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Stock-Based Awards (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

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

			Number of Options						Weighted-Average Exercise Price
Balance at December 31, 2025			21,326,333						$	26.39
Granted			2,601,349						16.84
Exercised			(992,867)						15.81
Forfeited			(698,185)						21.15
Expired			(893,471)						34.89
Balance at June 30, 2026			21,343,159						$	25.53
Vested and expected to vest at June 30, 2026			21,343,159						$	25.53
Exercisable at June 30, 2026			14,065,727						$	28.80

Schedule of Assumptions Used for Estimating the Fair Value of Stock Granted

The estimated fair value of stock options granted to employees were calculated using the Black-Scholes option-pricing model using the following assumptions:

			Six Months Ended June 30,
			2026						2025
Expected term (in years)			5.50 - 6.08						5.50 - 6.08
Volatility			61.7% - 66.7%						64.8% - 68.7%
Risk-free interest rate			3.7% - 4.3%						3.7% - 4.5%
Dividend yield			—						—

Schedule of Restricted Stock Activity

The following table summarizes restricted stock unit ("RSU") activity for the six months ended June 30, 2026:

			Number of RSU shares						Weighted-Average Fair Value at Date of Grant per Share
Unvested at December 31, 2025			5,124,629						$	21.74
Granted			3,385,121						16.52
Vested and released			(1,341,956)						23.92
Forfeited			(563,254)						19.84
Unvested and expected to vest at June 30, 2026			6,604,540						$	18.78

Schedule of Stock-Based Compensation Expense

The Company’s results of operations include expenses relating to stock-based compensation as follows (in thousands):

			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Research and development			$	13,453					$	15,188					$	27,047					$	30,325
General and administrative			9,462						10,199						18,955						20,222
Total			$	22,915					$	25,387					$	46,002					$	50,547

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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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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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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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