During the three and six months ended June 30, 2026 and 2025, the Company recognized the following stock-based compensation expense (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development	$	7,840	$	7,805	$	15,694	$	17,537
General and administrative		9,476		9,802		17,946		20,282
Total	$	17,316	$	17,607	$	33,640	$	37,819

The following table summarizes stock option activity for the six months ended June 30, 2026:


	Shares			Weighted- average exercise price per share
Outstanding at December 31, 2025		6,747,835		$	56.82
Granted		875,531			47.58
Exercised		(326,058	)		44.29
Cancelled or forfeited		(436,099	)		66.24
Outstanding at June 30, 2026		6,861,209		$	55.64
Exercisable at June 30, 2026		4,694,440		$	57.66
Vested and expected to vest at June 30, 2026		6,861,209		$	55.64

As of June 30, 2026, total unrecognized compensation expense related to stock options was $65.1 million, which the Company expects to recognize over a remaining weighted-average period of 2.5 years.

The following table summarizes restricted stock activity for the six months ended June 30, 2026:


	Shares			Weighted- Average Grant Date Fair Value
Unvested balance at December 31, 2025		1,965,567		$	52.16
Granted		689,956			48.28
Vested		(429,134	)		53.28
Cancelled or forfeited		(169,286	)		50.69
Unvested balance at June 30, 2026		2,057,103		$	50.69

As of June 30, 2026, total unrecognized compensation expense related to unvested restricted common shares was $85.3 million, which the Company expects to recognize over a remaining weighted-average vesting period of 2.6 years.