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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of the Company’s stock option activity 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
| (unaudited)
|  |  | (in thousands)
Balance as of January 1, 2025 | 11,996,264 |  | 4,631,750 |  | $ | 32.98 |  |  | 7.1 |  | $ | 35,980 |
2018 Plan annual increase(1) | 3,689,000 |  | — |  |  |  |  |  |
Granted | (598,729) |  | 598,729 |  | 43.88 |  |  |  |  |
Exercised | — |  | (103,033) |  | 22.56 |  |  |  |  |
Canceled | 23,537 |  | (23,537) |  | 32.63 |  |  |  |  |
Restricted stock units granted | (2,312,849) |  | — |  | — |  |  |  |  |
Restricted stock units canceled | 685,015 |  | — |  | — |  |  |  |  |
Performance-based restricted stock units granted | (281,378) |  | — |  | — |  |  |  |  |
Performance-based restricted stock units adjusted for performance achievement | (144,972) |  |  | — |  | — |  |  |  |  |
Performance-based restricted stock units canceled | 178,807 |  | — |  | — |  |  |  |  |
Balance as of June 30, 2025 | 13,234,695 |  | 5,103,909 |  | $ | 34.47 |  |  | 6.9 |  | $ | 113,880 |
Vested and Exercisable as of June 30, 2025 |  |  | 2,755,327 |  | $ | 34.78 |  |  | 5.2 |  | $ | 71,069 |
(1)Effective as of January 1, 2025, an additional 3,689,000 shares of common stock became available for issuance under the 2018 Plan, as a result of the operation of an automatic annual increase provision therein.
Schedule of Restricted Stock Activity | A summary of the Company’s restricted stock unit activity excluding the performance-based restricted stock units and related information is as follows:
|  | Restricted Stock Units Outstanding |  | Weighted-Average Grant Date Fair Value
|  | (unaudited)
Balance as of January 1, 2025 |  | 7,020,251 |  | $ | 30.11 |
Granted |  | 2,312,849 |  | 43.46 |
Vested and released |  | (776,837) |  | 35.83 |
Canceled |  | (685,015) |  | 31.77 |
Balance as of June 30, 2025 |  | 7,871,248 |  | $ | 33.33 |
A summary of the Company’s PSU activity and related information is as follows:
|  | Performance-based Restricted Stock Units Outstanding |  | Weighted-Average Grant Date Fair Value
|  | (unaudited)
Balance as of January 1, 2025 |  | 1,290,684 |  | $ | 37.07 |
Granted |  | 281,378 |  | 50.26 |
Vested and released |  | (269,992) |  | 69.33 |
Adjusted for performance achievement |  | 144,972 |  | 19.29 |
Canceled |  | (178,807) |  | 63.34 |
Balance as of June 30, 2025 |  | 1,268,235 |  | $ | 27.40 |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | The following table presents the effect of employee and non-employee related stock-based compensation expense:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (unaudited)
|  | (in thousands)
Cost of revenue |  | $ | 2,657 |  |  | $ | 1,770 |  |  | $ | 4,943 |  |  | $ | 3,526 |
Research and development expense |  | 13,783 |  |  | 9,838 |  |  | 26,310 |  |  | 19,770 |
Sales and marketing expense |  | 11,442 |  |  | 7,162 |  |  | 21,273 |  |  | 14,418 |
General and administrative expense |  | 14,580 |  |  | 8,465 |  |  | 27,693 |  |  | 16,562 |
Total stock-based compensation expense |  | $ | 42,462 |  |  | $ | 27,235 |  |  | $ | 80,219 |  |  | $ | 54,276 |
Schedule of Share-based Payment Award, 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:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (unaudited)
Expected term (in years) |  | 5.50 - 5.79 |  | 5.50 - 5.78 |  | 5.50 - 5.90 |  | 5.50 – 5.78
Expected volatility |  | 66.1% - 67.0% |  | 67.8% - 69.4% |  | 65.7% - 67.0% |  | 67.8% –69.4%
Risk-free interest rate |  | 4.0% - 4.1% |  | 4.4% - 4.5% |  | 4.0% - 4.3% |  | 4.3% – 4.5%
Expected dividend yield |  | —% |  | —% |  | —% |  | —%
The grant date fair value of the stock purchase rights granted under the ESPP was estimated using a Black-Scholes option-pricing model with the following assumptions:
|  | Three and Six Months Ended June 30,
|  | 2025 |  | 2024
|  | (unaudited)
Expected term (in years) |  | 0.50 |  | 0.50
Expected volatility |  | 69.0% |  | 64.2%
Risk-free interest rate |  | 4.3% |  | 5.4%
Expected dividend yield |  | —% |  | —%

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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