Common Stock

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Common Stock

Common Stock

The Company’s common stockholders are entitled to dividends if and when declared by the Company’s Board of Directors, or the Board of Directors. As of December 31, 2025 and 2024, no dividends on the Company’s common stock had been declared by the Board of Directors.

The Company’s common stock has been reserved for the following potential future issuances:

	As of December 31,
	2025	2024
Shares underlying outstanding stock options	4,548,494	4,631,750
Shares underlying unvested restricted stock units	6,315,213	7,020,251
Shares underlying unvested performance-based restricted stock units	1,280,838	1,290,684
Shares available for issuance under the 2018 Incentive Award Plan	9,811,870	8,079,498
Shares available for issuance under the 2018 Employee Stock Purchase Plan	2,833,178	2,208,577
Shares available for issuance under the 2023 Employment Inducement Incentive Award Plan	3,369,319	3,916,766
Total	28,158,912	27,147,526

Equity Offering

In May 2023, the Company completed a follow-on underwritten public offering, in which it issued and sold 14,375,000 shares of its common stock at a price of $28.00 per share, and received net proceeds of $381.4 million after deducting underwriting discounts and commissions and other offering costs of $21.1 million.

In December 2023, the Company completed a registered direct offering with an investment management firm, in which it issued and sold 3,387,446 shares of its common stock at a price of $26.77 per share, and received net proceeds of $90.6 million.

In November 2025, the Company completed a follow-on underwritten public offering, in which it issued and sold 2,856,981 shares of its common stock, and reissued and sold 976,351 shares of its treasury stock, at a price of $90.00 per share. The Company received net proceeds of $327.3 million after deducting underwriting discounts and commissions and other offering costs of $17.7 million.

Treasury stock repurchase and reissuance

In February 2025, in connection with the Note Exchange Transaction, the Company repurchased $45.0 million of shares of its common stock through a financial intermediary at a price of $46.09 per share. The repurchased common stock was accounted for as treasury stock at cost, and recorded as a reduction of the Company's stockholders’ equity on the consolidated balance sheets. In November 2025, as part of the follow-on underwritten public offering, the Company reissued all of its treasury stock and recorded a gain of $42.9 million included in its additional paid-in capital on the consolidated balance sheets.

At-The-Market Offering Program

In August 2024, the Company entered into an Open Market Sales Agreement, or the Sales Agreement, with Jefferies LLC, or the Agent, with respect to an at-the-market offering program under which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock, having aggregate gross proceeds of up to $400.0 million through the Agent, subject to the terms and conditions of the Sales Agreement. As of December 31, 2025, no shares of the Company's common stock have been sold under the Sales Agreement.