v3.26.1
Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Options Activity

The following table summarizes the activity for all stock options outstanding:

 

 

 

Shares

 

 

 

Weighted-
average
exercise price
per share

 

 

Weighted-
average
remaining
contractual term

 

 

Aggregate
intrinsic
value

 

 

 

 

 

 

 

 

 

 

(in years)

 

 

(in thousands)

 

Outstanding as of December 31, 2025

 

 

5,842,485

 

 

 

$

19.62

 

 

 

7.9

 

 

$

468,191

 

Granted

 

 

42,150

 

 

 

 

106.59

 

 

 

 

 

 

 

Exercised

 

 

(227,187

)

 

 

 

8.55

 

 

 

 

 

 

 

Forfeited

 

 

(119,222

)

 

 

 

21.91

 

 

 

 

 

 

 

Outstanding as of June 30, 2026

 

 

5,538,226

 

 

 

$

20.68

 

 

 

7.4

 

 

$

464,983

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable as of June 30, 2026

 

 

3,079,609

 

 

 

$

11.88

 

 

 

6.5

 

 

$

285,618

 

 

Schedule of Assumptions for Fair Value of Employee And Non-Employee Stock Option

The assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee and non-employee stock options granted, were as follows:

 

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

Risk-free interest rate

 

3.6% − 3.9

%

 

3.8% − 4.7

%

Expected volatility

 

84.5% − 85.5

%

 

76.0% − 77.3

%

Expected life (years)

 

6.1 − 6.3

 

 

5.0 − 6.4

 

Expected dividend yield

 

0

%

 

0

%

 

Schedule of Restricted Stock Award And Restricted Stock Unit Activity

The following table summarizes the activity for RSAs and RSUs:

 

 

 

Shares

 

 

Weighted-average
grant date fair value
per share

 

Outstanding as of December 31, 2025

 

 

27,439

 

 

$

87.25

 

Granted

 

 

301,891

 

 

 

115.77

 

Vested

 

 

(1,244

)

 

 

26.86

 

Forfeited

 

 

(1,675

)

 

 

109.46

 

Outstanding as of June 30, 2026

 

 

326,411

 

 

$

113.75

 

Schedule of Stock-based Compensation Expenses

The Company recognized the following stock-based compensation expense in its unaudited condensed statements of operations (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

2,240

 

 

$

1,261

 

 

$

4,352

 

 

$

2,425

 

Selling, general and administrative

 

 

4,664

 

 

 

1,443

 

 

 

7,877

 

 

 

2,723

 

Total

 

$

6,904

 

 

$

2,704

 

 

$

12,229

 

 

$

5,148