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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

A summary of the Company’s stock option activity under the 2012 Plan, the 2018 Plan and the 2023 Plan, and related information is as follows:

									Options Outstanding
			Shares Available for Grant						Shares Subject to Options Outstanding						Weighted-Average Exercise Price						Weighted-Average Remaining Contractual Life (Years)						Aggregate Intrinsic Value
																											(in thousands)
Balance as of January 1, 2022			5,231,624						2,624,974						$	29.17					6.5						$	193,014
2018 Plan annual increase(1)			3,689,000						—
Granted			(1,051,466)						1,051,466						44.86
Granted in connection with the Joint Venture Acquisition			(15,128)						15,128						4.90
Exercised			—						(228,311)						6.29
Canceled			56,391						(60,683)						90.84
Restricted stock units granted			(2,995,533)						—
Restricted stock units canceled			490,525						—
Performance-based restricted stock units granted			(26,935)						—
Performance-based restricted stock units canceled			59,818						—
Balance as of December 31, 2022			5,438,296						3,402,574						34.34						6.8						39,749
2018 Plan annual increase(1)			3,689,000						—
Shares authorized under the 2023 Plan			5,000,000						—
Granted			(1,000,760)						1,000,760						30.80
Exercised			—						(51,124)						7.93
Canceled			338,570						(339,307)						58.45
Restricted stock units granted			(2,436,947)						—
Restricted stock units canceled			1,049,447						—
Performance-based restricted stock units granted			(126,041)						—
Performance-based restricted stock units canceled			51,829						—
Balance as of December 31, 2023			12,003,394						4,012,903						31.76						6.6						39,115
2018 Plan annual increase(1)			3,689,000						—
Granted			(1,440,273)						1,440,273						27.07
Exercised			—						(609,495)						5.12
Canceled			211,931						(211,931)						49.71
Restricted stock units granted			(5,004,910)						—
Restricted stock units canceled			1,164,260						—
Market-based restricted stock units canceled			2,260,764						—
Performance-based restricted stock units granted			(913,829)						—
Performance-based restricted stock units adjusted for performance achievement			(48,234)						—
Performance-based restricted stock units canceled			74,161						—
Balance as of December 31, 2024			11,996,264						4,631,750						$	32.98					7.1						$	35,980
Vested and Exercisable as of December 31, 2024									2,429,278						$	33.88					5.3						$	30,205

(1)Effective as of January 1, 2022, 2023 and 2024, an additional 3,689,000 shares of common stock became available for issuance under the 2018 Plan, as a result of the operation of the automatic annual increase provision therein.

A summary of the Joint Venture's stock option activity under the AMEA 2020 Plan and related information is as follows:

									Options Outstanding
			Shares Available for Grant						Shares Subject to Options Outstanding						Weighted-Average Exercise Price						Weighted-Average Remaining Contractual Life (Years)						Aggregate Intrinsic Value
																											(in thousands)
Balance as of January 1, 2022			340,928						3,652,219						$	0.58					8.8						$	—
Exercised			—						(2,051,645)						0.58
Canceled			82,407						(82,407)						0.58
Canceled in connection with the Joint Venture Acquisition			(423,335)						(1,518,167)						0.58
Balance as of December 31, 2022			—						—						$	—					0.0						$	—

Schedule of Restricted Stock Unit Activity

A summary of the Company’s restricted stock unit activity excluding the performance-based and market-based restricted stock units under the 2012 Plan, the 2018 Plan and the 2023 Plan, and related information is as follows:

						Restricted Stock Units Outstanding						Weighted-Average Grant Date Fair Value
Balance as of January 1, 2022						1,498,553						$	109.72
Granted						2,902,217						45.04
Granted in connection with the Joint Venture Acquisition						93,316						38.24
Vested and released						(315,673)						96.36
Canceled						(490,525)						90.52
Balance as of December 31, 2022						3,687,888						60.70
Granted						2,436,947						26.62
Vested and released						(728,603)						60.07
Canceled						(1,049,447)						56.85
Balance as of December 31, 2023						4,346,785						42.63
Granted						5,004,910						25.94
Vested and released						(1,167,184)						46.36
Canceled						(1,164,260)						42.61
Balance as of December 31, 2024						7,020,251						$	30.11

A summary of the Company’s PSU activity under the 2018 Plan and related information is as follows:

						Performance-based Restricted Stock Units Outstanding						Weighted-Average Grant Date Fair Value
Balance as of January 1, 2022						374,596						$	116.58
Granted						26,935						37.50
Canceled						(59,818)						114.94
Balance as of December 31, 2022						341,713						110.64
Granted						126,041						32.84
Vested and released						(3,435)						32.86
Canceled						(51,829)						80.91
Balance as of December 31, 2023						412,490						91.25
Granted						913,829						18.73
Vested and released						(9,708)						94.73
Adjusted for performance achievement						48,234						32.84
Canceled						(74,161)						102.14
Balance as of December 31, 2024						1,290,684						$	37.07

Schedule of Stock Based Compensation Expense

The following table presents the effect of employee and non‑employee related stock‑based compensation expense including the Joint Venture:

			Year Ended December 31,
			2024						2023						2022
			(in thousands)
Cost of precision oncology testing			$	5,315					$	4,614					$	5,498
Cost of development services and other			4,050						1,851						—
Research and development expense			50,566						34,682						26,630
Sales and marketing expense			36,479						24,764						25,442
General and administrative expense			44,001						24,848						37,115
Total stock-based compensation expense			$	140,411					$	90,759					$	94,685

Schedule of Stock Options Valuation Assumptions

The grant date fair value of stock options was estimated using a Black-Scholes option-pricing model with the following weighted-average assumptions:

Year Ended December 31,

2024

2023

2022

Expected term (in years)

5.50 – 6.09

5.50 – 6.10

5.50 – 6.10

Expected volatility

67.4% – 69.4%

69.3% – 70.5%

63.3% – 67.6%

Risk-free interest rate

3.8% – 4.5%

3.4% – 4.5%

1.9% – 4.4%

Expected dividend yield

—%

—%

—%

Schedule of Employee Stock Purchase Plan Valuation Assumptions

The grant date fair value of the stock purchase right granted under the ESPP was estimated on the first day of each offering period using the Black-Scholes option pricing model. The following assumptions used in the valuation were substantially consistent with the assumptions used to value stock options with the exception of the expected term which was based on the term of each purchase period:

						Year Ended December 31,
						2024						2023						2022
Expected term (in years)						0.50						0.50						0.50
Expected volatility						62.7% – 64.2%						51.5% – 76.6%						81.8% – 92.0%
Risk-free interest rate						4.4% – 5.4%						5.2% – 5.4%						1.5% – 4.5%
Expected dividend yield						—%						—%						—%

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