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Equity Incentive Plans (Tables)
9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of recorded stock-based compensation expense in the condensed consolidated statement of operations
The Company recorded stock-based compensation cost for the periods presented as follows (in thousands):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025202420252024
Cost of revenue$2,011 $2,169 $6,481 $6,127 
Research and development11,318 15,978 38,037 50,728 
Selling, general and administrative11,935 15,763 39,067 51,354 
Total stock-based compensation expense$25,264 $33,910 $83,585 $108,209 
Schedule of RSU activity
Restricted stock units (“RSUs”) activity for the nine months ended September 30, 2025 is as follows:
Restricted Stock
Units
Weighted-Average
Grant Date Fair Value
(per share)
Outstanding as of December 31, 20246,493,387 $35.55 
Granted5,579,963 10.49 
Vested(2,267,488)32.54 
Cancelled(1,339,829)28.24 
Outstanding as of September 30, 20258,466,033 $21.00 
Schedule of the company's stock option activity
Stock option activity for the nine months ended September 30, 2025 is as follows:
Stock OptionsWeighted-Average
Exercise Price
Outstanding as of December 31, 20244,594,582 $45.37 
Exercised(433,463)2.54 
Cancelled and forfeited(460,484)66.32 
Outstanding as of September 30, 20253,700,635 $47.78 
Schedule of share-based payment award, stock options, valuation assumptions
The Company estimated the fair values of shares granted under the market-based TSR PSUs using a Monte Carlo simulation model with the following assumptions:
Expected volatility 67%
Risk-free interest rate4.0%
Expected dividend yield—%