v3.25.2
Stockholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Stock Option Activity

Stock option activity under the Plans, including the EPA Program discussed below, is as follows:

 

 

 

Number of
Shares
Outstanding
(in thousands)

 

 

Weighted
Average
Exercise Price

 

 

Weighted
Average
Remaining
Contractual
Term
(Years)

 

 

Intrinsic value
(in thousands)

 

Balance as of December 31, 2024(1)

 

 

24,043

 

 

$

7.36

 

 

 

4.21

 

 

 

 

Cancelled and forfeited(2)

 

 

(4,829

)

 

 

23.04

 

 

 

—

 

 

 

 

Expired

 

 

(35

)

 

 

6.13

 

 

 

—

 

 

 

 

Exercised

 

 

(9,343

)

 

 

1.46

 

 

 

—

 

 

 

 

Balance as of June 30, 2025

 

 

9,836

 

 

$

5.27

 

 

 

4.07

 

 

$

31,347

 

Vested and expected to vest as of June 30, 2025(3)

 

 

9,205

 

 

$

4.06

 

 

 

3.91

 

 

$

31,347

 

Vested and exercisable as of June 30, 2025

 

 

8,715

 

 

$

3.13

 

 

 

3.78

 

 

$

31,312

 

(1) This includes 5.9 million options granted and outstanding as of December 31, 2024 pursuant to the EPA Program.

(2) This represents options cancelled and forfeited under the EPA Program.

(3) This includes 0.4 million options granted pursuant to the EPA Program that are expected to vest as of June 30, 2025. None of the options granted pursuant to the EPA Program were vested and exercisable as of June 30, 2025.
Schedule of Restricted Stock Units with Service Condition and Performance Stock Unit Activities

Restricted stock units with service conditions only (“RSU”) and PSU activities under the Plans are as follows:

 

 

 

RSUs Outstanding

 

 

PSUs Outstanding

 

 

 

Number of
Units
(in thousands)

 

 

Weighted
Average Grant
Date Fair Value

 

 

Number of
Units
(in thousands)

 

 

Weighted
Average Grant
Date Fair Value

 

Balance as of December 31, 2024

 

 

26,875

 

 

$

7.51

 

 

 

6,575

 

 

$

6.92

 

Granted

 

 

20,411

 

 

 

3.59

 

 

 

9,582

 

 

 

4.08

 

Vested

 

 

(5,606

)

 

 

8.77

 

 

 

(6,995

)

 

 

5.65

 

Forfeited

 

 

(4,578

)

 

 

6.37

 

 

 

(755

)

 

 

5.30

 

Balance as of June 30, 2025

 

 

37,102

 

 

$

5.31

 

 

 

8,407

 

 

$

4.88

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Schedule of Stock-based Compensation Expense

Total stock-based compensation expense recognized in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss for all awards is as follows (amounts in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Research and development

 

$

17,169

 

 

$

28,170

 

 

$

42,907

 

 

$

48,818

 

General and administrative

 

 

9,086

 

 

 

19,655

 

 

 

23,987

 

 

 

18,294

 

Total stock-based compensation expense

 

$

26,255

 

 

$

47,825

 

 

$

66,894

 

 

$

67,112