Equity-Based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Company's Unrecognized Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
| Summary of Unrecognized Equity-Based Compensation Expense |
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 |
|
|
|
|
|
| Summary of stock option activity |
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 |
|
|
| Summary of Weighted Average Assumptions in Fair Value |
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 |
% |
|
| Restricted Stock Units [Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Restricted Stock Units |
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 |
|
|
| Performance Stock Units [Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Restricted Stock Units |
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 |
|
|