v3.26.3
Stock Option and Grant Plan (Tables)
9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Stock-based Compensation Expense

Stock-based compensation expense recorded as research and development and general and administrative expenses in the condensed consolidated statements of operations and other comprehensive loss is as follows (in thousands):

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

10,798

 

 

$

13,840

 

 

$

33,100

 

 

$

44,405

 

General and administrative

 

 

7,757

 

 

 

8,907

 

 

 

23,777

 

 

 

29,391

 

Total stock-based compensation expense

 

$

18,555

 

 

$

22,747

 

 

$

56,877

 

 

$

73,796

 

Summary of Stock Option Activity Under Equity Award Plans

The following table provides a summary of stock option activity under the Company’s equity award plans:

 

 

Number
of options

 

 

Weighted
average
exercise
price

 

Outstanding at December 31, 2025

 

 

11,316,549

 

 

$

35.68

 

Granted

 

 

2,685,956

 

 

 

28.33

 

Exercised

 

 

(686,283

)

 

 

15.31

 

Forfeited

 

 

(583,603

)

 

 

42.69

 

Outstanding at September 30, 2026

 

 

12,732,619

 

 

 

34.92

 

Exercisable as of September 30, 2026

 

 

8,206,874

 

 

$

39.19

 

Summary of Restricted Stock Activity

The following table summarizes the Company’s restricted stock activity:

 

 

Shares

 

 

Weighted-
average grant
date fair
value

 

Unvested as of December 31, 2025

 

 

2,543,852

 

 

$

27.16

 

Issued

 

 

2,380,428

 

 

 

24.78

 

Vested

 

 

(866,999

)

 

 

31.30

 

Forfeited

 

 

(231,437

)

 

 

24.53

 

Unvested as of September 30, 2026

 

 

3,825,844

 

 

$

24.90