Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Stock-Based Compensation Expenses

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

Summary of Stock Option Activity

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

Summary of Restricted Stock Unit Activity

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