During the three and nine months ended September 30, 2026 and 2025, the Company recognized the following stock-based compensation expense (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Research and development	$	8,118	$	7,578	$	23,812	$	25,115
General and administrative		9,843		9,026		27,789		29,308
Total	$	17,961	$	16,604	$	51,601	$	54,423

The following table summarizes stock option activity for the nine months ended September 30, 2026:


	Shares			Weighted- average exercise price per share
Outstanding at December 31, 2025		6,747,835		$	56.82
Granted		908,831			47.88
Exercised		(457,074	)		39.92
Cancelled or forfeited		(552,393	)		65.12
Outstanding at September 30, 2026		6,647,199		$	56.07
Exercisable at September 30, 2026		4,770,798		$	57.95
Vested and expected to vest at September 30, 2026		6,647,199		$	56.07

As of September 30, 2026, total unrecognized compensation expense related to stock options was $56.1 million, which the Company expects to recognize over a remaining weighted-average period of 2.4 years.

The following table summarizes restricted stock activity for the nine months ended September 30, 2026:


	Shares			Weighted- Average Grant Date Fair Value
Unvested balance at December 31, 2025		1,965,567		$	52.16
Granted		709,456			48.48
Vested		(477,357	)		53.99
Cancelled or forfeited		(221,467	)		51.27
Unvested balance at September 30, 2026		1,976,199		$	50.49

As of September 30, 2026, total unrecognized compensation expense related to unvested restricted common shares was $74.0 million, which the Company expects to recognize over a remaining weighted-average vesting period of 2.4 years.