In 2015, the Company adopted the 2015 Plan, which has been amended and restated numerous times to increase the aggregate shares authorized to be issued to employees, consultants, and directors of the Company. As of December 31, 2023, there were 28,115,750 shares authorized under the 2015 Plan.

On January 18, 2023, the Company approved a two-year extension of the expiration date of RSUs for then-current employees whose RSUs would otherwise expire in 2023 or 2024. The Company accounted for the extension as a stock compensation modification, which resulted in an increase in unrecognized compensation cost of $35.3 million at the time the extension was approved and an additional $12.2 million as the extensions occurred. The RSUs approved for the two-year extension were fully vested as of the IPO date. As such, the Company recognized the full impact of the expiration extension in stock-based compensation in the three months ended June 30, 2024.

On July 18, 2023, the Company approved the removal of the market condition for 5,898,596 outstanding PSUs. The Company accounted for this as a stock compensation modification. Subsequent to the modification, these units are treated as RSUs as the terms are consistent with the Company's existing RSUs. The modification resulted in a decrease in total unrecognized compensation cost of $19.3 million.

In February 2024, the Company’s board of directors adopted, and in April 2024, the Company’s stockholders approved, the 2024 Equity Incentive Plan (the “2024 Plan”), which became effective in connection with the IPO in June 2024. The 2024 Plan provides for the grant of incentive stock options (“ISOs”), nonstatutory stock options, stock appreciation rights, RSUs, restricted stock unit awards (“RSAs”), performance-based awards (“PSUs”) and other awards. The maximum number of shares of Class A common stock that may be issued under the 2024 Plan is 7,430,000 shares of the Company’s Class A common stock and will automatically increase on January 1 of each year, beginning on January 1, 2025 and continuing through and including January 1, 2034 in an amount equal to either (i) a number of shares of the Company’s Class A common stock (the “Evergreen Increase”), such that the sum of (x) the remaining number of shares available under the 2024 Plan and (y) the Evergreen Increase is equal to 5% of the total number of shares of common stock (both Class A and Class B) outstanding on December 31 of the preceding calendar year, or (ii) a lesser number of shares determined by the Company’s board of directors prior to the applicable January 1. The maximum number of shares that may be issued upon the exercise of ISOs under the 2024 Plan is 22,290,000 shares.

The majority of RSUs vest over a period of three to five years, with a cliff vest after one year and ratable quarterly vesting thereafter. RSUs granted prior to the IPO were also subject to liquidity event vesting condition, as defined in the grant agreement, which was satisfied in connection with the IPO.

The table below summarizes restricted stock unit activity for the year ended December 31, 2024:


	Restricted Stock Units			Weighted - Average Grant Date Fair Value
Unvested at December 31, 2023		20,788,500		$	26.47
Granted		4,020,190		$	39.75
Vested and settled		(12,143,140	)	$	19.95
Vested and not yet settled		(4,772,362	)	$	37.87
Forfeited		(871,838	)	$	35.97
Expired		(147,376	)	$	0.28
Unvested at December 31, 2024		6,873,974		$	38.23

Stock-based compensation is classified as follows in the accompanying consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022 (in thousands):


	Year Ended December 31,
	2024		2023		2022
Cost of revenues, genomics	$	13,625	$	—	$	—
Cost of revenues, data and services		8,530		—		—
Technology research and development		58,473		—		—
Research and development		47,638		—		—
Selling, general and administrative		405,872		—		—
Total stock-based compensation	$	534,138	$	—	$	—

As of December 31, 2024, there was $151.6 million of unrecognized stock compensation expense relating to RSUs, respectively.

Options granted pursuant to the Plan vest on varying schedules, based upon individual agreements. The fair value of each option granted is estimated on the date of grant using the Black-Scholes option-pricing model. The estimated life for the stock options was based on the term of the agreement. The risk-free interest rate is based on the rate for a U.S. government security with the same estimated life at the time of the option grant and the stock purchase rights.


	Number of Options			Exercise Price Ranges		Weighted-Average Exercise Price
Outstanding at December 31, 2023		210,000		$	0.85	$	0.85
Granted		—		$	—	$	—
Exercised		(210,000	)	$	0.85	$	0.85
Forfeited		—		$	—	$	—
Outstanding at December 31, 2024		—		$	—	$	—
Options exercisable at December 31, 2024		—		$	—	$	—

The 210,000 stock options were exercised in 2024. The Company issued 205,847 shares of Class A common stock upon the net exercise of the stock option. The outstanding stock options were fully expensed prior to 2020. As such, no stock compensation expense relating to stock options was recorded in the years ended December 31, 2024, 2023 and 2022.

The Company has previously granted restricted stock awards to employees. Compensation expense on those awards was recognized on a straight-line basis over the requisite service periods of the awards, typically three to four years.


	Restricted		Unrestricted			Total			Weighted - Average Grant Date Fair Value
Balance at December 31, 2023		—		4,250,000			4,250,000		$	0.42
Converted into Class A voting common stock		—		(4,250,000	)		(4,250,000	)	$	0.42
Balance at December 31, 2024		—		—			—		$	—

No compensation cost was recognized for the years ended December 31, 2024, 2023 and 2022, respectively.