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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Summary of Stock-based Compensation Expense Recognized

During the three and six months ended June 30, 2026 and 2025, the Company recognized the following stock-based compensation expense (in thousands):

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2026				2025				2026				2025
Stock-based compensation expense by type of award:
Stock options		$	5,739			$	3,619			$	11,084			$	7,867
Restricted stock and restricted stock units			5,273				9,763				10,127				16,723
Employee stock purchase plan			121				165				259				305
Total stock-based compensation expense included    in expenses		$	11,133			$	13,547			$	21,470			$	24,895
Stock-based compensation expense by line item:
Research and development expenses		$	4,651			$	3,543			$	7,908			$	7,524
General and administrative expenses			6,482				10,004				13,562				17,371
Total stock-based compensation expense included    in expenses		$	11,133			$	13,547			$	21,470			$	24,895

Schedule of Unrecognized Stock-based Compensation Expense by Type of Award and Weighted-average Recognition Period

The following table sets forth the Company’s unrecognized stock-based compensation expense by type of award and the weighted-average period over which that expense is expected to be recognized (in thousands, except for years):

		As of June 30, 2026
		Unrecognized Expense, Net of Estimated Forfeitures				Weighted- average Recognition Period (in years)
Type of award:
Stock options		$	35,831				2.67
Restricted stock and restricted stock units		$	28,129				1.98

Summary of Stock Option Activity

The following table summarizes stock option activity during the six months ended June 30, 2026:

		Shares Subject to Stock Options				Weighted- Average Exercise Price				Weighted- Average Remaining Contractual Term (in years)				Aggregate Intrinsic Value
Options outstanding at December 31, 2025			5,114,754			$	14.18				6.66				114,000,000
Granted			1,191,896			$	33.21
Exercised			(96,796	)		$	11.37
Forfeited			—			$	—
Cancelled			(219,839	)		$	19.09
Options outstanding at June 30, 2026			5,990,015			$	17.83				6.84				131,000,000
Options exercisable at June 30, 2026			3,798,158			$	12.03				5.84				104,000,000

Schedule of Weighted Average Assumptions using Black-Scholes Option Pricing Model

the fair value of each employee option grant during the six months ended June 30, 2026 was estimated on the date of grant using the Black-Scholes model with the following weighted average assumptions:

		Six Months Ended June 30, 2026
Expected volatility			85.44		%
Expected term (in years)			5.95
Risk-free interest rate			3.90		%
Expected dividend yield		0			%

Restricted stock [Member]

Summary of Shares Granted and Stock Activity

The following table is a summary of restricted stock activity during the six months ended June 30, 2026:

		Shares of Restricted Stock				Weighted- Average Grant Date Fair Value
Unvested at December 31, 2025			120,843			$	0.17
Granted			—			$	—
Vested			(90,632	)		$	0.17
Forfeited			—			$	—
Repurchased			—			$	—
Unvested at June 30, 2026			30,211			$	0.17

Restricted stock units [Member]

Summary of Shares Granted and Stock Activity

The following table summarizes restricted stock unit activity during the six months ended June 30, 2026:

		Shares Subject to Restricted Stock Units				Weighted- Average Grant Date Value
Unvested at December 31, 2025			2,113,636			$	17.28
Granted			666,060			$	35.29
Vested			(713,476	)		$	14.50
Forfeited			(218,999	)		$	4.88
Cancelled			(33,720	)		$	27.40
Unvested at June 30, 2026			1,813,501			$	26.30

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