v3.25.4

Stock-Based Compensation and Employee Benefit Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Compensation Related Costs [Abstract] |
Schedule of Employee and Non-Employee Stock-Based Compensation Expense | The following table summarizes the components of stock-based compensation expense in the consolidated statements of operations (in thousands):
|  |  |  | Years Ended December 31,
|  |  |  |  |  | 2025 |  | 2024 |  | 2023
Cost of revenue |  |  |  |  |  | $ | 24,103 |  |  | $ | 16,579 |  |  | $ | 17,504 |
Research and development |  |  |  |  |  | 32,861 |  |  | 22,150 |  |  | 27,620 |
Sales and marketing |  |  |  |  |  | 28,342 |  |  | 11,224 |  |  | 16,415 |
General and administrative |  |  |  |  |  | 59,709 |  |  | 33,042 |  |  | 25,556 |
|  |  |  |  |  | $ | 145,015 |  |  | $ | 82,995 |  |  | $ | 87,095 |
Share-Based Payment Arrangement, Option, Activity | The following table summarizes the stock option activity under our stock plans during the reporting period:
|  | Outstanding Options
|  | Number of Shares |  | Weighted Average Exercise Price |  | Remaining Contractual Life (Years) |  | Aggregate Intrinsic Value
|  |  |  |  |  |  |  | (in thousands)
Balances at December 31, 2023 |  | 7,247,624 |  |  | $ | 20.93 |  |  | 3.8 |  | $ | 19,446 |
Exercised |  | (307,857) |  |  | 7.01 |  |  |  |  |
Granted |  | 1,364,348 |  |  | 9.96 |  |  |  |  |
Forfeited / Expired |  | (871,294) |  |  | 27.45 |  |  |  |  |
Balances at December 31, 2024 |  | 7,432,821 |  |  | 18.72 |  |  | 4.1 |  | 53,453 |
Exercised |  | (2,098,714) |  |  | 22.91 |  |  |  |  |
Granted |  | 111,504 |  |  | 22.37 |  |  |  |  |
PSOs adjustment |  | 524,879 |  |  | — |  |  |  |  |
Forfeited / Expired |  | (229,207) |  |  | 30.60 |  |  |  |  |
Balances at December 31, 2025 |  | 5,741,283 |  |  | 15.92 |  |  | 4.5 |  | 406,957 |
Vested and expected to vest at December 31, 2025 |  | 5,505,251 |  |  | 16.14 |  |  | 4.3 |  | 389,488 |
Exercisable at December 31, 2025 |  | 4,405,059 |  |  | $ | 17.58 |  |  | 3.3 |  | $ | 305,310 |
Schedule of Stock Option Activity | The following table presents the stock activity and the total number of shares available for grant under our stock plans:
|  | Plan Shares Available for Grant
Balances at December 31, 2023 |  | 32,877,906 |
Added to plan |  | 9,674,114 |
Granted |  | (9,933,957) |
Cancelled/Forfeited |  | 3,371,522 |
Expired |  | (726,110) |
Balances at December 31, 2024 |  | 35,263,475 |
Added to plan |  | 9,978,870 |
Granted |  | (6,651,789) |
Cancelled/Forfeited |  | 1,333,697 |
Expired |  | (214,257) |
Balances at December 31, 2025 |  | 39,709,996 |
Schedule of Weighted-Average Valuation Assumptions | We used the following weighted-average assumptions for determination of the Warrant fair value:
|  | Year Ended December 31, 2025 |  |
Risk-free interest rate |  | 3.6% |  |
Expected term (years) |  | 0.5 |  |
Expected dividend yield |  | — |  |
Expected volatility |  | 96.2% |  |
We used the following weighted-average assumptions in applying the Black-Scholes valuation model for determination of the stock options valuation:
|  | Years Ended December 31,
|  | 2025 |  | 2024 |  |
Risk-free interest rate |  | 3.9% - 4.1% |  | 3.7% - 4.4% |  |
Expected term (years) |  | 6.1 |  | 6.0 |  |
Expected dividend yield |  | — |  | — |  |
Expected volatility |  | 93.4% - 93.9% |  | 95.3% - 97.1% |  |
We used the following weighted-average assumptions in applying the Black-Scholes valuation model for determination of the 2018 ESPP share valuation:
|  | Years Ended December 31,
|  | 2025 |  | 2024 |  | 2023 |  |
Risk-free interest rate |  | 3.8% - 5.0% |  | 4.1% - 5.6% |  | 4.9% - 5.6% |  |
Expected term (years) |  | 0.5 - 2.0 |  | 0.5 - 2.0 |  | 0.5 - 2.0 |  |
Expected dividend yield |  | — |  | — |  | — |  |
Expected volatility |  | 66.2% - 115.2% |  | 54.1% - 78.7% |  | 54.1% - 74.1% |  |
Schedule of Stock Award Activity | A summary of our stock awards activity and related information is as follows:
|  | Number of Awards Outstanding |  | Weighted Average Grant Date Fair Value
Unvested Balance at December 31, 2023 |  | 9,889,341 |  |  | $ | 18.25 |
Granted |  | 8,574,481 |  |  | 15.66 |
Vested |  | (3,067,129) |  |  | 19.61 |
Forfeited |  | (1,350,228) |  |  | 18.60 |
Cancelled |  | (1,150,000) |  |  | 17.44 |
Unvested Balance at December 31, 2024 |  | 12,896,465 |  |  | $ | 16.29 |
Granted |  | 5,685,777 |  |  | 35.08 |
Vested |  | (5,184,791) |  |  | 14.86 |
Forfeited |  | (1,104,503) |  |  | 14.55 |
Unvested Balance at December 31, 2025 |  | 12,292,948 |  |  | $ | 25.74 |

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