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Stock-Based Awards | 6 Months Ended
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Jun. 30, 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 six months ended June 30, 2026:
| Number of Options |  | Weighted-Average Exercise Price
Balance at December 31, 2025 | 21,326,333 |  |  | $ | 26.39 |
Granted | 2,601,349 |  |  | 16.84 |
Exercised | (992,867) |  |  | 15.81 |
Forfeited | (698,185) |  |  | 21.15 |
Expired | (893,471) |  |  | 34.89 |
Balance at June 30, 2026 | 21,343,159 |  |  | $ | 25.53 |
Vested and expected to vest at June 30, 2026 | 21,343,159 |  |  | $ | 25.53 |
Exercisable at June 30, 2026 | 14,065,727 |  |  | $ | 28.80 |
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,
| 2026 |  | 2025
Expected term (in years) | 5.50 - 6.08 |  | 5.50 - 6.08
Volatility | 61.7% - 66.7% |  | 64.8% - 68.7%
Risk-free interest rate | 3.7% - 4.3% |  | 3.7% - 4.5%
Dividend yield | — |  | —
Restricted Stock Activity The following table summarizes restricted stock unit ("RSU") activity for the six months ended June 30, 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 | 3,385,121 |  |  | 16.52 |
Vested and released | (1,341,956) |  |  | 23.92 |
Forfeited | (563,254) |  |  | 19.84 |
Unvested and expected to vest at June 30, 2026 | 6,604,540 |  |  | $ | 18.78 |
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,
| 2026 |  | 2025 |  | 2026 |  | 2025
Research and development | $ | 13,453 |  |  | $ | 15,188 |  |  | $ | 27,047 |  |  | $ | 30,325 |
General and administrative | 9,462 |  |  | 10,199 |  |  | 18,955 |  |  | 20,222 |
Total | $ | 22,915 |  |  | $ | 25,387 |  |  | $ | 46,002 |  |  | $ | 50,547 |

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