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Stock-Based Awards | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Awards | Stock-Based Awards The Company has issued stock-based awards from various equity incentive and stock purchase plans, as more fully described in Note 9, "Stock-Based Awards" to the consolidated financial statements in the Company's 2024 Annual Report on Form 10-K. Stock Option Activity The following table summarizes stock option activity for the six months ended June 30, 2025:
| Number of Options |  | Weighted-Average Exercise Price
Balance at December 31, 2024 | 18,660,150 |  |  | $ | 25.99 |
Granted | 4,360,279 |  |  | 20.25 |
Exercised | (113,792) |  |  | 5.23 |
Forfeited | (306,693) |  |  | 27.48 |
Balance at June 30, 2025 | 22,599,944 |  |  | $ | 24.97 |
Vested and expected to vest at June 30, 2025 | 21,790,073 |  |  | $ | 25.87 |
Exercisable at June 30, 2025 | 13,450,734 |  |  | $ | 28.16 |
The estimated fair value of stock options granted to employees were calculated using the Black-Scholes option-pricing model using the following assumptions:
| Six Months Ended June 30,
| 2025 |  | 2024
Expected term (in years) | 5.50- 6.08 |  | 5.50 - 6.08
Volatility | 64.8% - 68.7% |  | 64.5% - 66.0%
Risk-free interest rate | 3.7% - 4.5% |  | 3.9% - 4.5%
Dividend yield | — |  | —
Restricted Stock Activity The following table summarizes restricted stock unit ("RSU") activity for the six months ended June 30, 2025:
| Number of RSU shares |  | Weighted-Average Fair Value at Date of Grant per Share
Unvested at December 31, 2024 | 4,128,514 |  |  | $ | 27.33 |
Granted | 2,134,261 |  |  | 19.73 |
Vested and released | (1,009,121) |  |  | 32.61 |
Forfeited | (125,780) |  |  | 22.74 |
Unvested and expected to vest at June 30, 2025 | 5,127,874 |  |  | $ | 23.24 |
Stock-Based Compensation Expense The Company’s results of operations include expenses relating to stock-based compensation as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Research and development | $ | 15,188 |  |  | $ | 14,364 |  |  | $ | 30,325 |  |  | $ | 30,706 |
General and administrative | 10,199 |  |  | 10,736 |  |  | 20,222 |  |  | 22,234 |
Total | $ | 25,387 |  |  | $ | 25,100 |  |  | $ | 50,547 |  |  | $ | 52,940 |

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