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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2026
Share-Based Payment Arrangement [Abstract] |
Summary of Restricted Stock Activity | The following table summarizes the Company’s restricted stock unit activity:
| Shares |  | Weighted Average Grant Date Fair Value
Unvested as of December 31, 2025 | 501,853 |  |  | $ | 64.12 |
Issued | 145,016 |  |  | 295.79 |
Vested | (126,702) |  |  | 66.81 |
Forfeited | (15,791) |  |  | 109.24 |
Unvested as of March 31, 2026 | 504,376 |  |  | $ | 128.64 |
Summary of Performance Stock Activity | The following table summarizes the Company’s performance stock unit activity:
| Shares |  | Grant Date Fair Value
Unvested as of December 31, 2025 | — |  |  | $ | — |
Issued(a) | 131,802 |  |  | 294.38 |
Vested | — |  |  | — |
Forfeited | — |  |  | — |
Unvested as of March 31, 2026 | 131,802 |  |  | $ | 294.38 |
(a) The number of shares issued during the period is the maximum amount of shares that could be payable under the terms of the PSU agreement.
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity:
| Number of Shares |  | Weighted Average Exercise Price per Share |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value
|  |  |  |  | (In years) |  | (In thousands)
Outstanding as of December 31, 2025 | 1,876,778 |  |  | $ | 89.80 |  |  |  |  |
Granted | 102,063 |  |  | 294.49 |  |  |  |  |
Exercised | (25,402) |  |  | 50.26 |  |  |  |  | $ | 6,500 |
Cancelled or Forfeited | (6,823) |  |  | 81.11 |  |  |  |  |
Outstanding as of March 31, 2026 | 1,946,616 |  |  | $ | 101.08 |  |  | 7.59 |  | $ | 454,075 |
Exercisable as of March 31, 2026 | 1,236,855 |  |  | $ | 107.19 |  |  | 7.03 |  | $ | 289,586 |
Vested and expected to vest as of March 31, 2026 | 1,946,616 |  |  | $ | 101.08 |  |  | 7.59 |  | $ | 454,075 |
Schedule of Fair Value of Stock Option Awards on the Grant Date Using the Black-Scholes Option Valuation Model | The weighted-average assumptions that the Company used in the Black-Scholes option pricing model to determine the grant-date fair value of stock options granted to employees and non-employees on the date of grant were as follows for the three months ended March 31, 2026:
| Three Months Ended March 31, |  |
| 2026 |  |
Risk-free interest rate | 3.85 | % |  |
Expected term (in years) | 6.00 |  |
Expected volatility | 80.22 | % |  |
Expected dividend yield | — | % |  |
Weighted average grant-date fair value per share | $ | 209.19 |  |  |
Summary of Stock-Based Compensation Expense | Stock-based compensation expense was allocated as follows (in thousands):
| Three Months Ended March 31,
| 2026 |  | 2025
Research and development | $ | 5,513 |  |  | $ | 3,780 |
General and administrative | 11,599 |  |  | 5,006 |
Total stock-based compensation expense | $ | 17,112 |  |  | $ | 8,786 |

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