHARES

 

 

WEIGHTED-
AVERAGE
GRANT DATE FAIR
VALUE PER SHARE

 

Unvested restricted stock units as of December 31, 2025

 

 

177,615

 

 

$

39.36

 

Granted

 

 

213,851

 

 

 

76.98

 

Vested

 

 

(27,953

)

 

 

51.81

 

Forfeited

 

 

(4,879

)

 

 

51.54

 

Unvested restricted stock units as of March 31, 2026

 

 

358,634

 

 

$

60.66

 

Schedule of equity-based compensation expense

 

THREE MONTHS ENDED
MARCH 31,

 

 

2026

 

 

2025

 

Research and development expense

 

$

8,527

 

 

$

5,372

 

General and administrative expense

 

 

8,628

 

 

 

5,754

 

Total

 

$

17,155

 

 

$

11,126

 

Unvested restricted common stock  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of activity of equity instrument other than option

 

NUMBER OF SHARES

 

 

WEIGHTED-
AVERAGE
GRANT DATE FAIR
VALUE PER
SHARE

 

Unvested restricted common stock as of December 31, 2025

 

 

637,594

 

 

$

5.69

 

Vested

 

 

(194,060

)

 

 

4.98

 

Forfeited

 

 

(2,204

)

 

 

7.62

 

Unvested restricted common stock as of March 31, 2026

 

 

441,330

 

 

$

5.99

 

2023 Equity Incentive Plan | Employee Stock Option  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of fair value assumptions of share based payment

 

THREE MONTHS ENDED MARCH 31,

 

2026

Risk-free interest rate

 

3.6% - 4.0%

Expected dividend yield

 

0.0%

Expected term (in years)

 

6.0 - 6.25

Expected volatility

 

74.4% - 75.2%