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Stock Based Compensation (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Stock-based Compensation
The following table summarizes stock-based compensation expense by financial statement line item in the Company’s consolidated statements of operations and comprehensive loss for the periods presented (in thousands):
Year Ended December 31,
202520242023
Research and development$34,210 $56,020 $145,879 
General and administrative42,463 56,324 84,005 
Cost of Biosecurity revenue2,624 — — 
Cost of other revenue2,249 — — 
Total$81,546 $112,344 $229,884 
Summary of Stock Option Activity
A summary of time-based stock options activity for the year ended December 31, 2025 is presented below:
Number of Shares
Weighted Average Exercise Price per Share
Weighted Average Remaining Contractual Term (in years)
Aggregate Intrinsic Value (1)
Outstanding as of December 31, 2024267,520$25.17  
Granted171,8759.29  
Exercised— —  
Forfeited(72,828)36.96 
Outstanding as of December 31, 2025366,56715.38 8.9$— 
Exercisable as of December 31, 2025136,01424.74 8.4— 
(1)The aggregate intrinsic value is calculated as the difference between the Company's closing stock price on the last trading day of the year and the exercise prices, multiplied by the number of in-the-money stock options.
Schedule of Assumptions Used to Estimate Fair Value of Stock Option Awards Granted The weighted-average fair value of options granted during the years ended December 31, 2025, 2024, and 2023 was $7.48, $11.35 and $57.20 per share, respectively, and was calculated using the following key assumptions in the Black-Scholes option-pricing model:
Year Ended December 31,
202520242023
Risk-free interest rate4.06%4.27%3.94%
Expected volatility100%97%93%
Expected term (in years)6.05.75.5
Dividend yield%%%
Summary of RSU and RSA Activity
A summary of RSU activity for the year ended December 31, 2025 is presented below:
Number of Shares
Weighted Average Grant Date Fair Value
Nonvested as of December 31, 20243,327,398$69.00 
Granted1,176,4198.02 
Vested(1,797,720)48.74 
Forfeited(1,443,244)56.71 
Nonvested as of December 31, 20251,262,85355.07 
Summary of Activity For Earnout RSA
A summary of activity during the year ended December 31, 2025 for the earnout shares is presented below:
Number of Shares
Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2024552,457$510.80 
Vested(321)533.60 
Forfeited(859)512.62 
Nonvested as of December 31, 2025551,277510.78 
Schedule of Nonvested Performance-Based Units Activity
A summary of PSU activity for the year ended December 31, 2025 is presented below:
Performance Stock Units
Number of
Shares
Weighted
Average
Grant Date
Fair Value
Granted5,599,647$8.01 
Vested
Forfeited(1,192,360)7.81 
Nonvested as of December 31, 20254,407,2878.06