The Company’s stock-based compensation plans are described in Note 11, "Common Stock," in the audited consolidated annual financial statements in the Annual Report. There have been no material changes to the Company’s stock-based compensation plans previously disclosed in the Annual Report.

The following table summarizes the Company’s common stock option activity for the three months ended March 31, 2026:


	Number of Common Stock Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
				(in years)	(in thousands)
Outstanding as of December 31, 2025	5,767,799	$	12.01	8.3	$	168,007
Granted	1,807,547	39.20
Exercised	(352,066)	6.32
Cancelled or forfeited	(97,490)	16.40
Outstanding as of March 31, 2026	7,125,790	$	19.13	8.5	$	149,390
Exercisable as of March 31, 2026	2,283,841	$	9.45	7.4	$	69,988

The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the estimated fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock.

The weighted-average grant date fair value of options granted during the three months ended March 31, 2026, was $28.06 per share. The total intrinsic value of stock options exercised during the three months ended March 31, 2026 was $11.0 million.

During the three months ended March 31, 2026, and 2025, the Company recorded stock-based compensation in the accompanying condensed consolidated statements of operations and comprehensive loss as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development expense	$	2,020	$	804
General and administrative expense	4,533		1,290
Total	$	6,553	$	2,094