| Stock-Based Compensation |
6. Stock-Based Compensation Shares of common stock available for issuance under the Company's equity incentive plans at June 30, 2026, were as follows:
|
|
|
|
|
|
|
June 30, 2026 |
|
Outstanding stock awards |
|
|
21,658,848 |
|
Reserved for future award grants |
|
|
2,769,357 |
|
Reserved for future ESPP purchases |
|
|
230,311 |
|
Total |
|
|
24,658,516 |
|
Stock Options Stock option activity, including stock options and performance-based stock options under the 2021 Long-Term Performance Incentive Plan (“LTPIP”), 2018 Equity Incentive Plan ("2018 Plan") and 2015 Share Incentive Plan is summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number
of
Options |
|
|
Weighted
Average
Exercise
Price |
|
|
Weighted
Average
Remaining
Contractual
Term
(in years) |
|
|
Aggregate
Intrinsic
Value
(in thousands) |
|
Outstanding at December 31, 2025 |
|
|
22,223,236 |
|
|
$ |
32.42 |
|
|
|
6.43 |
|
|
$ |
328,282 |
|
Granted |
|
|
421,886 |
|
|
$ |
31.96 |
|
|
|
|
|
|
|
Exercised |
|
|
(1,012,665 |
) |
|
$ |
3.60 |
|
|
|
|
|
|
|
Forfeited or canceled |
|
|
(100,360 |
) |
|
$ |
6.84 |
|
|
|
|
|
|
|
Outstanding at June 30, 2026 |
|
|
21,532,097 |
|
|
$ |
33.88 |
|
|
|
6.07 |
|
|
$ |
453,300 |
|
Restricted Shares Restricted stock units activity under the 2018 Plan is summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
Number of
Restricted
Shares |
|
|
Weighted
Average
Grant Date
Fair Value |
|
Unvested at December 31, 2025 |
|
|
120,820 |
|
|
$ |
5.58 |
|
Granted |
|
|
37,200 |
|
|
|
36.29 |
|
Vested |
|
|
(25,194 |
) |
|
|
6.46 |
|
Canceled |
|
|
(6,075 |
) |
|
|
9.79 |
|
Unvested at June 30, 2026 |
|
|
126,751 |
|
|
$ |
14.22 |
|
Stock-Based Compensation Expense Stock-based compensation is classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Research and development |
|
$ |
5,836 |
|
|
$ |
7,714 |
|
|
$ |
12,025 |
|
|
$ |
15,572 |
|
General and administrative |
|
|
5,772 |
|
|
|
7,927 |
|
|
|
11,738 |
|
|
|
15,960 |
|
Total stock-based compensation |
|
$ |
11,608 |
|
|
$ |
15,641 |
|
|
$ |
23,763 |
|
|
$ |
31,532 |
|
The following is a summary of stock-based compensation expense by award type (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
LTPIP Program |
|
$ |
8,513 |
|
|
$ |
12,718 |
|
|
$ |
17,970 |
|
|
$ |
25,641 |
|
Stock Options |
|
|
2,547 |
|
|
|
2,554 |
|
|
|
5,087 |
|
|
|
5,130 |
|
Performance-based awards |
|
|
383 |
|
|
|
— |
|
|
|
438 |
|
|
|
12 |
|
RSUs |
|
|
109 |
|
|
|
336 |
|
|
|
178 |
|
|
|
684 |
|
ESPP |
|
|
56 |
|
|
|
33 |
|
|
|
90 |
|
|
|
65 |
|
Total stock-based compensation |
|
$ |
11,608 |
|
|
$ |
15,641 |
|
|
$ |
23,763 |
|
|
$ |
31,532 |
|
|