v3.26.1
Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Assumptions Used in Determining Fair Value of Option Awards

The following table provides the assumptions used in determining the fair value of option awards for the three and six months ended June 30, 2026 and 2025:

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2026

 

2025

 

2026

 

2025

Expected volatility

 

63.99% - 69.97%

 

73.62% - 77.58%

 

63.99% - 69.97%

 

73.39% - 77.58%

Risk-free interest rate

 

3.99% - 4.345%

 

3.99% - 4.16%

 

3.725% - 4.345%

 

3.99% - 4.5%

Expected dividend yield

 

0%

 

0%

 

0%

 

0%

Expected term (in years)

 

5.25 - 6.1

 

5.25 - 6.1

 

5.25 - 6.1

 

5.25 - 6.1

Summary of Stock Option Activity

The following table summarizes stock option activity for the six months ended June 30, 2026 (in thousands, except share and per share amounts):

 

 

 

Number of
Outstanding Options

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term

 

 

Aggregate
Intrinsic
Value

 

 

 

 

 

 

 

 

(Years)

 

 

 

 

Balance at December 31, 2025

 

 

7,958,219

 

 

$

16.59

 

 

 

7.96

 

 

$

198,545

 

Granted

 

 

1,185,868

 

 

$

66.61

 

 

 

 

 

 

 

Exercised

 

 

(657,956

)

 

$

6.56

 

 

 

 

 

 

 

Forfeited/Expired

 

 

(280,303

)

 

$

36.41

 

 

 

 

 

 

 

Balance at June 30, 2026

 

 

8,205,828

 

 

$

23.95

 

 

 

7.14

 

 

$

386,627

 

Vested and expected to vest at June 30, 2026

 

 

8,205,828

 

 

$

23.95

 

 

 

7.14

 

 

$

386,627

 

Exercisable at June 30, 2026

 

 

4,068,186

 

 

$

15.08

 

 

 

5.85

 

 

$

227,777

 

Summary of Performance-Based Restricted Stock Units The following table summarizes the Company's PSU activity for six months ended June 30, 2026:

 

 

Number of Shares

 

 

Weighted Average Grant Date Fair Value

 

 

 

 

 

 

 

Nonvested at December 31, 2025

 

 

166,342

 

 

$

39.40

 

Granted

 

 

22,643

 

 

$

67.68

 

Vested

 

 

 

 

$

 

Forfeited

 

 

(2,557

)

 

$

43.25

 

Nonvested at June 30, 2026

 

 

186,428

 

 

$

42.78

 

Expected to vest at June 30, 2026

 

 

186,428

 

 

$

42.78

 

Summary of Stock-based Compensation Expense Related to Stock Awards

Stock-based compensation expense related to stock awards and the 2024 Employee Stock Purchase Plan (see Note 12) recorded in the accompanying statements of operations for the three and six months ended June 30, 2026 and 2025 was as follows (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

$

3,094

 

 

$

2,303

 

 

$

5,653

 

 

$

3,955

 

General and administrative

 

11,240

 

 

 

4,704

 

 

 

15,155

 

 

 

8,203

 

Total stock-based compensation expense

$

14,334

 

 

$

7,007

 

 

$

20,808

 

 

$

12,158