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Stock-Based Compensation (Tables)

6 Months Ended

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

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