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