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Stock Option and Grant Plan (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Stock-based Compensation Expense

Stock-based compensation expense recorded as research and development and general and administrative expenses in the condensed consolidated statements of operations and other comprehensive loss is as follows (in thousands):

		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Research and development		$	13,840			$	18,371			$	44,405			$	54,819
General and administrative			8,907				11,188				29,391				35,625
Total stock-based compensation expense		$	22,747			$	29,559			$	73,796			$	90,444

Summary of Stock Option Activity Under Equity Award Plans

The following table provides a summary of stock option activity under the Company’s equity award plans:

		Number of options				Weighted average exercise price
Outstanding at December 31, 2024			9,605,542			$	38.62
Granted			2,672,384				24.45
Exercised			(213,235	)			13.53
Forfeited			(516,463	)			43.43
Outstanding at September 30, 2025			11,548,228				35.60
Exercisable as of September 30, 2025			7,058,137			$	40.61

Summary of Restricted Stock Activity

The following table summarizes the Company’s restricted stock activity:

		Shares				Weighted- average grant date fair value
Unvested as of December 31, 2024			2,576,855			$	36.98
Issued			1,289,927				19.47
Vested			(783,939	)			46.31
Forfeited			(300,958	)			25.00
Unvested as of September 30, 2025			2,781,885			$	27.53

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Tabular disclosure of the changes in outstanding nonvested restricted stock shares.

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-Name Accounting Standards Codification
-Section 50
-Subparagraph (c)
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-Topic 718
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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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-SubTopic 10
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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.

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