Stock-Based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Schedule of Restricted Stock Activity |
The following table summarizes the Company’s restricted stock unit activity: | | | | | | | | | | | | | Shares | | Weighted
Average
Grant Date
Fair Value | | Unvested as of December 31, 2025 | 501,853 | | | $ | 64.12 | | | Issued | 171,675 | | | 295.02 | | | Vested | (130,784) | | | 70.42 | | | Forfeited | (19,754) | | | 118.59 | | | Unvested as of June 30, 2026 | 522,990 | | | $ | 136.28 | |
|
| Schedule of Performance Stock Activity |
The following table summarizes the Company’s performance stock unit activity: | | | | | | | | | | | | | Shares | | Grant Date
Fair Value | | Unvested as of December 31, 2025 | — | | | $ | — | | Issued(a) | 131,802 | | | 294.38 | | | Vested | — | | | — | | | Forfeited | — | | | — | | | Unvested as of June 30, 2026 | 131,802 | | | $ | 294.38 | |
(a) The number of shares issued during the period is the maximum amount of shares that could be payable under the terms of the PSU agreement.
|
| Schedule of Stock Option Activity |
The following table summarizes the Company’s stock option activity: | | | | | | | | | | | | | | | | | | | | | | | | | Number of
Shares | | Weighted
Average
Exercise Price
per Share | | Weighted
Average
Remaining
Contractual
Term | | Aggregate
Intrinsic Value | | | | | | (In years) | | (In thousands) | | Outstanding as of December 31, 2025 | 1,876,778 | | | $ | 89.80 | | | | | | | Granted | 109,647 | | | 292.60 | | | | | | | Exercised | (74,198) | | | 72.10 | | | | | $ | 18,225 | | | Cancelled or Forfeited | (6,823) | | | 81.11 | | | | | | | Outstanding as of June 30, 2026 | 1,905,404 | | | $ | 102.19 | | | 7.38 | | $ | 466,138 | | | Exercisable as of June 30, 2026 | 1,285,374 | | | $ | 104.01 | | | 6.91 | | $ | 319,584 | | | Vested and expected to vest as of June 30, 2026 | 1,905,404 | | | $ | 102.19 | | | 7.38 | | $ | 466,138 | |
|
| Schedule of Fair Value of Stock Option Awards on the Grant Date Using the Black-Scholes Option Valuation Model |
The weighted-average assumptions that the Company used in the Black-Scholes option pricing model to determine the grant-date fair value of stock options granted to employees and non-employees on the date of grant were as follows for the three and six months ended June 30, 2026: | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended June 30, | | | | 2026 | | 2026 | | | | Risk-free interest rate | 4.26 | % | | 3.87 | % | | | | Expected term (in years) | 6.00 | | 6.00 | | | | Expected volatility | 78.29 | % | | 80.09 | % | | | | Expected dividend yield | — | % | | — | % | | | | Weighted average grant-date fair value per share | $ | 187.94 | | | $ | 207.72 | | | |
|
| Schedule of Stock-Based Compensation Expense |
Stock-based compensation expense was allocated as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Research and development | $ | 3,915 | | | $ | 3,230 | | | $ | 9,428 | | | $ | 7,010 | | | General and administrative | 7,394 | | | 4,540 | | | 18,993 | | | 9,546 | | | Total stock-based compensation expense | $ | 11,309 | | | $ | 7,770 | | | $ | 28,421 | | | $ | 16,556 | |
|