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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Summary of Stock-Based Compensation Expenses | The Company recorded stock-based compensation expense within its consolidated statements of operations and comprehensive loss as follows (in thousands):
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Research and development expenses |  | $ | 48,097 |  |  | $ | 31,369 |  |  | $ | 11,600 |
General and administrative expenses |  |  | 38,405 |  |  |  | 29,210 |  |  |  | 13,963 |
|  | $ | 86,502 |  |  | $ | 60,579 |  |  | $ | 25,563 |
Summary of Share Based Payment Award Stock Options Range of Assumptions | The following table presents the range of assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted:
|  | Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
Weighted average expected option term (years) |  | 6.0 |  | 6.0 |  | 6.0
Range of expected stock price volatility |  | 70% — 71% |  | 72% — 76% |  | 76% — 82%
Weighted average expected stock price volatility |  | 71% |  | 75% |  | 80%
Range of risk-free interest rate |  | 3.7% — 4.4% |  | 3.5% — 4.6% |  | 3.4% — 4.7%
Expected dividend rate |  | 0% |  | 0% |  | 0%
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity since December 31, 2024:
|  |  |  |  |  |  |  | Weighted |  |  |  |
|  |  |  |  |  |  |  | Average |  |  |  |
|  |  |  |  | Weighted |  |  | Remaining |  |  | Aggregate |
|  |  |  |  | Average |  |  | Contractual |  |  | Intrinsic |
|  | Number |  |  | Exercise |  |  | Term |  |  | Value |
|  | of Shares |  |  | Price |  |  | (in years) |  |  | (in thousands) |
Outstanding as of December 31, 2024 |  |  | 7,980,047 |  |  | $ | 28.93 |  |  |  | 7.45 |  |  | $ | 398,407 |
Granted |  |  | 1,544,070 |  |  | $ | 78.51 |  |  |  |  |  |  |
Exercised |  |  | (1,672,786 | ) |  | $ | 25.13 |  |  |  |  |  |  |
Cancelled or forfeited |  |  | (133,690 | ) |  | $ | 73.63 |  |  |  |  |  |  |
Outstanding as of December 31, 2025 |  |  | 7,717,641 |  |  | $ | 38.90 |  |  |  | 6.90 |  |  | $ | 476,355 |
Exercisable as of December 31, 2025 |  |  | 4,701,612 |  |  | $ | 22.06 |  |  |  | 5.95 |  |  | $ | 369,254 |
Summary of Restricted Stock Unit Activity | The following table summarizes the Company’s RSU activity since December 31, 2024:
|  | Number of Shares |  |  | Weighted Average Grant-Date Fair Value |
Outstanding as of December 31, 2024 |  |  | 716,921 |  |  | $ | 75.13 |
Granted |  |  | 657,148 |  |  | $ | 78.05 |
Vested |  |  | (252,814 | ) |  | $ | 75.29 |
Forfeited |  |  | (30,139 | ) |  | $ | 77.97 |
Outstanding as of December 31, 2025 |  |  | 1,091,116 |  |  | $ | 76.77 |

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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