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Stock-Based Awards
 3 Months Ended
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, 202521,326,333 $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, 202622,547,509 $25.77 
Vested and expected to vest at March 31, 202622,547,509 $25.77 
Exercisable at March 31, 202614,509,636 $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,
20262025
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 sharesWeighted-Average Fair Value at Date of Grant per Share
Unvested at December 31, 20255,124,629 $21.74 
Granted3,270,382 16.42 
Vested and released(1,190,953)24.84 
Forfeited(328,049)20.26 
Unvested and expected to vest at March 31, 20266,876,009 $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,
20262025
Research and development
$13,594 $15,137 
General and administrative
9,493 10,023 
Total
$23,087 $25,160