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STOCK-BASED AWARDS | 6 Months Ended
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Jun. 30, 2026
Share-Based Payment Arrangement [Abstract] |
STOCK-BASED AWARDS | STOCK-BASED AWARDS Stock Options A summary of stock option activity, excluding performance-based stock options (“PSOs”), for the six months ended June 30, 2026 was as follows:
| Outstanding Options
| Number of Options |  | Weighted Average Exercise Price |  | Weighted-Average Remaining Contractual Term |  | Intrinsic Value (in thousands)
Balance as of December 31, 2025 | 2,030,874 |  |  | $ | 19.09 |  |  | 3.98 |  | $ | 2,918 |
Options exercised | (311,391) |  |  | 8.91 |  |  |  |  |
Options canceled/forfeited | (101,933) |  |  | 45.03 |  |  |  |  |
Balance as of June 30, 2026 | 1,617,550 |  |  | $ | 19.41 |  |  | 3.43 |  | $ | 11 |
Options vested and exercisable as of June 30, 2026 | 1,556,611 |  |  | $ | 17.71 |  |  | 3.39 |  | $ | 11 |
As of June 30, 2026, unrecognized stock-based compensation cost related to outstanding unvested stock options, excluding PSOs, that are expected to vest was $1.1 million, and is expected to be recognized over a weighted-average period of 1.0 year. In April 2026, the Company granted 1,000,000 shares of PSOs to its current CEO. These PSOs have a contractual term of 10 years from the date of grant. These awards are subject to both market capitalization targets and time-based vesting conditions during a 5-year performance period commencing on the date of grant, and are subject to the CEO’s continued employment with the Company. As of June 30, 2026, none of the market capitalization targets or time-based vesting conditions had been achieved. The related stock-based compensation expense for the three and six months ended June 30, 2026 was immaterial. As of June 30, 2026, unrecognized stock-based compensation cost related to these awards was $4.6 million, which is expected to be recognized over a weighted-average period of 2.9 years. RSUs A summary of RSUs activity for the six months ended June 30, 2026 was as follows:
| Restricted Stock Units
| Time-Based Shares |  | Performance-Based Shares |  | Total Shares |  | Weighted-Average Grant-Date Fair Value
Balance as of December 31, 2025 | 17,337,857 |  |  | 2,645,726 |  |  | 19,983,583 |  |  | $ | 27.86 |
Granted | 5,114,901 |  |  | 43,504 |  |  | 5,158,405 |  |  | $ | 7.30 |
Vested | (4,100,489) |  |  | (569,025) |  |  | (4,669,514) |  |  | $ | 30.17 |
Canceled/Forfeited | (3,128,662) |  |  | (905,877) |  |  | (4,034,539) |  |  | $ | 24.87 |
Balance as of June 30, 2026 | 15,223,607 |  |  | 1,214,328 |  |  | 16,437,935 |  |  | $ | 21.49 |
As of June 30, 2026, unrecognized stock-based compensation cost related to outstanding unvested time-based RSUs that are expected to vest was $249.6 million, which is expected to be recognized over a weighted-average period of 1.8 years. The Company granted 1,383,475 shares of the time-based RSUs to the former CEO that were scheduled to vest in sixteen equal quarterly installments, beginning on December 5, 2021, and were subject to continuous employment. The Company recognized compensation expense for these time-based RSUs on a graded vesting schedule over the requisite vesting period. The Company withheld approximately 47,712 and 95,424 shares of common stock for the three and six months ended June 30, 2025, by net settlement to meet the related tax withholding requirements related to the former CEO’s time-based RSUs. In February 2025, the Company announced the former CEO’s resignation and transition. In connection with this transition, the Company recorded a reversal of $41.6 million related to previously recognized stock-based compensation expenses for his unvested time-based RSUs. As of December 31, 2025, there were no unrecognized stock-based compensation expenses related to the former CEO’s time-based RSUs. The Company granted performance-based RSUs to certain employees and they are subject to (i) corporate performance conditions and individual performance and (ii) a service condition that is generally satisfied over 3 years. The number of awards granted represents 100% of the target goal. Under the terms of the awards, the recipient may earn between 0% to 150% of the original number of grants based on actual achievement of corporate performance goals and individual performance. Stock-based compensation expense is recognized when the relevant performance condition is considered probable of achievement for the performance-based award. During the three and six months ended June 30, 2026, the Company recorded a net stock-based compensation expense reversal of $1.9 million and stock-based compensation expenses of $3.7 million, respectively, related to these performance-based RSUs. During the three and six months ended June 30, 2025, the Company recorded stock-based compensation expenses of $3.5 million and $12.4 million, respectively. As of June 30, 2026, the unamortized expense for the performance-based RSUs was $5.3 million, which will be recognized over a weighted-average period of 0.9 years primarily contingent upon realization of the corporate performance conditions. ESPP The ESPP authorizes the issuance of shares of common stock pursuant to purchase rights granted to employees. The plan provides for 24-month offering periods beginning in December and June of each year, and each offering period will consist of four six-month purchase periods. The purchase price for each share purchased during an offering period will be the lesser of 85% of the fair market value of the share on the purchase date or 85% of the fair market value of the share on the offering date. As of June 30, 2026, unrecognized stock-based compensation cost related to the ESPP was $22.4 million, which is expected to be recognized over a weighted-average period of 1.9 years. Stock-based Compensation Expense Total employee and nonemployee stock-based compensation expense for the three and six months ended June 30, 2026 and 2025, was classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Cost of revenue | $ | 603 |  |  | $ | 582 |  |  | $ | 1,624 |  |  | $ | 1,704 |
Research and development | 25,584 |  |  | 34,195 |  |  | 63,269 |  |  | 69,016 |
Selling, general and administrative | 15,761 |  |  | 21,542 |  |  | 39,444 |  |  | 13,114 |
Workforce reduction charges | 4,661 |  |  | — |  |  | 3,302 |  |  | — |
Total | $ | 46,609 |  |  | $ | 56,319 |  |  | $ | 107,639 |  |  | $ | 83,834 |
The Company capitalized stock-based compensation expenses of $8.0 million and $19.1 million for the three and six months ended June 30, 2026, respectively, and $8.5 million and $18.3 million for the same periods in the prior year, respectively, primarily as part of the cost of inventory.

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