v3.26.1
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Payment Arrangement, Activity
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 
Schedule of Stock-Based Compensation Expense Recognized
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 
Schedule of Stock Option Activity
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 
Schedule of Weighted Average Assumptions Used for Estimation of Fair Value of Stock Options 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.
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
Schedule of Restricted Stock Unit Activity
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