Stock-Based Compensation (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Stock Option Activity |
The following table summarizes stock option activity for the nine months ended September 30, 2026 (in thousands, except share and per share amounts): | | | | | | | | | | | | | | | | | | | | | | | | | Number of
Outstanding Options | | Weighted
Average
Exercise
Price | | Weighted
Average
Remaining
Contractual
Term | | Aggregate
Intrinsic
Value | | | | | | (Years) | | | | Balance at December 31, 2025 | 7,958,219 | | $ | 16.59 | | | 7.96 | | $ | 198,545 | | | Granted | 1,272,168 | | $ | 67.09 | | | | | | | Exercised | (1,626,665) | | $ | 8.84 | | | | | | | Forfeited/Expired | (468,690) | | $ | 35.96 | | | | | | | Balance at September 30, 2026 | 7,135,032 | | $ | 26.09 | | | 7.59 | | $ | 319,905 | | | Vested and expected to vest at September 30, 2026 | 7,135,032 | | $ | 26.09 | | | 7.59 | | $ | 319,905 | | | Exercisable at September 30, 2026 | 3,544,186 | | $ | 17.63 | | | 6.89 | | $ | 188,772 | |
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| Schedule of Assumptions Used in Determining Fair Value of Option Awards |
The following table provides the assumptions used in determining the fair value of option awards for the three and nine months ended September 30, 2026 and 2025: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Expected volatility | 63.03% - 66.68% | | 76.35% - 77.58% | | 63.03% - 69.97% | | 73.39% - 77.58% | | Risk-free interest rate | 4.33% - 4.87% | | 3.7% - 4.16% | | 3.725% - 4.87% | | 3.7% - 4.5% | | Expected dividend yield | 0% | | 0% | | 0% | | 0% | | Expected term (in years) | 6.1 | | 6.1 | | 5.25 - 6.1 | | 5.25 - 6.1 |
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| Schedule of Performance-Based Restricted Stock Units |
The following table summarizes the Company's PSU activity for nine months ended September 30, 2026: | | | | | | | | | | | | | Number of Shares | | Weighted Average Grant Date Fair Value | | | | | | Nonvested at December 31, 2025 | 166,342 | | $ | 39.40 | | | Granted | 57,267 | | $ | 71.81 | | | Vested | (14,214) | | $ | 43.25 | | | Forfeited | (7,558) | | $ | 43.25 | | | Nonvested at September 30, 2026 | 201,837 | | $ | 48.18 | | | Expected to vest at September 30, 2026 | 201,837 | | $ | 48.18 | |
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| Schedule of Stock-Based Compensation Expense Related to Stock Awards |
Stock-based compensation expense related to stock awards and the 2024 Employee Stock Purchase Plan (see Note 12) recorded in the accompanying statements of operations for the three and nine months ended September 30, 2026 and 2025 was as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Research and development | $ | 3,305 | | | $ | 2,455 | | | $ | 8,958 | | | $ | 6,410 | | | General and administrative | 5,151 | | | 4,876 | | | 20,306 | | | 13,079 | | | Total stock-based compensation expense | $ | 8,456 | | | $ | 7,331 | | | $ | 29,264 | | | $ | 19,489 | |
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