Stock-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Summary of Stock-based Compensation Expense Recognized |
During the years ended December 31, 2025, 2024 and 2023, the Company recognized the following stock-based compensation expense (in thousands):
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Year Ended December 31, |
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2025 |
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2024 |
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2023 |
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Stock-based compensation expense by type of award: |
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Stock options |
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15,279 |
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11,017 |
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|
5,768 |
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Restricted stock and restricted stock units |
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24,787 |
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17,601 |
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9,420 |
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Employee stock purchase plan |
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|
752 |
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1,094 |
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|
1,562 |
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Total stock-based compensation expense included
in expenses |
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$ |
40,818 |
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$ |
29,712 |
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$ |
16,750 |
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Stock-based compensation expense by line item: |
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Research and development expenses |
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13,163 |
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8,921 |
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4,732 |
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General and administrative expenses |
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27,655 |
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20,791 |
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|
12,018 |
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Total stock-based compensation expense included
in expenses |
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$ |
40,818 |
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$ |
29,712 |
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|
$ |
16,750 |
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| Schedule of Unrecognized Stock-based Compensation Expense, Net of Estimated Forfeitures, by Type of Award and Weighted-average Recognition Period |
The following table sets forth the Company’s unrecognized stock-based compensation expense, net of estimated forfeitures, by type of award and the weighted-average period over which that expense is expected to be recognized (in thousands, except for years):
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As of December 31, 2025 |
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Unrecognized
Expense |
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Weighted-
average
Recognition
Period
(in years) |
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Type of award: |
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Stock options |
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$ |
19,813 |
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|
2.26 |
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Restricted stock and restricted stock units |
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$ |
18,288 |
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|
1.72 |
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| Summary of Stock Option Activity |
The following table summarizes stock option activity during the years ended December 31, 2025, 2024 and 2023:
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Shares |
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Weighted-
Average
Exercise
Price |
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Weighted-
Average
Remaining
Contractual
Term (in years) |
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Aggregate Intrinsic Value |
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Options outstanding at December 31, 2022 |
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5,157,857 |
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$ |
5.45 |
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|
6.66 |
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$ |
20,515,000 |
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Granted |
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1,488,990 |
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$ |
9.34 |
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Exercised |
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(1,394,415 |
) |
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$ |
4.59 |
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Forfeited |
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— |
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$ |
— |
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Cancelled |
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(3,750 |
) |
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$ |
4.05 |
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Options outstanding at December 31, 2023 |
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5,248,682 |
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$ |
6.79 |
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7.10 |
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$ |
62,210,000 |
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Granted |
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1,219,200 |
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$ |
23.25 |
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Exercised |
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(1,706,172 |
) |
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$ |
6.07 |
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Forfeited |
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(27,250 |
) |
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$ |
39.31 |
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Cancelled |
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— |
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$ |
— |
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Options outstanding at December 31, 2024 |
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4,734,460 |
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$ |
11.10 |
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|
7.28 |
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|
$ |
141,297,000 |
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Granted |
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659,033 |
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$ |
36.84 |
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Exercised |
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(214,489 |
) |
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$ |
9.06 |
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Forfeited |
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(52,500 |
) |
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$ |
35.75 |
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Cancelled |
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(11,750 |
) |
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$ |
40.33 |
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Options outstanding at December 31, 2025 |
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5,114,754 |
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$ |
14.18 |
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6.66 |
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$ |
114,000,000 |
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Options exercisable at December 31, 2025 |
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2,863,379 |
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$ |
9.85 |
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|
5.80 |
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$ |
74,000,000 |
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| Schedule of Weighted Average Assumptions using Black-Scholes Option Pricing Model |
the fair value of each employee option grant during the years ended December 31, 2025, 2024 and 2023 was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:
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Year ended December 31, |
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2025 |
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2024 |
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2023 |
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Expected volatility |
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83.2 |
% |
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82.9 |
% |
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|
81.3 |
% |
Expected term (in years) |
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5.93 |
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|
6.09 |
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|
6.17 |
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Risk-free interest rate |
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4.18 |
% |
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3.87 |
% |
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|
3.88 |
% |
Expected dividend yield |
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|
0 |
% |
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0 |
% |
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0 |
% |
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| Common Stock Reserved For Future Issuance |
Common stock reserved for future issuance as of December 31, 2025 is as follows:
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Restricted stock units |
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2,113,636 |
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Common stock options |
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5,114,754 |
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Available for grant under the 2024 Plan |
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10,871,963 |
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Available for issuance under Employee Stock Purchase Plan |
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5,478,253 |
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23,578,606 |
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| Restricted stock [Member] |
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| Summary of Shares Granted and Stock Activity |
The following table is a summary of restricted shares granted during the years ended December 31, 2025, 2024 and 2023:
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Shares |
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Weighted-
Average
Grant Date
Fair Value |
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Unvested at December 31, 2022 |
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183,095 |
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$ |
0.17 |
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Granted |
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— |
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$ |
— |
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Vested |
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— |
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$ |
— |
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Forfeited |
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— |
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$ |
— |
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Repurchased |
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— |
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$ |
— |
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Unvested at December 31, 2023 |
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183,095 |
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$ |
0.17 |
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Granted |
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— |
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$ |
— |
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Vested |
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— |
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$ |
— |
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Forfeited |
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— |
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$ |
— |
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Repurchased |
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— |
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|
$ |
— |
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Unvested at December 31, 2024 |
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183,095 |
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$ |
0.17 |
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Granted |
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— |
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$ |
— |
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Vested |
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(62,252 |
) |
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$ |
0.17 |
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Forfeited |
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|
— |
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|
$ |
— |
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Repurchased |
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— |
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|
$ |
— |
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Unvested at December 31, 2025 |
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120,843 |
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$ |
0.17 |
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| Restricted stock units [Member] |
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| Summary of Shares Granted and Stock Activity |
The following table summarizes restricted stock unit activity during the years ended December 31, 2025, 2024 and 2023:
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Shares |
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Weighted-
Average
Grant Date
Value |
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Unvested at December 31, 2022 |
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1,868,518 |
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$ |
5.37 |
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Granted |
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1,772,243 |
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$ |
8.52 |
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Vested |
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(785,105 |
) |
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$ |
5.40 |
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Forfeited |
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|
— |
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$ |
— |
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Unvested at December 31, 2023 |
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2,855,656 |
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$ |
7.32 |
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Granted |
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1,310,533 |
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$ |
17.40 |
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Vested |
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(1,551,003 |
) |
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$ |
8.68 |
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Forfeited |
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|
— |
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|
$ |
— |
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Cancelled |
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(77,834 |
) |
|
$ |
7.77 |
|
Unvested at December 31, 2024 |
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2,537,352 |
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$ |
11.68 |
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Granted |
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563,171 |
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$ |
42.82 |
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Vested |
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(854,220 |
) |
|
$ |
19.24 |
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Forfeited |
|
|
(132,667 |
) |
|
$ |
5.99 |
|
Cancelled |
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|
— |
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|
$ |
— |
|
Unvested December 31, 2025 |
|
|
2,113,636 |
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|
$ |
17.28 |
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