v3.25.2
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Compensation, Stock Options, Activity
A summary of the Company’s stock option activity and related information is as follows:
Options Outstanding
Shares
Available for Grant 		Shares Subject to Options OutstandingWeighted-Average Exercise Price Weighted-Average Remaining Contractual Life (Years)Aggregate Intrinsic Value
(unaudited)
(in thousands)
Balance as of January 1, 2025
11,996,2644,631,750$32.98 7.1$35,980 
2018 Plan annual increase(1)
3,689,000—
Granted(598,729)598,72943.88 
Exercised—(103,033)22.56 
Canceled23,537(23,537)32.63 
Restricted stock units granted
(2,312,849)—— 
Restricted stock units canceled
685,015—— 
Performance-based restricted stock units granted(281,378)—— 
Performance-based restricted stock units adjusted for performance achievement(144,972)—— 
Performance-based restricted stock units canceled178,807—— 
Balance as of June 30, 2025
13,234,6955,103,909$34.47 6.9$113,880 
Vested and Exercisable as of June 30, 2025
2,755,327$34.78 5.2$71,069 
(1)Effective as of January 1, 2025, an additional 3,689,000 shares of common stock became available for issuance under the 2018 Plan, as a result of the operation of an automatic annual increase provision therein.
Schedule of Restricted Stock Activity
A summary of the Company’s restricted stock unit activity excluding the performance-based restricted stock units and related information is as follows:
Restricted Stock Units OutstandingWeighted-Average Grant Date Fair Value
(unaudited)
Balance as of January 1, 2025
7,020,251$30.11 
Granted2,312,84943.46 
Vested and released(776,837)35.83 
Canceled(685,015)31.77 
Balance as of June 30, 2025
7,871,248$33.33 
A summary of the Company’s PSU activity and related information is as follows:
Performance-based Restricted Stock Units OutstandingWeighted-Average Grant Date Fair Value
(unaudited)
Balance as of January 1, 2025
1,290,684$37.07 
Granted281,37850.26 
Vested and released(269,992)69.33 
Adjusted for performance achievement144,97219.29 
Canceled(178,807)63.34 
Balance as of June 30, 2025
1,268,235$27.40 
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan
The following table presents the effect of employee and non-employee related stock-based compensation expense:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(unaudited)
(in thousands)
Cost of revenue
$2,657 $1,770 $4,943 $3,526 
Research and development expense
13,783 9,838 26,310 19,770 
Sales and marketing expense
11,442 7,162 21,273 14,418 
General and administrative expense
14,580 8,465 27,693 16,562 
Total stock-based compensation expense
$42,462 $27,235 $80,219 $54,276 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The grant date fair value of stock options was estimated using a Black-Scholes option-pricing model with the following weighted-average assumptions:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(unaudited)
Expected term (in years)
5.50 - 5.79
5.50 - 5.78
5.50 - 5.90
5.50 – 5.78
Expected volatility
66.1% - 67.0%
67.8% - 69.4%
65.7% - 67.0%
67.8% –69.4%
Risk-free interest rate
4.0% - 4.1%
4.4% - 4.5%
4.0% - 4.3%
4.3% – 4.5%
Expected dividend yield
—%
—%
—%
—%
The grant date fair value of the stock purchase rights granted under the ESPP was estimated using a Black-Scholes option-pricing model with the following assumptions:
Three and Six Months Ended June 30,
20252024
(unaudited)
Expected term (in years)
0.50
0.50
Expected volatility
69.0%
64.2%
Risk-free interest rate
4.3%
5.4%
Expected dividend yield
—%
—%