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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2026
Share-Based Payment Arrangement [Abstract] |
Schedule 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 | 171,675 |  |  | 295.02 |
Vested | (130,784) |  |  | 70.42 |
Forfeited | (19,754) |  |  | 118.59 |
Unvested as of June 30, 2026 | 522,990 |  |  | $ | 136.28 |
Schedule 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 June 30, 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.
Schedule 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 | 109,647 |  |  | 292.60 |  |  |  |  |
Exercised | (74,198) |  |  | 72.10 |  |  |  |  | $ | 18,225 |
Cancelled or Forfeited | (6,823) |  |  | 81.11 |  |  |  |  |
Outstanding as of June 30, 2026 | 1,905,404 |  |  | $ | 102.19 |  |  | 7.38 |  | $ | 466,138 |
Exercisable as of June 30, 2026 | 1,285,374 |  |  | $ | 104.01 |  |  | 6.91 |  | $ | 319,584 |
Vested and expected to vest as of June 30, 2026 | 1,905,404 |  |  | $ | 102.19 |  |  | 7.38 |  | $ | 466,138 |
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 and six months ended June 30, 2026:
| Three Months Ended June 30, |  | Six Months Ended June 30, |  |
| 2026 |  | 2026 |  |
Risk-free interest rate | 4.26 | % |  | 3.87 | % |  |
Expected term (in years) | 6.00 |  | 6.00 |  |
Expected volatility | 78.29 | % |  | 80.09 | % |  |
Expected dividend yield | — | % |  | — | % |  |
Weighted average grant-date fair value per share | $ | 187.94 |  |  | $ | 207.72 |  |  |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense was allocated as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Research and development | $ | 3,915 |  |  | $ | 3,230 |  |  | $ | 9,428 |  |  | $ | 7,010 |
General and administrative | 7,394 |  |  | 4,540 |  |  | 18,993 |  |  | 9,546 |
Total stock-based compensation expense | $ | 11,309 |  |  | $ | 7,770 |  |  | $ | 28,421 |  |  | $ | 16,556 |

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