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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