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Equity Incentive Plans (Tables) | 12 Months Ended
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Dec. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Summary of Activity Under Stock Option Plans | Activity under the Company’s stock option plans during the year ended December 31, 2025 was as follows:
| Options Outstanding |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Term (in years) |  | Aggregate Intrinsic Value (000’s)
Balance on December 31, 2024 | 13,665,771 |  | $ | 26.57 |  |  |  |  |
Granted | 3,038,153 |  | $ | 35.85 |  |  |  |  |
Exercised | (2,027,378) |  | $ | 17.46 |  |  |  |  |
Forfeited and expired | (1,045,472) |  | $ | 33.27 |  |  |  |  |
Balance on December 31, 2025 | 13,631,074 |  | $ | 29.54 |  |  | 7.2 |  | $ | 237,015 |
Exercisable on December 31, 2025 | 7,695,416 |  | $ | 25.28 |  |  | 6.3 |  | $ | 165,272 |
Summary of Company's restricted stock unit activity | The Company’s restricted stock unit activity during the year ended December 31, 2025 was as follows:
| Restricted Stock Units Outstanding |  | Weighted- Average Grant Date Fair Value
Balance on December 31, 2024 | 1,334,635 |  |  | $ | 34.30 |
Granted | 1,624,023 |  |  | $ | 35.43 |
Vested | (415,264) |  |  | $ | 32.51 |
Forfeited | (221,662) |  |  | $ | 36.19 |
Balance on December 31, 2025 | 2,321,732 |  |  | $ | 35.23 |
Weighted Average Assumptions Used to Estimate Fair Value of Stock Options Granted to Employees | The following table summarizes the weighted average assumptions used to estimate the fair value of stock options granted under the Company’s stock option plans for the periods presented below:
Stock Option Awards | Year ended December 31,
| 2025 |  | 2024 |  | 2023
Expected option term | 6.0 years |  | 6.0 years |  | 6.0 years
Expected volatility | 64 | % |  | 66 | % |  | 66 | %
Risk free interest rate | 4.3 | % |  | 4.2 | % |  | 4.1 | %
Expected dividend yield | — | % |  | — | % |  | — | %
The following table summarizes the weighted average assumptions used to estimate the fair value of the ESPP awards for the periods presented below:
ESPP | Year ended December 31,
| 2025 |  | 2024 |  | 2023
Expected term | 1.3 years |  | 1.3 years |  | 1.1 years
Expected volatility | 57 | % |  | 72 | % |  | 66 | %
Risk free interest rate | 3.8 | % |  | 5.0 | % |  | 5.0 | %
Expected dividend yield | — | % |  | — | % |  | — | %
Summary of Stock-based Compensation Expense for the Equity Awards Issued to Employees and Non-Employees | Stock-based compensation expense for the equity awards issued by the Company to employees and non-employees for the periods presented below was as follows:
| Year ended December 31,
| 2025 |  | 2024 |  | 2023
Included in research and development | $ | 50,344 |  |  | $ | 40,667 |  |  | $ | 22,633 |
Included in general and administrative | 40,680 |  |  | 28,719 |  |  | 18,304 |
Total stock-based compensation expense | $ | 91,024 |  |  | $ | 69,386 |  |  | $ | 40,937 |
Schedule of Unrecognized Tax Benefits | A summary of the Company's total unrecognized stock-based compensation expense, as of December 31, 2025, is as follows:
| Unrecognized Stock-Based Compensation Expense (in thousands) |  | Average Remaining Vesting Period (in years)
Stock option awards | $ | 122,413 |  |  | 2.4
RSU awards | $ | 61,297 |  |  | 2.7
ESPP | $ | 6,600 |  |  | 1.4
Changes to the Company’s unrecognized tax benefits are summarized in the following table:
| Year ended December 31,
| 2025 |  | 2024 |  | 2023
Beginning balance | $ | 10,689 |  |  | $ | 6,946 |  |  | $ | 4,110 |
Increase (decrease) for prior year tax positions | (20) |  |  | (85) |  |  | 188 |
Increase (decrease) for current year tax positions | 4,083 |  |  | 3,828 |  |  | 2,648 |
Decreases due to settlements | — |  |  | — |  |  | — |
Expiration of the statute of limitations for the assessment of taxes | — |  |  | — |  |  | — |
Ending balance | $ | 14,752 |  |  | $ | 10,689 |  |  | $ | 6,946 |

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