
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development expense	$	7,482	$	5,843	$	14,035	$	9,878
General and administrative expense		12,180		18,590		23,872		27,968
	$	19,662	$	24,433	$	37,907	$	37,846

During the six months ended June 30, 2026 and 2025, the Company entered into separation agreements with certain employees. Per the separation terms, certain stock option awards and RSUs were amended and may provide for continued vesting, accelerated vesting, and extended time to exercise vested options. As a result, equity-based compensation expense during the six months ended June 30, 2026 and 2025 includes $0.3 million and $13.0 million, respectively, related to the modification of certain equity awards.

The following table summarizes the Company’s unrecognized equity-based compensation expense as of June 30, 2026:


	As of June 30, 2026
	Unrecognized Expense (in thousands)		Weighted Average Remaining Period of Recognition (years)
RSUs	$	112,448		2.8
PSUs		10,660		2.3
Stock options		71,105		2.5
	$	194,213

The following table summarizes the Company’s RSU activity for the current year:


				Weighted
				Average Grant
	Number of Units			Date Fair Value
RSUs as of December 31, 2025		3,283,939		$	25.50
Granted		1,480,611		$	47.40
Vested		(918,916	)	$	23.18
Forfeited		(246,888	)	$	26.04
RSUs as of June 30, 2026		3,598,746		$	35.07

The total fair value of RSUs vested during the six months ended June 30, 2026 and 2025 was $42.9 million and $40.7 million, respectively.

The following table summarizes the Company’s PSU activity for the current year:


				Weighted
				Average Grant
	Number of Units			Date Fair Value
PSUs as of December 31, 2025		1,100,000		$	28.63
Granted		625,809		$	43.39
Vested		(275,000	)	$	30.94
PSUs as of June 30, 2026		1,450,809		$	34.56

The Company has granted various PSUs to certain employees. Depending on the terms of the PSUs and the outcome of the pre-established performance criteria, which may include a market condition, performance condition and/or time-based vesting, the recipient may ultimately earn the target number of PSUs granted or a specified multiple thereof at the end of the vesting period.

The total fair value of PSUs vested during the six months ended June 30, 2026 was $12.0 million. No PSUs vested during the six months ended June 30, 2025.

The following table summarizes the Company’s stock option activity for the current year:


						Weighted
						Average
				Weighted		Remaining Contractual		Aggregate
	Number of			Average		Term		Intrinsic Value
	Shares			Exercise Price		(in years)		(in thousands)
Outstanding as of December 31, 2025		7,845,460		$	21.06		6.72	$	185,525
Granted		527,488		$	47.03
Exercised		(1,347,368	)	$	12.49
Cancelled		(339,197	)	$	31.53
Outstanding as of June 30, 2026		6,686,383		$	24.31		7.24	$	206,526
Options exercisable as of June 30, 2026		3,599,310		$	19.26		6.07	$	129,933

Using the Black-Scholes option pricing model, the weighted average grant date fair value of options granted during the six months ended June 30, 2026 and 2025 was $39.18 and $28.84, respectively.

The following weighted average assumptions were used in determining the fair value of options granted in the six months ended June 30, 2026 and 2025:


	Six Months Ended
	June 30,
	2026			2025
Risk-free interest rate		3.95	%		4.10	%
Expected dividend yield		0.0	%		0.0	%
Expected term (in years)		6.04			6.06
Expected volatility		107.10	%		108.33	%

8. Equity-Based Compensation

The Company recorded equity-based compensation expense related to all equity-based awards, which was allocated as follows in the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2026 and 2025 (in thousands):