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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2026
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 11. Stock-Based Compensation In 2015, the Company established the 2015 Plan, under which the Company may grant options and restricted stock to its employees and certain non-employees. As of June 30, 2026, there were 241,618 shares of common stock subject to outstanding awards under the 2015 Plan. In 2022, the Company established the 2022 Plan, under which the Company may grant options, restricted stock units, restricted stock, stock appreciation rights, dividend equivalents and other stock and cash-based awards to its employees and certain non-employees. As of June 30, 2026, there were 3,041,588 shares of common stock subject to outstanding awards under the 2022 Plan. On January 11, 2024, the Company’s board of directors and stockholders approved the 2024 Equity Incentive Plan (the 2024 Plan), which became effective on January 24, 2024. The 2024 Plan replaced the 2022 Plan, as the Company’s board of directors has determined to not make additional grants under the 2022 Plan following its initial public offering. However, the 2015 and 2022 Plans will continue to govern outstanding equity awards granted under the 2015 and 2022 Plans. The 2024 Plan allows the Company to make equity-based and cash-based incentive awards to its officers, employees, directors and consultants. The number of shares initially available for issuance under awards granted pursuant to the 2024 Plan is (1) 8,246,565 shares, plus (2) any shares subject to outstanding awards under the 2015 and 2022 Plans as of the effective date of the 2024 Plan that become available for issuance under the 2024 Plan thereafter in accordance with its terms. As of June 30, 2026, there were 5,109,050 shares of common stock subject to outstanding awards and 6,368,749 shares of common stock remaining and available for issuance under the 2024 Plan. The Company may grant options to purchase authorized but unissued shares of the Company’s common stock. Options granted under the 2015 Plan, 2022 Plan and 2024 Plan include incentive stock options that can be granted only to the Company’s employees and non-statutory stock options that can be granted to the Company’s employees, consultants, advisors and directors. The exercise prices, vesting and other restrictions of the awards granted under the 2015 Plan, 2022 Plan and 2024 Plan are determined by the Board, except that no stock option may be issued with an exercise price less than the fair market value of the common stock at the date of the grant or have a term in excess of ten years. Options granted under the 2015 Plan, 2022 Plan and 2024 Plan are exercisable in whole or in part at any time subsequent to vesting. Stock Options The following table summarizes stock option activity for the six months ended June 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 |  |  | 1,185,868 |  |  | $ | 66.61 |  |  |  |  |  |  |
Exercised |  |  | (657,956 | ) |  | $ | 6.56 |  |  |  |  |  |  |
Forfeited/Expired |  |  | (280,303 | ) |  | $ | 36.41 |  |  |  |  |  |  |
Balance at June 30, 2026 |  |  | 8,205,828 |  |  | $ | 23.95 |  |  |  | 7.14 |  |  | $ | 386,627 |
Vested and expected to vest at June 30, 2026 |  |  | 8,205,828 |  |  | $ | 23.95 |  |  |  | 7.14 |  |  | $ | 386,627 |
Exercisable at June 30, 2026 |  |  | 4,068,186 |  |  | $ | 15.08 |  |  |  | 5.85 |  |  | $ | 227,777 |
The aggregate intrinsic value is calculated as the difference between the exercise price of the stock options and the fair value of the Company's common stock. The aggregate intrinsic value of options exercised during the six months ended June 30, 2026 and 2025 was $38.4 million and $1.1 million, respectively. The weighted-average grant-date fair value of the options granted was $43.06 and $20.79 per share for the six months ended June 30, 2026 and 2025, respectively. The aggregate grant-date fair value of options vested during the six months ended June 30, 2026 and 2025 was $20.7 million and $12.3 million, respectively. The following table provides the assumptions used in de termining the fair value of option awards for the three and six months ended June 30, 2026 and 2025:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2026 |  | 2025 |  | 2026 |  | 2025
Expected volatility |  | 63.99% - 69.97% |  | 73.62% - 77.58% |  | 63.99% - 69.97% |  | 73.39% - 77.58%
Risk-free interest rate |  | 3.99% - 4.345% |  | 3.99% - 4.16% |  | 3.725% - 4.345% |  | 3.99% - 4.5%
Expected dividend yield |  | 0% |  | 0% |  | 0% |  | 0%
Expected term (in years) |  | 5.25 - 6.1 |  | 5.25 - 6.1 |  | 5.25 - 6.1 |  | 5.25 - 6.1
The Company recorded stock-based compensation expense related to stock options of $14.1 million and $6.4 million for the three months ended June 30, 2026 and 2025, respectively, and $20.1 million and $10.8 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, the Company had an aggregate $87.7 million of gross unrecognized stock-based compensation expense related to unvested options to be recognized over a weighted average period of 3.0 years. Performance-Based Restricted Stock Units A Performance Stock Unit (PSU) represents one equivalent share of the Company's common stock to be issued after achievement of the performance metrics specified in the grant. The following table summarizes the Company's PSU activity for six months ended June 30, 2026:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Nonvested at December 31, 2025 |  |  | 166,342 |  |  | $ | 39.40 |
Granted |  |  | 22,643 |  |  | $ | 67.68 |
Vested |  |  | — |  |  | $ | — |
Forfeited |  |  | (2,557 | ) |  | $ | 43.25 |
Nonvested at June 30, 2026 |  |  | 186,428 |  |  | $ | 42.78 |
Expected to vest at June 30, 2026 |  |  | 186,428 |  |  | $ | 42.78 |
The Company estimates the fair value of a PSU based upon the expected achievement of the performance metrics specified in the grant and the closing market price of the Company's common stock on the date of grant. Stock-based compensation expense associated with these PSUs is recognized if achievement of the underlying performance condition is considered probable of achievement based on the Company’s best estimates. No stock-based compensation expense related to PSUs was recorded during the three and six months ended June 30, 2026 and 2025. As of June 30, 2026, the Company had an aggregate $8.0 million of gross unrecognized stock-based compensation expense related to unvested PSUs to be recognized over a weighted average period of 1.0 years, including the expense attributable to PSUs for which achievement is not considered probable and no current expense is being recognized. 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 six months ended June 30, 2026 and 2025 was as follows (in thousands):
| Three Months Ended June 30, |  |  | Six Months Ended June 30, |
| 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Research and development | $ | 3,094 |  |  | $ | 2,303 |  |  | $ | 5,653 |  |  | $ | 3,955 |
General and administrative |  | 11,240 |  |  |  | 4,704 |  |  |  | 15,155 |  |  |  | 8,203 |
Total stock-based compensation expense | $ | 14,334 |  |  | $ | 7,007 |  |  | $ | 20,808 |  |  | $ | 12,158 |
The Company has not recognized and does not expect to recognize in the near future, any tax benefit related to employee stock-based compensation expense as a result of the full valuation allowance related to its net deferred tax assets.

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