v3.26.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Awards Granted Under all Equity Incentive and Inducement Plans
The following table summarizes the Company’s stock awards granted under all equity incentive and inducement plans for each of the periods indicated:
Three Months Ended March 31,
20262025
GrantsWeighted Average Grant Date Fair ValueGrantsWeighted Average Grant Date Fair Value
Stock options2,578,605$31.00 1,897,917$21.45 
Restricted stock units125,400 $30.61 — — 
Schedule of Stock-Based Compensation Expense
Total stock-based compensation expense recognized from the Company’s equity incentive plans, 2018 Plan and 2016 ESPP during the periods presented was as follows (in thousands):
Three Months Ended
March 31,
20262025
Research and development
$5,791 $3,512 
General and administrative7,015 5,347 
Total stock-based compensation expense
$12,806 $8,859 
Schedule of Weighted-Average Assumptions Used in Calculating Fair Value of Awards
The following table summarizes the weighted-average Black-Scholes option pricing model assumptions used to estimate the fair value of stock options granted under the Company's equity incentive plans, and the shares purchased under the 2016 ESPP during the periods presented:
Three Months Ended
March 31,
20262025
Stock Options Granted
Expected term (in years)6.036.03
Expected volatility73%76%
Risk-free interest3.85%4.46%
Dividend yield——
 
2016 ESPP
Expected term (in years)—0.50
Expected volatility—69%
Risk-free interest—4.23%
Dividend yield——