The Company recorded stock-based compensation expense within its condensed consolidated statements of operations and comprehensive loss as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development expenses	$	16,103	$	11,431
General and administrative expenses		12,777		8,949
	$	28,880	$	20,380

The Company has granted stock options and restricted stock units (“RSUs”), both of which are subject to service-based vesting conditions, and RSUs with performance-based vesting conditions (“PSUs”). As of March 31, 2026, total unrecognized stock-based compensation expense, excluding unrecognized stock-based compensation expense related to PSUs, was $226.2 million, which is expected to be recognized over a weighted-average period of 2.4 years. Stock-based compensation expense for PSUs is recognized on a straight-line basis over the requisite service period for each separately vesting portion of the PSUs when the performance-based

vesting condition is deemed probable to occur. As of March 31, 2026, total unrecognized stock-based compensation expense related to PSUs was $33.6 million.

In July 2021, the Company adopted the 2021 Stock Option and Incentive Plan (the “2021 Plan”). The 2021 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, RSUs (including PSUs), unrestricted stock awards, cash-based awards and dividend equivalent rights. Stock awards granted under the 2021 Plan with service-based vesting conditions generally vest over three- or four-year service periods, and stock options expire after ten years. As of March 31, 2026, 11,015,324 shares of Class A common stock remained available for future issuance under the 2021 Plan.

In July 2021, the Company adopted the 2021 Employee Stock Purchase Plan, as amended and restated (the “ESPP”). The ESPP permits eligible employees to purchase shares of Class A common stock at a discount in accordance with the terms of the offering and consists of consecutive, overlapping 12-month offering periods, each consisting of two six-month purchase periods. As of March 31, 2026, 2,795,174 shares of Class A common stock remained available for issuance and sale under the ESPP.

The following table summarizes the Company’s stock option activity since December 31, 2025:


						Weighted
						Average
				Weighted		Remaining		Aggregate
				Average		Contractual		Intrinsic
	Number			Exercise		Term		Value
	of Shares			Price		(in years)		(in thousands)
Outstanding as of December 31, 2025		7,717,641		$	38.90		6.90	$	476,355
Granted		512,198		$	106.37
Exercised		(334,220	)	$	30.32
Cancelled or forfeited		(45,693	)	$	80.81
Outstanding as of March 31, 2026		7,849,926		$	43.42		6.93	$	465,509
Exercisable as of March 31, 2026		4,791,630		$	24.21		5.95	$	374,995

The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2026 and 2025 was $23.7 million and $11.8 million, respectively. The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock on the date of exercise.

The weighted average grant-date fair value of stock options granted during the three months ended March 31, 2026 and 2025 was $72.91 per share and $52.41 per share, respectively.

The following table summarizes the Company’s RSU activity since December 31, 2025:


	Number of Shares			Weighted Average Grant-Date Fair Value
Outstanding as of December 31, 2025		1,091,116		$	76.77
Granted		692,762		$	106.73
Vested		(309,133	)	$	75.45
Forfeited		(17,907	)	$	94.81
Outstanding as of March 31, 2026		1,456,838		$	91.08

The RSU activity above includes 368,757 of outstanding PSUs. The total fair value of RSUs vested during the three months ended March 31, 2026 and 2025 was $23.3 million and $14.6 million, respectively.