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Equity-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2026
Summary of Stock Option Activity | A summary of stock option activity under the 2020 Plan for service and performance based vesting conditions during the three months ended March 31, 2026 is as follows (in thousands except share and per share data):
|  | Number of Options Outstanding |  |  | Weighted Average Strike Price per Option |  |  | Weighted Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2025 |  |  | 9,003,748 |  |  | $ | 33.33 |  |  |  | 7.14 |  |  | $ | 400,490 |
Granted |  |  | 1,096,960 |  |  |  | 88.98 |  |  |  |  |  |  |
Exercised |  |  | (669,517 | ) |  |  | 28.67 |  |  |  |  |  |  |
Forfeited |  |  | (74,915 | ) |  |  | 38.57 |  |  |  |  |  |  |
Outstanding at March 31, 2026 |  |  | 9,356,276 |  |  | $ | 40.15 |  |  |  | 7.26 |  |  | $ | 410,599 |
Exercisable at March 31, 2026 |  |  | 5,719,063 |  |  | $ | 32.76 |  |  |  | 6.13 |  |  | $ | 289,008 |
Summary of Equity-Based Compensation Expense | Total equity-based compensation expense recorded as research and development and general and administrative expenses for employees, directors, and non-employees during the three months ended March 31, 2026 and 2025 is as follows (in thousands):
|  | Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
Research and development |  | $ | 8,580 |  |  | $ | 7,546 |
General and administrative |  |  | 7,427 |  |  |  | 6,688 |
Total equity-based compensation |  | $ | 16,007 |  |  | $ | 14,234 |
Summary of Weighted-Average Assumptions | The weighted-average assumptions that the Company used in the Black-Scholes option pricing model to determine the grant date fair value of stock options granted to employees and non-employees for the three months ended March 31, 2026 and 2025 were as follows:
|  | Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
Expected term (in years) |  |  | 6.06 |  |  |  | 5.82 |
Volatility |  |  | 78 | % |  |  | 73 | %
Risk-free interest rate |  |  | 3.70 | % |  |  | 4.00 | %
Dividend yield |  |  | 0.00 | % |  |  | 0.00 | %
Employee Stock Option |
Summary of Equity-Based Compensation Expense | The following table outlines our equity-based compensation expense for stock options for the three months ended March 31, 2026 and 2025:
|  | Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
Research and development |  | $ | 5,717 |  |  | $ | 5,713 |
General and administrative |  |  | 6,288 |  |  |  | 5,857 |
Total equity-based compensation |  | $ | 12,005 |  |  | $ | 11,570 |
Summary of Restricted Stock Activity | The Company has granted shares of restricted stock units with service-based and performance-based vesting conditions. A summary of restricted stock activity during the three months ended March 31, 2026 is as follows:
|  | Number of Units Outstanding |  |  | Grant Date Fair Value per Share |
Unvested at December 31, 2025 |  |  | 1,345,155 |  |  | $ | 34.05 |
Granted |  |  | 417,914 |  |  |  | 90.21 |
Vested |  |  | (189,052 | ) |  |  | 34.82 |
Forfeited |  |  | (38,841 | ) |  |  | 40.27 |
Unvested at March 31, 2026 |  |  | 1,535,176 |  |  | $ | 49.08 |
Performance Stock |
Summary of Weighted-Average Assumptions | The Company estimated the fair values of shares granted under the market-based TSR PSOs using a Monte Carlo simulation model with the following assumptions:
Volatility |  | 65 | %
Risk-free interest rate |  | 3.50 | %
Dividend yield |  | 0.00 | %
Restricted Stock |
Summary of Weighted-Average Assumptions | The Company estimated the fair values of shares granted under the market-based TSR PSUs using a Monte Carlo simulation model with the following assumptions:
Volatility |  | 65 | %
Risk-free interest rate |  | 3.50 | %
Dividend yield |  | 0.00 | %

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