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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
2024 Inducement Plan
In January 2024, the Board of Directors ("the Board") adopted the 2024 Inducement Plan (the "Inducement Plan") without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Stock Market LLC listing rules ("Rule 5635(c)(4)"). In accordance with Rule 5635(c)(4), the Inducement Plan allows the Company to grant awards only to a newly hired employee who was not previously an employee or non-employee director or to an employee who is being rehired following a bona fide period of non-employment if such award is a material inducement to such employee entering into employment. In January 2025, the number of shares of common stock authorized for issuance under the Inducement Plan was increased by 870,000 shares. The total number of shares of common stock authorized for issuance under the Inducement Plan as of March 31, 2026 and December 31, 2025 was 1,000,000 shares.
2020 Stock Option and Incentive Plan
The total number of shares of common stock authorized for issuance under the 2020 Stock Option and Incentive Plan (the "2020 Plan”) as of March 31, 2026 and December 31, 2025 was 4,201,704 shares and 2,941,950 shares, respectively.
2017 Stock Incentive Plan
The total number of shares of common stock authorized for issuance under the 2017 Stock Incentive Plan (the "2017 Plan") as of March 31, 2026 and December 31, 2025 was 395,850 shares. Any authorization to issue new
options under the 2017 Plan was cancelled upon the effectiveness of the 2020 Plan and no further awards will be granted under the 2017 Plan.
2020 Employee Stock Purchase Plan
The total number of shares of common stock authorized for issuance under the 2020 Employee Stock Purchase Plan (the "2020 ESPP”) as of March 31, 2026 and December 31, 2025 was 621,318 shares and 369,368 shares, respectively.
Restricted Stock Units
The following table summarizes the Company’s restricted stock unit activity:
SharesWeighted
Average
Grant Date
Fair Value
Unvested as of December 31, 2025501,853 $64.12 
Issued145,016 295.79 
Vested(126,702)66.81 
Forfeited(15,791)109.24 
Unvested as of March 31, 2026504,376 $128.64 
As of March 31, 2026, total unrecognized compensation cost related to unvested restricted stock units was $60.4 million, which is expected to be recognized over a weighted-average period of 3.43 years.
Performance Stock Units
In January 2026, the Company granted performance stock units ("PSUs") to its executive officers under the 2020 Plan. Vesting of the PSUs is subject to the achievement of specified performance conditions, which include achieving objectively measurable clinical, regulatory and commercial revenue targets. If these conditions are not met, the PSUs would be forfeited and returned to the plan. The actual number of common shares issued that could potentially vest is calculated by multiplying the target number of PSUs granted by a multiplier determined for each performance goal, resulting in an aggregate payout ranging from 0% to 250% of the total target PSUs granted. The performance conditions are required to be achieved during the performance period, which ends on December 31, 2027.
The following table summarizes the Company’s performance stock unit activity:
SharesGrant Date
Fair Value
Unvested as of December 31, 2025— $— 
Issued(a)
131,802 294.38 
Vested— — 
Forfeited— — 
Unvested as of March 31, 2026131,802 $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.
As of March 31, 2026, total unrecognized compensation cost related to unvested PSUs that were determined to be probable of achievement was $24.1 million, which is expected to be recognized over a weighted-average period of 0.85 years.
Stock Options
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, 20251,876,778 $89.80 
Granted102,063 294.49 
Exercised(25,402)50.26 $6,500 
Cancelled or Forfeited(6,823)81.11 
Outstanding as of March 31, 20261,946,616 $101.08 7.59$454,075 
Exercisable as of March 31, 20261,236,855 $107.19 7.03$289,586 
Vested and expected to vest as of March 31, 20261,946,616 $101.08 7.59$454,075 
Valuation of Stock Options
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 rate3.85 %
Expected term (in years)6.00
Expected volatility80.22 %
Expected dividend yield— %
Weighted average grant-date fair value per share$209.19 
As of March 31, 2026, total unrecognized compensation cost related to unvested stock options was $46.4 million, which is expected to be recognized over a weighted-average period of 2.52 years.
Stock-Based Compensation
Stock-based compensation expense was allocated as follows (in thousands):
Three Months Ended
March 31,
20262025
Research and development$5,513 $3,780 
General and administrative11,599 5,006 
Total stock-based compensation expense$17,112 $8,786