Common Stock, Equity Incentive Plans and Stock-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Share-Based Payment Arrangement [Abstract] |
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| Summary of Stock-Based Compensation Expense |
Stock-based compensation expense for the three and six months ended June 30, 2025 and 2024 were as follows (in thousands):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Cost of revenue |
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$ |
16,441 |
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$ |
37 |
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$ |
16,441 |
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$ |
72 |
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Research and development |
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248,809 |
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81 |
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248,809 |
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161 |
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Sales and marketing |
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95,050 |
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89 |
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95,050 |
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180 |
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General and administrative |
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230,683 |
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99 |
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230,690 |
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197 |
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Total stock-based compensation |
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$ |
590,983 |
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$ |
306 |
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$ |
590,990 |
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$ |
610 |
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| Summary of the RSU and PRSU Activity |
The following is a summary of the Company’s RSU and PRSU activity during the six months ended June 30, 2025:
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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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Number of
performance-
based restricted
stock units |
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Weighted
average
grant-date fair
value (per share) |
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Outstanding as of December 31, 2024 |
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15,061,414 |
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$ |
26.76 |
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11,424,836 |
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$ |
20.08 |
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Granted |
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2,957,467 |
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32.98 |
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1,888,501 |
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25.03 |
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Vested (1) |
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(11,385,595 |
) |
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26.34 |
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(5,733,484 |
) |
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19.95 |
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Forfeited |
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(732,971 |
) |
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30.17 |
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(1,888,501 |
) |
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20.11 |
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Outstanding as of June 30, 2025 |
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5,900,315 |
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30.26 |
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5,691,352 |
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21.84 |
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(1)Vested shares include 303,634 shares not released at the weighted average granted date fair value of 30.07 per share.
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| Summary of the Stock Options |
A summary of the stock options and changes during the six months ended June 30, 2025 are presented below (in thousands, except shares, per share amounts and years):
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Number of
options |
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Weighted-
average
exercise price
per share |
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Weighted
average
remaining
contractual life
(years) |
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Aggregate
intrinsic value |
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Balances at December 31, 2024 |
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2,905,276 |
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1.28 |
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3.8 |
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101,782 |
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Options exercised |
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(186,407 |
) |
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1.37 |
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Options forfeited and expired (2) |
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(20,636 |
) |
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1.94 |
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Balances at June 30, 2025 |
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2,698,233 |
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$ |
1.27 |
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3.4 |
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$ |
136,220 |
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Options exercisable at June 30, 2025 |
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2,698,233 |
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$ |
1.27 |
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3.4 |
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$ |
136,220 |
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Options vested at June 30, 2025 |
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2,698,233 |
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$ |
1.27 |
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3.4 |
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$ |
136,220 |
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(2)Options expired consisted of 20,636 shares of common stock at a weighted average price of $1.94 per share.
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| Schedule of Estimated Fair Value of Each Employee Stock Purchase Plan (ESPP) Share |
The fair value of each ESPP share is estimated on the enrollment date of the offering period using the Black-Scholes-Merton option-pricing model and the assumptions noted in the following table:
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June 30, 2025 |
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Six Months |
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1 Year |
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Risk-free interest rate |
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4.3 |
% |
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4.1 |
% |
Expected volatility |
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61.5 |
% |
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61.5 |
% |
Expected term (in years) |
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0.5 |
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1.0 |
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Expected dividend rate |
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0 |
% |
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0 |
% |
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