Annual report [Section 13 and 15(d), not S-K Item 405]

Stock-based Compensation (Tables)

v3.25.0.1
Stock-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
The summary of stock option activity is as follows:
Stock Option Activity Number of
Options 		Weighted-
Average
Exercise
Price Per
Share		 Weighted-
Average
Remaining
Contractual
Term
(in years)		 Aggregate
Intrinsic
Value
(in thousands)
Balances—December 31, 2023 13,574,585  $ 0.70  6.15 $ 80,736 
Options canceled and forfeited (297,063) $ 1.01   
Options exercised (3,390,060) $ 0.53   
Balances—December 31, 2024 9,887,462  $ 0.75  5.09 $ 72,936 
Vested and expected to vest 9,887,462  $ 0.75  5.09 $ 72,936 
Options exercisable 7,275,319  $ 0.65  4.92 $ 54,431 
Schedule of Restricted Stock Units Activity
A summary of RSU activity is as follows: (in thousands, except per share data):
Number of Shares Weighted-Average Grant Date Fair Value Per
Share		 Aggregate Intrinsic Value (in thousands)
Balances—December 31, 2023 31,076,699  $ 6.41  $ 206,660 
Granted 26,769,490  $ 5.57   
Vested (14,467,590) $ 6.28 
Forfeited (2,989,859) $ 5.98 
Balances—December 31, 2024 40,388,740  $ 5.94  $ 328,360 
Schedule of Black-Scholes Valuation Assumptions
The assumptions in the Black-Scholes option-pricing models used to determine the fair value of 2021 ESPP awards granted were as follows:
Year Ended December 31,
2024 2023
Expected volatility
56.1% - 77.0%
58.5% - 85.1%
Expected dividend yield —  % —  %
Expected term (in years)
0.5 - 1.0
0.5 - 1.0
Risk-free interest rate
4.3% - 5.4%
4.9% - 5.4%
Summary of Stock-Based Compensation Expense The following sets forth the total stock-based compensation expense for the Company’s stock options included in the Company’s consolidated statements of operations (in thousands):
Year Ended December 31,
2024 2023 2022
Research and development expenses $ 83,063  $ 73,160  $ 49,713 
Selling, general and administrative expenses 21,383  20,476  19,357 
Total stock-based compensation expense $ 104,446  $ 93,636  $ 69,070