v3.26.1
Equity-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of stock option activity

 

OPTIONS

 

 

WEIGHTED-
AVERAGE
EXERCISE
PRICE

 

 

WEIGHTED-
AVERAGE
REMAINING
CONTRACTUAL TERM
(IN YEARS)

 

 

AGGREGATE
INTRINSIC
VALUE
(IN THOUSANDS)

 

Outstanding as of December 31, 2025

 

 

5,610,444

 

 

$

36.95

 

 

 

8.56

 

 

$

216,170

 

Granted

 

 

1,558,954

 

 

 

76.62

 

 

 

 

 

 

 

Exercised

 

 

(380,664

)

 

 

33.77

 

 

 

 

 

 

 

Forfeited

 

 

(163,263

)

 

 

44.35

 

 

 

 

 

 

 

Outstanding as of June 30, 2026

 

 

6,625,471

 

 

$

46.29

 

 

 

8.42

 

 

$

572,738

 

Exercisable as of June 30, 2026

 

 

2,486,113

 

 

$

36.03

 

 

 

7.99

 

 

$

240,395

 

Schedule of restricted stock unit activity

 

NUMBER OF
SHARES

 

 

WEIGHTED-
AVERAGE
GRANT DATE FAIR
VALUE PER SHARE

 

Unvested restricted stock units as of December 31, 2025

 

 

177,615

 

 

$

39.36

 

Granted

 

 

213,851

 

 

 

76.98

 

Vested

 

 

(56,322

)

 

 

52.16

 

Forfeited

 

 

(13,645

)

 

 

59.25

 

Unvested restricted stock units as of June 30, 2026

 

 

321,499

 

 

$

61.30

 

Schedule of equity-based compensation expense

 

THREE MONTHS ENDED
JUNE 30,

 

 

SIX MONTHS ENDED
JUNE 30,

 

 

2026

 

 

2025

 

 

2026

 

2025

 

Research and development expense

 

$

9,129

 

 

$

5,538

 

 

$

17,656

 

$

10,910

 

General and administrative expense

 

 

7,534

 

 

 

5,806

 

 

 

16,162

 

 

11,560

 

Total

 

$

16,663

 

 

$

11,344

 

 

$

33,818

 

$

22,470

 

Unvested restricted common stock  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of activity of equity instrument other than option

 

NUMBER OF SHARES

 

 

WEIGHTED-
AVERAGE
GRANT DATE FAIR
VALUE PER
SHARE

 

Unvested restricted common stock as of December 31, 2025

 

 

637,594

 

 

$

5.69

 

Vested

 

 

(362,995

)

 

 

5.04

 

Forfeited

 

 

(2,204

)

 

 

7.62

 

Unvested restricted common stock as of June 30, 2026

 

 

272,395

 

 

$

6.54

 

2023 Equity Incentive Plan | Employee Stock Option  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of fair value assumptions of share based payment

 

THREE MONTHS ENDED JUNE 30,

 

SIX MONTHS ENDED JUNE 30,

 

2026

 

2026

Risk-free interest rate

 

4.1% - 4.3%

 

3.6% - 4.3%

Expected dividend yield

 

0.0%

 

0.0%

Expected term (in years)

 

5.5 - 6.25

 

5.5 - 6.25

Expected volatility

 

73.1% - 75.0%

 

73.1% - 75.2%