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 six months ended June 30, 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	2,121,267	39.12
Exercised	(440,654)	7.26
Cancelled or forfeited	(112,178)	17.07
Outstanding as of June 30, 2026	7,336,234	$	20.06	8.3	$	175,572
Exercisable as of June 30, 2026	2,771,649	$	11.27	7.3	$	90,698

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 and six months ended June 30, 2026, was $27.06 per share and $27.91 per share, respectively. The total intrinsic value of stock options exercised during the three and six months ended June 30, 2026 was $2.7 million and $13.7 million, respectively.

During the three and six months ended June 30, 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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development expense	$	2,205	$	1,084	$	4,225	$	1,888
General and administrative expense	4,637		1,756		9,170		3,046
Total	$	6,842	$	2,840	$	13,395	$	4,934