Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Schedule of Equity-based Compensation Expense Categories In Consolidated Statements of Operations and Comprehensive Loss

The Company recorded equity-based compensation in the following expense categories in the consolidated statements of operations and comprehensive income (loss) in 2025 and 2024 (in thousands):

	2025		2024
General and administrative	$	20,438	$	22,677
Research and development		15,602		15,147
Total equity-based compensation	$	36,040	$	37,824

Schedule of Assumptions Used to Estimate Fair value

The grant date fair value was estimated at the time of grant using the Black-Scholes option-pricing model using the following weighted-average assumptions in 2025 and 2024:

	2025			2024
Risk-free interest rate		4.3	%		4.2	%
Expected term (in years)		6.0			6.0
Expected volatility		69.8	%		70.3	%
Expected dividend yield		0.0	%		0.0	%

Summary of Stock Options Activity

The following table summarizes 2025 stock option activity (options and aggregate intrinsic value in thousands):

	Number of Options			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in Years)		Aggregate Intrinsic Value
Outstanding as of December 31, 2024		11,633		$	16.35
Granted		2,734		$	9.18
Exercised		(56	)	$	9.62
Forfeited		(501	)	$	11.52
Outstanding as of December 31, 2025		13,810		$	15.13		6.95	$	10,266
Exercisable as of December 31, 2025		9,448		$	16.15		6.20	$	7,497

Summary of Activity Related to RSUs

The following table summarizes the activity related to RSUs during 2025 (shares in thousands):

	Number of Shares			Weighted-Average Grant Date Fair Value
Outstanding unvested as of December 31, 2024(1)		1,297		$	15.24
Granted		980		$	9.43
Vested		(361	)	$	14.78
Forfeited		(271	)	$	12.71
Outstanding unvested as of December 31, 2025		1,645		$	12.30

(1)The number outstanding represents the number of shares issuable upon vesting of service-based and market-based RSUs, assuming the Company achieves its corporate stock price metrics at the target achievement level.