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Stockholders' Equity | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Stockholders' Equity | Stockholders' Equity Share Repurchases During the six months ended June 30, 2025, we had no cash repurchases of our common stock. During the year ended December 31, 2024, we repurchased 2,115,952 shares of our common stock related to the final delivery of our November 2023 accelerated share repurchase (ASR) agreement. The November 2023 ASR settled, and we were not required to make any additional cash payments or delivery of common stock to the financial institution upon settlement. Securities Repurchase Program In November 2024, our board of directors approved a $300.0 million increase to our existing securities repurchase program authorizing the repurchase of our common stock and/or convertible notes, through open market purchases, block trades, and/or privately negotiated transactions or pursuant to Rule 10b5-1 plans, in compliance with applicable securities laws and other legal requirements. The timing, volume, and nature of the repurchases will be determined by management based on the capital needs of the business, market conditions, applicable legal requirements, alternative investment opportunities, and other factors. As of June 30, 2025, we had $150.1 million remaining under the securities repurchase program, which has no expiration date and will continue until otherwise suspended, terminated or modified at any time for any reason by our board of directors. Share-based Compensation Expense The following table presents total share-based compensation expense recorded (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Cost of revenues | $ | 131 |  |  | $ | 466 |  |  | $ | 369 |  |  | $ | 979 |
Research and development | 1,584 |  |  | 7,123 |  |  | 4,796 |  |  | 16,332 |
Sales and marketing | 413 |  |  | 1,726 |  |  | 1,474 |  |  | 3,866 |
General and administrative | 5,784 |  |  | 8,732 |  |  | 12,530 |  |  | 26,159 |
Total share-based compensation expense | $ | 7,912 |  |  | $ | 18,047 |  |  | $ | 19,169 |  |  | $ | 47,336 |
During the three and six months ended June 30, 2025, we capitalized share-based compensation expense of $0.2 million and $0.6 million, respectively. During the three and six months ended June 30, 2024, we capitalized share-based compensation expense of $1.4 million and $2.7 million, respectively. As of June 30, 2025, total unrecognized share-based compensation expense was approximately $23.7 million, which is expected to be recognized over the remaining weighted-average vesting period of approximately 1.4 years. The following table presents activity for outstanding RSUs and PSUs:
| RSUs and PSUs Outstanding
| Shares Outstanding |  | Weighted Average Grant Date Fair Value
Balance at December 31, 2024 | 7,386,965 |  |  | $ | 10.58 |
Granted | 6,375,000 |  |  | 1.49 |
Released | (3,607,602) |  |  | 7.70 |
Forfeited | (1,489,576) |  |  | 18.44 |
Balance at June 30, 2025 | 8,664,787 |  |  | $ | 3.69 |

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