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Stock-Based Awards
 6 Months Ended
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, 202418,660,150 $25.99 
Granted
4,360,279 20.25 
Exercised
(113,792)5.23 
Forfeited
(306,693)27.48 
Balance at June 30, 202522,599,944 $24.97 
Vested and expected to vest at June 30, 202521,790,073 $25.87 
Exercisable at June 30, 202513,450,734 $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,
20252024
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 sharesWeighted-Average Fair Value at Date of Grant per Share
Unvested at December 31, 20244,128,514 $27.33 
Granted2,134,261 19.73 
Vested and released(1,009,121)32.61 
Forfeited(125,780)22.74 
Unvested and expected to vest at June 30, 20255,127,874 $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,
2025202420252024
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