v3.26.3
Stockholders' Equity (Tables)
9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Assumptions Used to Determine Grant-Date Fair Value of Options Granted

The assumptions that the Company used to determine the grant-date fair value of options granted were as follows:

 

 

 

Nine Months Ended September 30,

 

 

 

2026

 

 

2025

 

Expected volatility

 

72%

 

 

67%

 

Risk-free interest rate

 

3.71% — 4.87%

 

 

3.71% — 4.52%

 

Expected term (in years)

 

6

 

 

6

 

Expected dividend yield

 

 

—

 

 

 

—

 

Summary of Stock Option Activity and Related Information

A summary of the Company’s stock option activity and related information for the nine months ended September 30, 2026 is as follows:

 

(in thousands, except share and per share data)

 

Options

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining Life
(in years)

 

 

Aggregate
Intrinsic
Value

 

Outstanding as of January 1, 2026

 

 

9,911,043

 

 

$

17.92

 

 

 

8.2

 

 

$

52,782

 

Granted

 

 

4,870,697

 

 

 

17.56

 

 

 

 

 

 

 

Exercised

 

 

(425,148

)

 

 

9.96

 

 

 

 

 

 

 

Forfeitures

 

 

(581,279

)

 

 

17.93

 

 

 

 

 

 

 

Outstanding as of September 30, 2026

 

 

13,775,313

 

 

$

18.04

 

 

 

8.2

 

 

$

28,956

 

Options exercisable as of September 30, 2026

 

 

5,223,541

 

 

$

18.08

 

 

 

6.9

 

 

$

15,279

 

Options vested or expected to vest— September 30, 2026

 

 

13,775,313

 

 

$

18.04

 

 

 

8.2

 

 

$

28,956

 

Summary of RSU Activity A summary of the Company’s RSU activity and related information for the nine months ended September 30, 2026 is as follows:

 

 

 

Number of Shares Underlying RSUs

 

 

Weighted
Average
Grant Date Fair Value

 

Issued and unvested as of January 1, 2026

 

 

2,438,316

 

 

$

20.21

 

Granted

 

 

2,979,199

 

 

 

16.76

 

Vested

 

 

(924,208

)

 

 

19.31

 

Forfeited

 

 

(321,515

)

 

 

18.09

 

Issued and unvested as of September 30, 2026

 

 

4,171,792

 

 

$

18.11

 

Summary of Stock-based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories of its statements of operations:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

$

8,032

 

 

$

6,258

 

 

$

22,718

 

 

$

20,095

 

General and administrative

 

8,174

 

 

 

4,824

 

 

 

21,545

 

 

 

14,530

 

Total

$

16,206

 

 

$

11,082

 

 

$

44,263

 

 

$

34,625