Stock-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2026 |
| Stock-Based Compensation |
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| Schedule of the Company's option activity |
| | | | | | | | | | | | | | | | | | Weighted- | | | | | | | | Weighted- | | Average | | | | | | | | Average | | Remaining | | Aggregate | | | | | Exercise | | Contractual | | Intrinsic | | | Stock | | Price Per | | Term | | Value | | | Options | | Share | | (in years) | | (in thousands) | Outstanding as of December 31, 2025 | | 18,672,626 | | $ | 8.56 | | 6.7 | | $ | 44,015 | Granted | | 4,710,493 | | $ | 26.17 | | | | | | Exercised | | (3,179,357) | | $ | 11.00 | | | | $ | 1,819 | Forfeited or expired | | (396,866) | | $ | 20.11 | | | | | | Outstanding, vested and expected to vest as of June 30, 2026 | | 19,806,896 | | $ | 12.12 | | 8.00 | | $ | 11,468 | Exercisable as of June 30, 2026 | | 9,104,174 | | $ | 9.25 | | 6.60 | | $ | 2,966 |
| | | | | | | | | | | | | | | | | | | Weighted- | | | | | | | | Weighted- | | Average | | | | | | | | Average | | Remaining | | Aggregate | | | | | Exercise | | Contractual | | Intrinsic | | | Stock | | Price Per | | Term | | Value | | | Options | | Share | | (in years) | | (in thousands) | Outstanding as of December 31, 2025 | | 1,680,472 | | $ | 10.19 | | | 8.3 | | $ | — | Granted | | — | | $ | — | | | | | | | Forfeited or expired | | (994) | | $ | 10.19 | | | | | | | Outstanding, vested and expected to vest as of June 30, 2026 | | 1,679,478 | | $ | 10.19 | | | 7.8 | | $ | — | Exercisable as of June 30, 2026 | | — | | $ | — | | | — | | $ | — |
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| Schedule of various significant assumptions used to estimate the fair value of stock options |
| | | | | | | Six Months Ended June 30, | | | 2026 | | 2025 | Expected term (in years) | | 5.27 - 6.06 | | 5.23 - 6.08 | Volatility | | 78.55% - 96.71% | | 98.84% - 102.72% | Risk-free interest rate | | 3.81% - 4.28% | | 4.00% - 4.65% | Dividend yield | | 0.00% | | 0.00% |
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| Schedule of activity for the Company's early exercisable shares |
| | | | | | | | | | Weighted- | | | | | Average | | | Number of | | Exercise Price | | | Shares | | Per Share | Unvested as of December 31, 2025 | | 13,681 | | $ | 9.01 | Vested | | (5,690) | | $ | 9.11 | Unvested as of June 30, 2026 | | 7,991 | | $ | 8.93 |
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| Schedule of estimating the fair value of the stock purchase rights under the ESPP |
| | | | | Six Months Ended | | | June 30, 2026 | Expected term (in years) | | 0.49 - 0.50 | Volatility | | 67.54% - 126.68% | Risk-free interest rate | | 3.75% - 3.78% | Dividend yield | | 0.00% |
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| Schedule of unvested RSU activity |
| | | | | | | | | | Weighted- | | | | | Average | | | | | Grant Date | | | Number of | | Fair Value | | | Shares | | Per Share | Unvested as of December 31, 2025 | | 2,527,377 | | $ | 4.01 | RSUs granted | | 895,096 | | $ | 25.14 | RSUs released | | (68,665) | | $ | 5.05 | RSUs forfeited | | (90,533) | | $ | 6.56 | Unvested as of June 30, 2026 | | 3,263,275 | | $ | 9.72 |
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| Schedule of the stock-based compensation expense |
The following table summarizes the stock-based compensation expense recognized in the Company’s unaudited condensed consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2026 and 2025 (in thousands): | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Research and development | | $ | 8,643 | | $ | 7,225 | | $ | 15,995 | | $ | 10,944 | General and administrative | | | 5,630 | | | 11,410 | | | 10,617 | | | 14,686 | Total stock-based compensation expense | | $ | 14,273 | | $ | 18,635 | | $ | 26,612 | | $ | 25,630 |
The following table summarizes stock-based compensation expense recognized in the Company’s unaudited condensed consolidated statements of operations and comprehensive income (loss) by award type for the three and six months ended June 30, 2026 and 2025 (in thousands): | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Stock options | | $ | 11,681 | | $ | 13,989 | | $ | 22,144 | | $ | 20,792 | RSUs | | | 2,230 | | | 4,397 | | | 3,790 | | | 4,397 | ESPP | | | 362 | | | 249 | | | 678 | | | 435 | Restricted stock awards | | | — | | | — | | | — | | | 6 | Total stock-based compensation expense | | $ | 14,273 | | $ | 18,635 | | $ | 26,612 | | $ | 25,630 |
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