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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
2025 Equity Incentive Plan
As of June 30, 2026, approximately 48.2 million shares were available for future grants under the 2025 Plan.
Stock-Based Compensation
The following table presents stock-based compensation included on the condensed consolidated statements of operations (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Stock-based compensation expense:
Stock options$4,974 $4,992 $9,764 $10,815 
RSUs3,544 4,656 6,923 8,370 
$8,518 $9,648 $16,687 $19,185 
Stock-based compensation expense in operating expenses:
Research and development$2,355 $2,761 $4,660 $5,073 
Selling, general and administrative6,163 6,887 12,027 14,112 
$8,518 $9,648 $16,687 $19,185 
Stock-based compensation expense capitalized into inventory totaled $— during the three months ended June 30, 2026 and $0.3 million during the six months ended June 30, 2026. There was no stock-based compensation expense capitalized into inventory during the three and six months ended June 30, 2025. Capitalized stock-based compensation is recognized as an expense in cost of sales when the related product is sold.
Stock Options
The following table summarizes stock option activity and related information during the six months ended June 30, 2026:
Number of
Options		Weighted-
Average
Exercise
Price		Aggregate
Intrinsic
Value
(in thousands)		Weighted-
Average
Remaining
Contractual
Life
(in years)
Outstanding at December 31, 202523,932,504 $4.97 $17 7.9
Granted393,600 $7.25 
Exercised(409,276)$4.00 
Forfeited/expired(358,043)$5.13 
Outstanding at June 30, 202623,558,785 $5.03 $100,928 7.5
Vested and exercisable at June 30, 202614,788,581 $5.68 $58,501 6.9
As of June 30, 2026, the unrecognized compensation cost related to outstanding stock options was $23.2 million, which is expected to be recognized over a remaining weighted-average period of 1.4 years.
During the six months ended June 30, 2026 and 2025, the total intrinsic value of stock options exercised was $1.8 million and $0.1 million, respectively. During the six months ended June 30, 2026 and 2025, cash proceeds received from stock option exercises were $1.6 million and $0.2 million, respectively.
As of December 31, 2025, a total of 9,657,097 vested and exercisable shares were outstanding.
Restricted Stock Units
The following table summarizes RSU activity during the six months ended June 30, 2026:
Number of
Units
Weighted-
Average
Grant Date
Fair Value
Nonvested balance at December 31, 20258,127,668 $6.56 
Granted320,048 $7.42 
Vested(2,271,063)$3.98 
Forfeited/canceled(245,573)$4.48 
Nonvested balance at June 30, 20265,931,080 $7.68 
As of June 30, 2026, there was $16.9 million of unrecognized stock-based compensation expense related to RSUs that is expected to be recognized over a weighted-average period of 1.4 years. During the six months ended June 30, 2026 and 2025, the total fair value of RSUs vested was $17.3 million and $3.9 million, respectively.
Related-Party Warrants
A total of 1,638,000 warrants issued to an affiliate of Dr. Soon-Shiong with an exercise price of $3.24 per share were outstanding as of June 30, 2026 and December 31, 2025. The fair value of $18.0 million assigned to the warrants will be recognized in equity upon achievement of a performance-based vesting condition pertaining to building manufacturing capacity to support supply requirements for ANKTIVA (which has not yet been satisfied). The warrants become exercisable 30 days following the achievement of the performance-based vesting condition (the initial exercise date) and expire on the 10th anniversary of the initial exercise date.