STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Stock Awards Granted

The following table summarizes the Company’s stock awards granted for each of the periods indicated:

	For the Three Months Ended September 30,										For the Nine Months Ended September 30,
	2026					2025					2026					2025
	Grants			Weighted Average Grant Date Fair Value		Grants			Weighted Average Grant Date Fair Value		Grants			Weighted Average Grant Date Fair Value		Grants			Weighted Average Grant Date Fair Value
Stock options		2,224,342	(1)	$	10.48		—		$	—		2,224,342	(1)	$	10.48		488,192		$	46.93
Restricted stock units		967,174	(1)	$	16.04		3,496,155	(2)	$	18.95		1,755,359	(1)	$	17.00		5,191,278	(2)	$	39.73
Performance stock units		—		$	—		225,000	(3)	$	18.95		—		$	—		345,378	(4)	$	47.09

(1) On July 28, 2026 (the "Grant Date"), the Company granted its Chief Executive Officer, Dr. Michael Severino, approximately 2.2 million premium-priced stock options that vest 25% on the first anniversary of the Grant Date, with the remainder vesting monthly over the following three years and approximately 0.8 million restricted stock units (“RSUs”) that vest in equal annual installments over four years, in each case generally subject to continued employment.

(2) In September 2025, approximately 3.4 million RSUs were granted, which will vest over two years while the remaining vest over four years.

(3) In September 2025, RSUs with performance conditions (“PSUs”) were granted (the "September 2025 PSUs"). The performance condition is related to the achievement of a certain financial performance goal. The September 2025 PSUs have a three-year cliff vesting schedule. As of September 30, 2026, the performance condition associated with the September 2025 PSUs has been achieved.

(4) In addition to the September 2025 PSUs, included in PSUs for the nine months ended September 30, 2025 are approximately 0.1 million shares with performance conditions which are related to the achievement of certain financial performance goals, regulatory development and approval of certain of the Company's product candidates and certain manufacturing achievements (the “March 2025 PSUs”). As of September 30, 2026, none of the performance conditions for the March 2025 PSUs were probable of being achieved.

Summary of Stock-Based Compensation Expense by Grant Type and by Function Included within Consolidated Statements of Comprehensive Income (Loss)

The following table summarizes stock-based compensation expense by grant type and by function included within the unaudited condensed consolidated statements of comprehensive (loss) income:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2026			2025			2026			2025
	(in thousands)
Stock options	$	5,663		$	8,939		$	17,737		$	33,517
Restricted and performance stock units		24,145			10,724			73,774			70,381
Employee Stock Purchase Plan		479			(3,267	)		479			672
Subtotal	$	30,287		$	16,396		$	91,990		$	104,570
Capitalized stock-based compensation costs		(3,544	)		(1,469	)		(11,376	)		(11,190	)
Total stock-based compensation expense included in expenses	$	26,743		$	14,927		$	80,614		$	93,380
Research and development		8,509			4,139			27,295			36,733
Selling, general and administrative		18,234			10,788			53,319			56,647
Total stock-based compensation expense included in expenses	$	26,743		$	14,927		$	80,614		$	93,380