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Stock-Based Compensation (Tables)

3 Months Ended

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

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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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