v3.26.1
Stockholders' Equity (Tables)
6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Assumptions Used to Determine Grant-Date Fair Value of Options Granted

The assumptions that the Company used to determine the grant-date fair value of options granted were as follows:

 

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

Expected volatility

 

72%

 

 

66%

 

Risk-free interest rate

 

3.71% — 4.41%

 

 

3.91% — 4.52%

 

Expected term (in years)

 

6

 

 

6

 

Expected dividend yield

 

 

 

 

 

 

Summary of Stock Option Activity and Related Information

A summary of the Company’s stock option activity and related information for the six months ended June 30, 2026 is as follows:

 

(in thousands, except share and per share data)

 

Options

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining Life
(in years)

 

 

Aggregate
Intrinsic
Value

 

Outstanding as of January 1, 2026

 

 

9,911,043

 

 

$

17.92

 

 

 

8.2

 

 

$

52,782

 

Granted

 

 

4,072,697

 

 

 

16.62

 

 

 

 

 

 

 

Exercised

 

 

(181,248

)

 

 

13.07

 

 

 

 

 

 

 

Forfeitures

 

 

(394,264

)

 

 

18.15

 

 

 

 

 

 

 

Outstanding as of June 30, 2026

 

 

13,408,228

 

 

$

17.58

 

 

 

8.3

 

 

$

88,720

 

Options exercisable as of June 30, 2026

 

 

4,727,617

 

 

$

17.83

 

 

 

6.8

 

 

$

33,205

 

Options vested or expected to vest— June 30, 2026

 

 

13,408,228

 

 

$

17.58

 

 

 

8.3

 

 

$

88,720

 

Summary of RSU Activity A summary of the Company’s RSU activity and related information for the six months ended June 30, 2026 is as follows:

 

 

 

Number of Shares Underlying RSUs

 

 

Weighted
Average
Grant Date Fair Value

 

Issued and unvested as of January 1, 2026

 

 

2,438,316

 

 

$

20.21

 

Granted

 

 

2,723,099

 

 

 

16.24

 

Vested

 

 

(555,750

)

 

 

17.16

 

Forfeited

 

 

(211,187

)

 

 

18.20

 

Issued and unvested as of June 30, 2026

 

 

4,394,478

 

 

$

18.26

 

Summary of Stock-based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories of its statements of operations:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(in thousands)

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

$

7,786

 

 

$

5,646

 

 

$

14,685

 

 

$

13,837

 

General and administrative

 

7,190

 

 

 

4,877

 

 

 

13,372

 

 

 

9,706

 

Total

$

14,976

 

 

$

10,523

 

 

$

28,057

 

 

$

23,543