Stock-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Summary of Stock-based Compensation Expense Recognized |
During the three and six months ended June 30, 2026 and 2025, the Company recognized the following stock-based compensation expense (in thousands):
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For the Three Months Ended June 30, |
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For the Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Stock-based compensation expense by type of award: |
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Stock options |
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$ |
5,739 |
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$ |
3,619 |
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$ |
11,084 |
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$ |
7,867 |
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Restricted stock and restricted stock units |
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5,273 |
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9,763 |
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10,127 |
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16,723 |
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Employee stock purchase plan |
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121 |
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165 |
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259 |
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305 |
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Total stock-based compensation expense included
in expenses |
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$ |
11,133 |
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$ |
13,547 |
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$ |
21,470 |
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$ |
24,895 |
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Stock-based compensation expense by line item: |
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Research and development expenses |
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$ |
4,651 |
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$ |
3,543 |
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$ |
7,908 |
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$ |
7,524 |
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General and administrative expenses |
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6,482 |
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10,004 |
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13,562 |
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17,371 |
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Total stock-based compensation expense included
in expenses |
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$ |
11,133 |
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$ |
13,547 |
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$ |
21,470 |
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$ |
24,895 |
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| Schedule of Unrecognized Stock-based Compensation Expense by Type of Award and Weighted-average Recognition Period |
The following table sets forth the Company’s unrecognized stock-based compensation expense by type of award and the weighted-average period over which that expense is expected to be recognized (in thousands, except for years):
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As of June 30, 2026 |
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Unrecognized
Expense,
Net of
Estimated
Forfeitures |
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Weighted-
average
Recognition
Period
(in years) |
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Type of award: |
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Stock options |
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$ |
35,831 |
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2.67 |
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Restricted stock and restricted stock units |
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$ |
28,129 |
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1.98 |
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| Summary of Stock Option Activity |
The following table summarizes stock option activity during the six months ended June 30, 2026:
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Shares Subject to Stock Options |
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Weighted-
Average
Exercise
Price |
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Weighted-
Average
Remaining
Contractual
Term (in years) |
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Aggregate Intrinsic Value |
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Options outstanding at December 31, 2025 |
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5,114,754 |
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$ |
14.18 |
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6.66 |
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114,000,000 |
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Granted |
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1,191,896 |
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$ |
33.21 |
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Exercised |
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(96,796 |
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$ |
11.37 |
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Forfeited |
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— |
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$ |
— |
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Cancelled |
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(219,839 |
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$ |
19.09 |
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Options outstanding at June 30, 2026 |
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5,990,015 |
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$ |
17.83 |
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6.84 |
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131,000,000 |
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Options exercisable at June 30, 2026 |
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3,798,158 |
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$ |
12.03 |
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5.84 |
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104,000,000 |
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| Schedule of Weighted Average Assumptions using Black-Scholes Option Pricing Model |
the fair value of each employee option grant during the six months ended June 30, 2026 was estimated on the date of grant using the Black-Scholes model with the following weighted average assumptions:
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Six Months Ended June 30, 2026 |
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Expected volatility |
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85.44 |
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% |
Expected term (in years) |
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5.95 |
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Risk-free interest rate |
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3.90 |
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% |
Expected dividend yield |
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0 |
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% |
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| Restricted stock [Member] |
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| Summary of Shares Granted and Stock Activity |
The following table is a summary of restricted stock activity during the six months ended June 30, 2026:
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Shares of Restricted Stock |
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Weighted-
Average
Grant Date
Fair Value |
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Unvested at December 31, 2025 |
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120,843 |
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$ |
0.17 |
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Granted |
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— |
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$ |
— |
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Vested |
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(90,632 |
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$ |
0.17 |
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Forfeited |
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— |
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$ |
— |
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Repurchased |
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— |
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$ |
— |
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Unvested at June 30, 2026 |
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30,211 |
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$ |
0.17 |
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| Restricted stock units [Member] |
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| Summary of Shares Granted and Stock Activity |
The following table summarizes restricted stock unit activity during the six months ended June 30, 2026:
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Shares Subject to Restricted Stock Units |
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Weighted-
Average
Grant Date
Value |
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Unvested at December 31, 2025 |
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2,113,636 |
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$ |
17.28 |
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Granted |
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666,060 |
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$ |
35.29 |
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Vested |
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(713,476 |
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$ |
14.50 |
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Forfeited |
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(218,999 |
) |
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$ |
4.88 |
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Cancelled |
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(33,720 |
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$ |
27.40 |
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Unvested at June 30, 2026 |
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1,813,501 |
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$ |
26.30 |
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