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

Stock-based Compensation (Tables)

v3.25.4
Stock-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2024 9,887,462  $ 0.75  5.09 $ 72,936 
Options canceled and forfeited (81,330) $ 0.96   
Options exercised (3,379,622) $ 0.74   
Balances—December 31, 2025 6,426,510  $ 0.76  4.19 $ 79,949 
Vested and expected to vest 6,426,510  $ 0.76  4.19 $ 79,949 
Options exercisable 5,609,242  $ 0.69  4.10 $ 70,165 
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, 2024 40,388,740  $ 5.94  $ 328,360 
Granted 24,703,532  $ 10.03   
Vested (14,199,687) $ 6.00 
Forfeited (7,288,035) $ 6.49 
Balances—December 31, 2025 43,604,550  $ 8.14  $ 575,580 
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,
2025 2024
Expected volatility
78.7% - 91.8%
56.1% - 77.0%
Expected dividend yield —  % —  %
Expected term (in years)
0.5 - 1.0
0.5 - 1.0
Risk-free interest rate
3.7% - 4.3%
4.3% - 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,
2025 2024 2023
Research and development expenses $ 96,180  $ 83,063  $ 73,160 
Selling, general and administrative expenses 31,707  21,383  20,476 
Total stock-based compensation expense $ 127,887  $ 104,446  $ 93,636