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Stock-Based Awards | 3 Months Ended
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Mar. 31, 2026
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 2025 Annual Report on Form 10-K. Stock Option Activity The following table summarizes stock option activity for the three months ended March 31, 2026:
| Number of Options |  | Weighted-Average Exercise Price
Balance at December 31, 2025 | 21,326,333 |  |  | $ | 26.39 |
Granted | 2,336,591 |  |  | 16.55 |
Exercised | (536,720) |  |  | 12.47 |
Forfeited | (476,118) |  |  | 21.30 |
Expired | (102,577) |  |  | 33.05 |
Balance at March 31, 2026 | 22,547,509 |  |  | $ | 25.77 |
Vested and expected to vest at March 31, 2026 | 22,547,509 |  |  | $ | 25.77 |
Exercisable at March 31, 2026 | 14,509,636 |  |  | $ | 29.32 |
The estimated fair value of stock options granted to employees were calculated using the Black-Scholes option-pricing model using the following assumptions:
| Three Months Ended March 31,
| 2026 |  | 2025
Expected term (in years) | 6.08 |  | 6.08
Volatility | 65.3% - 66.7% |  | 64.8% - 65.3%
Risk-free interest rate | 3.7% - 4.1% |  | 4.0% - 4.5%
Dividend yield | — |  | —
Restricted Stock Activity The following table summarizes restricted stock unit ("RSU") activity for the three months ended March 31, 2026:
| Number of RSU shares |  | Weighted-Average Fair Value at Date of Grant per Share
Unvested at December 31, 2025 | 5,124,629 |  |  | $ | 21.74 |
Granted | 3,270,382 |  |  | 16.42 |
Vested and released | (1,190,953) |  |  | 24.84 |
Forfeited | (328,049) |  |  | 20.26 |
Unvested and expected to vest at March 31, 2026 | 6,876,009 |  |  | $ | 18.74 |
Stock-Based Compensation Expense The Company’s results of operations include expenses relating to stock-based compensation as follows (in thousands):
| Three Months Ended March 31, |  |
| 2026 |  | 2025 |  |  |  |
Research and development | $ | 13,594 |  |  | $ | 15,137 |  |  |  |  |
General and administrative | 9,493 |  |  | 10,023 |  |  |  |  |
Total | $ | 23,087 |  |  | $ | 25,160 |  |  |  |  |

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