v3.26.1
Stock-Based Compensation
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
In June 2023, the Company’s Board of Directors (the “Board”) and stockholders approved the 2023 Equity Incentive Plan (the “2023 Plan”), which became effective on June 14, 2023, and replaced the 2013 Equity Incentive Plan (the “2013 Plan”). No additional awards may be granted under the 2013 Plan.
The 2023 Plan reserves 3,000,000 shares of common stock, plus any remaining shares available under the 2013 Plan as of the effective date. In addition, shares subject to outstanding awards under the 2013 Plan that expire, are forfeited, or otherwise terminate without being issued after June 14, 2023, will be added to the 2023 Plan share reserve. The 2023 Plan does not include an automatic annual share increase (an evergreen provision). On June 12, 2025, the Company’s stockholders approved the amendment and restatement of the 2023 Plan, increasing the number of shares authorized for issuance thereunder by 3,000,000 shares. On June 16, 2026, the Company’s stockholders approved a subsequent amendment to the 2023 Plan, increasing the number of shares authorized for issuance thereunder by an additional 4,000,000 shares. As of June 30, 2026, the total number of shares of common stock reserved for issuance under the 2023 Plan is 23,135,269.
In addition, the Company’s Board and stockholders approved the Employee Stock Purchase Plan (the “ESPP”), which became effective on December 5, 2013. As of June 30, 2026, the total number of shares of common stock available for issuance under the ESPP is 739,190.
The following table presents a summary of awards outstanding:
June 30, 2026
2013 Plan2023 PlanTotal
Stock options8,200,324 6,768,224 14,968,548 
RSUs
— 2,324,382 2,324,382 
8,200,324 9,092,606 17,292,930 
The following table summarizes stock-based compensation expenses included in operating expenses:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(in thousands)
General and administrative $4,512 $4,342 $8,995 $9,273 
Research and development 4,680 6,395 9,758 13,677 
$9,192 $10,737 $18,753 $22,950 
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(in thousands)
Stock options$4,953 $5,658 $9,965 $12,311 
RSUs4,008 4,881 8,303 10,193 
ESPP231 198 485 446 
$9,192 $10,737 $18,753 $22,950 
Stock Option Awards
The following table presents a summary of the stock option activity for the six months ended June 30, 2026:
Number of
Shares Subject
to Outstanding
Options		Weighted
Average
Exercise
Price
(per share)		Weighted
Average
Remaining
Contractual
Term
(in years)		Aggregate
Intrinsic
Value
(in thousands)
Outstanding at December 31, 202512,956,592$26.93 5.6$5,156 
Granted2,716,09412.35 
Exercised(80,897)12.17 
Forfeited(623,241)25.00 
Outstanding at June 30, 202614,968,548$24.45 6.0$16,297 
Exercisable at June 30, 20269,926,176$29.17 4.5$2,342 
The aggregate intrinsic values represent the amount by which the market price of the underlying stock exceeds the exercise price of the option. The total intrinsic value of the options exercised during the three and six months ended June 30, 2026 was $0 and $0.1 million, respectively. The total intrinsic value of the options exercised during the three and six months ended June 30, 2025 was $0 and $0.5 million, respectively.
As of June 30, 2026, the pre-tax compensation expense for all outstanding unvested stock options in the amount of $39.1 million will be recognized in the Company’s results of operations over a weighted average period of 2.5 years.
The per share weighted average grant date fair values of the stock options granted in the period are $6.96 and $7.01 for the three and six months ended June 30, 2026, respectively, and $5.00 and $7.31 for the three and six months ended June 30, 2025, respectively. The following table provides the weighted-average assumptions used in the calculation of grant date per share fair values of these stock options based on the Black-Scholes option pricing model:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Expected term (in years) (1)
6.26.36.56.4
Expected volatility (2)
54.0 %51.2 %54.4 %50.9 %
Risk-free interest rate (3)
4.2 %4.1 %3.8 %4.1 %
Expected dividend yield (4)
— %— %— %— %
Underlying stock price$12.35 $9.19 $12.35 $13.39 
(1) The computation of expected term was determined based on the option holders’ past exercise patterns.
(2) Volatility is estimated based on volatility average of the Company’s common stock price.
(3) The risk-free interest rate is based on that of the U.S. Treasury yields with equivalent terms in effect at the time of the grant.
(4) The dividend yield is zero as the Company currently does not pay a dividend.
Restricted Stock Units (“RSUs”)
The following table summarizes the activity of the Company’s RSUs:
Restricted
Stock
Units		Weighted
Average Grant
Date Fair Value
(Per unit)
Outstanding as of December 31, 20251,981,345$18.01 
Granted1,394,88112.32 
Vested(909,655)19.80 
Forfeited(142,189)15.29 
Outstanding as of June 30, 20262,324,382$13.94 
The fair value of RSUs was determined based on the closing price of the Company’s common stock on the grant date.
As of June 30, 2026, there was $26.7 million of total unrecognized compensation cost related to RSUs that is expected to be recognized over a weighted-average period of 2.1 years.
Employee Stock Purchase Plan
The following table provides the assumptions used in the calculation of grant date fair values of these shares issued under the Company’s ESPP based on the Black-Scholes option pricing model:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026(1)
202520262025
Expected term (in years)— 
0.5 - 2.0
0.5
0.5 - 2.0
Expected volatility— %
43.0% - 73.3%
66.2 %
43.0% - 73.3%
Risk-free interest rate— %
4.2% - 5.4%
3.6 %
4.2% - 5.4%
Expected dividend yield— %— %— %— %
(1) There were no ESPP grants during the three months ended June 30, 2026
As of June 30, 2026, there was no unrecognized pre-tax compensation expense for all outstanding shares issued under the Company’s ESPP.