v3.26.1
Stock Option and Grant Plan (Tables)
6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Stock-based Compensation Expense

Stock-based compensation expense recorded as research and development and general and administrative expenses in the condensed consolidated statements of operations and other comprehensive loss is as follows (in thousands):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

11,246

 

 

$

14,832

 

 

$

22,302

 

 

$

30,565

 

General and administrative

 

 

8,032

 

 

 

9,535

 

 

 

16,020

 

 

 

20,484

 

Total stock-based compensation expense

 

$

19,278

 

 

$

24,367

 

 

$

38,322

 

 

$

51,049

 

Summary of Stock Option Activity Under Equity Award Plans

The following table provides a summary of stock option activity under the Company’s equity award plans:

 

 

Number
of options

 

 

Weighted
average
exercise
price

 

Outstanding at December 31, 2025

 

 

11,316,549

 

 

$

35.68

 

Granted

 

 

2,268,906

 

 

 

28.41

 

Exercised

 

 

(645,881

)

 

 

14.78

 

Forfeited

 

 

(310,616

)

 

 

45.38

 

Outstanding at June 30, 2026

 

 

12,628,958

 

 

 

35.23

 

Exercisable as of June 30, 2026

 

 

7,857,085

 

 

$

40.07

 

Summary of Restricted Stock Activity

The following table summarizes the Company’s restricted stock activity:

 

 

Shares

 

 

Weighted-
average grant
date fair
value

 

Unvested as of December 31, 2025

 

 

2,543,852

 

 

$

27.16

 

Issued

 

 

1,720,125

 

 

 

21.38

 

Vested

 

 

(795,275

)

 

 

31.49

 

Forfeited

 

 

(106,737

)

 

 

24.49

 

Unvested as of June 30, 2026

 

 

3,361,965

 

 

$

23.26