v3.26.1
Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2026
Stock-Based Compensation  
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

 

$

 

$

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%

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

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%

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

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