Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Stock Option Activity

A summary of stock option activity under the 2020 Plan during the year ended December 31, 2025, is as follows (in thousands except share and per share data):

	Number of Options Outstanding			Weighted Average Strike Price per Option		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at December 31, 2024		9,447,790		$	32.73		7.37	$	97,715
Granted		2,400,939			33.15
Exercised		(2,140,098	)		28.79
Forfeited		(704,883	)		38.53
Outstanding at December 31, 2025		9,003,748		$	33.33		7.14	$	400,490
Exercisable at December 31, 2025		5,945,970		$	32.09		6.30	$	271,876

Summary of Equity-Based Compensation Expense

The following table outlines equity-based compensation expense for stock options for the years ended December 31, 2025, 2024 and 2023:

	Year ending December 31,
	2025		2024		2023
Research and development	$	22,773	$	21,965	$	18,525
General and administrative		24,833		24,166		20,025
Total equity-based compensation	$	47,606	$	46,131	$	38,550

Summary of Weighted-Average Assumptions

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 for the years ended December 31, 2025, 2024 and 2023:

	Year ending December 31,
	2025			2024			2023
Expected term (in years)		5.87			5.80		5.87
Volatility		79	%		65	%		62	%
Risk-free interest rate		4.0	%		4.1	%		4.1	%
Dividend yield		0.0	%		0.0	%		0.0	%

Summary of Restricted Stock Activity

A summary of restricted stock unit activity during the year ended December 31, 2025, is as follows:

	Number of Units Outstanding			Grant Date Fair Value per Share
Unvested at December 31, 2024		749,604		$	32.24
Granted		1,082,073			33.87
Vested		(284,026	)		29.63
Forfeited		(202,496	)		32.64
Unvested at December 31, 2025		1,345,155		$	34.05

Employee Stock Option

Summary of Equity-Based Compensation Expense

Total equity-based compensation expense recorded as research and development and general and administrative expenses for employees, directors, and non-employees during the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands):

	Years ending December 31,
	2025		2024		2023
Research and development	$	31,522	$	27,766	$	21,555
General and administrative		28,382		27,246		21,563
Total equity-based compensation	$	59,904	$	55,012	$	43,118