Stock-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Share-Based Payment Arrangement [Abstract] |
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| Summary of Stock Option Activity |
A summary of option activity for the six months ended June 30, 2026 is as follows:
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Number of
Options |
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Weighted-
Average
Exercise
Price |
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Weighted-
Average
Remaining
Contractual
Term
(in years) |
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Aggregate
Intrinsic
Value
(in thousands) |
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Outstanding at December 31, 2025 |
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9,407,851 |
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$ |
11.93 |
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|
7.2 |
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$ |
42,967 |
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Granted |
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2,770,780 |
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$ |
14.03 |
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Exercised |
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(721,933 |
) |
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$ |
6.32 |
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$ |
6,011 |
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Cancelled or forfeited |
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(125,492 |
) |
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$ |
14.44 |
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Outstanding at June 30, 2026 |
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11,331,206 |
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$ |
12.77 |
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7.7 |
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$ |
78,565 |
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Options exercisable as of June 30, 2026 |
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5,797,526 |
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$ |
14.73 |
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6.5 |
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$ |
35,686 |
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Options unvested as of June 30, 2026 |
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5,533,680 |
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$ |
10.72 |
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8.9 |
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$ |
42,880 |
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Weighted average grant-date fair value of options granted during the period |
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$ |
11.72 |
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| Summary of Restricted Stock Unit Activity |
A summary of restricted stock unit, or RSU, activity for the six months ended June 30, 2026 is as follows:
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Number of Shares |
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Weighted Average Grant Date Fair Value |
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Nonvested as of December 31, 2025 |
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2,725,084 |
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$ |
8.12 |
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Granted |
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2,040,947 |
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$ |
14.04 |
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Vested |
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(761,848 |
) |
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$ |
10.18 |
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Forfeited |
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(143,077 |
) |
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$ |
8.26 |
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Nonvested as of June 30, 2026 |
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3,861,106 |
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$ |
10.84 |
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| Summary of Performance-Based Restricted Stock Unit Activity |
A summary of PSU activity for the six months ended June 30, 2026, is as follows:
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Number of Shares |
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Weighted Average Grant Date Fair Value |
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Nonvested as of December 31, 2025 |
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2,089,494 |
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$ |
6.01 |
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Granted |
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— |
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$ |
— |
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Vested |
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— |
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$ |
— |
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Forfeited |
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(75,475 |
) |
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$ |
7.20 |
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Nonvested as of June 30, 2026 |
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2,014,019 |
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$ |
5.96 |
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| Summary of Stock-Based Compensation Expense |
Stock-based compensation expense for the three and six months ended June 30, 2026 and 2025, is 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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$ |
2,472 |
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$ |
1,960 |
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$ |
4,227 |
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$ |
3,782 |
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Selling, general and administrative |
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5,846 |
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5,390 |
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10,211 |
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|
10,401 |
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Total stock-based compensation expense |
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$ |
8,318 |
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$ |
7,350 |
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$ |
14,438 |
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$ |
14,183 |
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| Summary of Unrecognized Stock-Based Compensation Expense and Weighted-Average Recognition Period |
The following table summarizes unrecognized stock-based compensation expense as of June 30, 2026, by type of awards (in thousands), and the weighted-average period over which that expense is expected to be recognized (in years). The total unrecognized stock-based compensation expense will be adjusted for actual forfeitures as they occur.
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June 30, 2026 |
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Unrecognized Expense |
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Weighted-average Recognition Period |
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Stock options |
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$ |
42,385 |
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|
2.89 |
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Restricted stock units |
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$ |
36,876 |
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|
3.17 |
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Performance-based restricted stock units |
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$ |
12,013 |
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— |
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