Convertible Preferred Stock and Stockholders' Equity (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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| Convertible Preferred Stock And Stockholders Deficit Disclosure [Abstract] |
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| Summary of stock option activity and related information under all equity plans |
The following table summarizes stock option activity and related information under all equity plans for the year ended December 31, 2024:
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Options |
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Weighted
Average
Exercise
Price Per Share |
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Weighted
Average
Remaining
Contractual
Term |
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Aggregate
Intrinsic Value
(in 000s) |
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Outstanding at December 31, 2023 |
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9,850,841 |
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$ |
13.71 |
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Granted |
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4,210,625 |
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6.46 |
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Exercised |
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(45,438 |
) |
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6.57 |
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Cancelled |
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(3,293,354 |
) |
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13.40 |
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Outstanding at December 31, 2024 |
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10,722,674 |
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$ |
10.99 |
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5.83 |
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$ |
— |
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Options vested and expected to vest at December 31, 2024 |
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10,722,674 |
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$ |
10.99 |
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5.83 |
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$ |
— |
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Options exercisable at December 31, 2024 |
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7,328,404 |
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$ |
12.91 |
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4.91 |
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$ |
— |
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| Summary of restricted stock unit activity and related information under all equity plans |
The following table summarizes restricted stock unit activity and related information under all equity plans for the year ended December 31, 2024:
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Number of
Restricted Stock Units |
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Weighted
Average
Grant Date
Fair Value Per Share |
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Weighted
Average
Remaining
Vesting
Period |
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Aggregate
Intrinsic Value
(in 000s) |
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Outstanding at December 31, 2023 |
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3,065,087 |
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$ |
37.96 |
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Granted |
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4,451,874 |
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5.69 |
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Vested |
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(680,201 |
) |
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33.68 |
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Cancelled |
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(622,696 |
) |
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35.78 |
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Outstanding at December 31, 2024 |
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6,214,064 |
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$ |
15.50 |
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2.01 |
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$ |
10,253 |
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Restricted stock units expected to vest at December 31, 2024 |
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5,151,457 |
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$ |
9.78 |
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|
1.92 |
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$ |
8,500 |
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| Schedule of allocation of stock-based compensation for all stock awards |
The allocation of stock-based compensation for all stock awards is as follows (in thousands):
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Years Ended
December 31, |
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2024 |
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2023 |
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Research and development |
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$ |
22,520 |
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$ |
20,849 |
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General and administrative |
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18,976 |
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22,610 |
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Total stock-based compensation expense |
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$ |
41,496 |
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$ |
43,459 |
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| Schedule of weighted-average assumptions used to determine the fair value of employee and nonemployee stock option grants |
The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee and nonemployee stock option grants were as follows:
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Years Ended
December 31, |
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2024 |
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2023 |
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Risk–free interest rate |
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3.9 |
% |
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|
3.8 |
% |
Expected volatility |
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87.1 |
% |
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89.3 |
% |
Expected term (in years) |
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|
6.4 |
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6.5 |
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Expected dividend yield |
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|
0.0 |
% |
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0.0 |
% |
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| Schedule of common stock reserved for future issuance |
Common stock reserved for future issuance is as follows:
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December 31, |
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2024 |
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2023 |
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Convertible preferred stock (if converted) |
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13,775,430 |
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13,805,540 |
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Common stock options |
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10,722,674 |
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9,850,841 |
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Restricted stock units |
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6,214,064 |
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3,065,087 |
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Awards available under the 2022 Plan |
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11,656,109 |
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8,633,496 |
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Awards available under the Inducement Plan |
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920,688 |
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|
689,750 |
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Total |
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43,288,965 |
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36,044,714 |
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