Stock-based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Stock-Based Compensation Expense by Award Type |
The Company’s stock-based compensation expense by award type was as follows (in thousands):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Stock options |
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$ |
3,726 |
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|
$ |
4,778 |
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|
$ |
7,406 |
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$ |
9,485 |
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RSUs |
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|
4,255 |
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|
3,713 |
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|
8,564 |
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|
7,381 |
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PSUs |
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|
852 |
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— |
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|
1,257 |
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|
— |
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Employee stock purchase plan |
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|
220 |
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|
162 |
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|
443 |
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|
|
324 |
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$ |
9,053 |
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$ |
8,653 |
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$ |
17,670 |
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$ |
17,190 |
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| Stock-Based Compensation Expense |
The Company recorded aggregate stock-based compensation expense in the consolidated statements of operations and comprehensive income (loss) as follows (in thousands):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Research and development |
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$ |
3,851 |
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$ |
3,989 |
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$ |
7,611 |
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$ |
7,936 |
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General and administrative |
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|
5,202 |
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|
|
4,664 |
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|
|
10,059 |
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|
|
9,254 |
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$ |
9,053 |
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|
$ |
8,653 |
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|
$ |
17,670 |
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$ |
17,190 |
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| Summary of Unvested RSUs Activity Under Equity Incentive Plans |
The following table summarizes RSU activity under the Company's equity incentive plans (in thousands, except per share data):
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Weighted-average |
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Grant Date |
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Shares |
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Fair Value |
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Unvested RSUs at December 31, 2025 |
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|
2,850 |
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$ |
13.08 |
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Granted |
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|
1,172 |
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$ |
13.50 |
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Vested |
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|
(896 |
) |
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$ |
14.96 |
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Forfeited |
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|
(131 |
) |
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$ |
11.57 |
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Unvested RSUs at June 30, 2026 |
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|
2,995 |
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|
$ |
12.75 |
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| Summary of PSU Activity Under Equity Incentive Plans |
The following table summarizes PSU activity under the Company's equity incentive plans (in thousands, except per share data):
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Weighted-average |
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Grant Date |
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Shares |
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Fair Value |
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Unvested PSUs at December 31, 2025 |
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— |
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$ |
— |
|
Granted |
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|
306 |
|
|
$ |
14.18 |
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Vested |
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|
— |
|
|
$ |
— |
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Forfeited |
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|
— |
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|
$ |
— |
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Unvested PSUs at June 30, 2026 |
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|
306 |
|
|
$ |
14.18 |
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| Equity Incentive Plans [Member] |
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| Summary of Stock Option Activity |
The following table summarizes stock option activity under the Company's equity incentive plans (in thousands, except per share data):
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Weighted- |
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average |
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Weighted- |
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Remaining |
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average |
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Contractual |
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Aggregate |
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Exercise |
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Life |
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Intrinsic |
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Shares |
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Price |
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(Years) |
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Value (a) |
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Outstanding at December 31, 2025 |
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11,566 |
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$ |
25.26 |
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|
6.0 |
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$ |
17,523 |
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Granted |
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|
907 |
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$ |
10.86 |
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Exercised |
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|
(248 |
) |
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$ |
12.89 |
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Cancelled or forfeited |
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|
(396 |
) |
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$ |
26.53 |
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Outstanding at June 30, 2026 |
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|
11,829 |
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$ |
24.37 |
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|
6.0 |
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|
$ |
11,724 |
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Exercisable at June 30, 2026 |
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|
8,630 |
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$ |
29.13 |
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|
5.1 |
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$ |
4,221 |
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Vested and expected to vest at June 30, 2026 |
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|
11,829 |
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$ |
24.37 |
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|
6.0 |
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|
$ |
11,724 |
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(a)The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of the common stock for the options that were in the money at the dates reported.
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