v3.26.1
COMMON STOCK AND EQUITY INCENTIVE PLAN (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of the fair value of each time and milestone-based award given the following assumptions The fair value of each time-based award is estimated on the date of grant using the Black-Scholes option pricing
model with the following assumptions for the years ended December 31, 2025 and 2024:
2025
2024
Expected dividend yield ............................................................................................
0%
0%
Expected volatility .....................................................................................................
55%
52%
Risk-free interest rate .................................................................................................
4%
4%
Expected term (years) ................................................................................................
6
6
The fair value of each milestone-based award was estimated on the date of grant using Monte Carlo simulations
with the following assumptions:
Expected dividend yield (1) (2) ................................................................................................................
0%
Expected volatility (1) (2) .........................................................................................................................
55%
Risk-free interest rate (1) ........................................................................................................................
4%
Risk-free interest rate (2) ........................................................................................................................
4%
Expected term (years) (1) .......................................................................................................................
2
Expected term (years) (2) .......................................................................................................................
9
_________________
Notes:
(1)These assumptions related to milestone-based awards granted in 2021 and modified in 2022.
(2)These assumptions related to milestone-based awards granted in 2022.
A summary of the option activity under the 2016 Plan is as follows:
Weighted
Options
Average
Outstanding
Exercise Price
Options outstanding, January 1, 2023 .......................................................................
18,652,610
3.77
Exercisable options, January 1, 2023 ........................................................................
8,019,419
2.87
Granted ..................................................................................................................
1,397,090
6.37
Exercised ...............................................................................................................
(1,100,864)
1.56
Forfeited ................................................................................................................
(502,583)
5.43
Expired ..................................................................................................................
(128,507)
3.93
Options outstanding, December 31, 2023 .................................................................
18,317,746
4.06
Exercisable options, December 31, 2023 ..................................................................
8,173,670
3.30
Granted ..................................................................................................................
927,887
8.37
Exercised ...............................................................................................................
(841,202)
3.27
Forfeited ................................................................................................................
(1,200,973)
5.69
Expired ..................................................................................................................
(6,978,876)
4.23
Options outstanding, December 31, 2024 .................................................................
10,224,582
4.21
Exercisable options, December 31, 2024 ..................................................................
8,405,911
3.63
Granted ..................................................................................................................
843,161
10.66
Exercised ...............................................................................................................
(521,699)
4.62
Forfeited ................................................................................................................
(180,548)
7.74
Expired ..................................................................................................................
(77,746)
5.59
Options outstanding, December 31, 2025 .................................................................
10,287,750
4.64
Exercisable options, December 31, 2025 ..................................................................
8,788,045
3.95
Summary of option activity The fair value of each time-based award is estimated on the date of grant using the Black-Scholes option pricing
model with the following assumptions for the years ended December 31, 2025 and 2024:
2025
2024
Expected dividend yield ............................................................................................
0%
0%
Expected volatility .....................................................................................................
55%
52%
Risk-free interest rate .................................................................................................
4%
4%
Expected term (years) ................................................................................................
6
6
The fair value of each milestone-based award was estimated on the date of grant using Monte Carlo simulations
with the following assumptions:
Expected dividend yield (1) (2) ................................................................................................................
0%
Expected volatility (1) (2) .........................................................................................................................
55%
Risk-free interest rate (1) ........................................................................................................................
4%
Risk-free interest rate (2) ........................................................................................................................
4%
Expected term (years) (1) .......................................................................................................................
2
Expected term (years) (2) .......................................................................................................................
9
_________________
Notes:
(1)These assumptions related to milestone-based awards granted in 2021 and modified in 2022.
(2)These assumptions related to milestone-based awards granted in 2022.
A summary of the option activity under the 2016 Plan is as follows:
Weighted
Options
Average
Outstanding
Exercise Price
Options outstanding, January 1, 2023 .......................................................................
18,652,610
3.77
Exercisable options, January 1, 2023 ........................................................................
8,019,419
2.87
Granted ..................................................................................................................
1,397,090
6.37
Exercised ...............................................................................................................
(1,100,864)
1.56
Forfeited ................................................................................................................
(502,583)
5.43
Expired ..................................................................................................................
(128,507)
3.93
Options outstanding, December 31, 2023 .................................................................
18,317,746
4.06
Exercisable options, December 31, 2023 ..................................................................
8,173,670
3.30
Granted ..................................................................................................................
927,887
8.37
Exercised ...............................................................................................................
(841,202)
3.27
Forfeited ................................................................................................................
(1,200,973)
5.69
Expired ..................................................................................................................
(6,978,876)
4.23
Options outstanding, December 31, 2024 .................................................................
10,224,582
4.21
Exercisable options, December 31, 2024 ..................................................................
8,405,911
3.63
Granted ..................................................................................................................
843,161
10.66
Exercised ...............................................................................................................
(521,699)
4.62
Forfeited ................................................................................................................
(180,548)
7.74
Expired ..................................................................................................................
(77,746)
5.59
Options outstanding, December 31, 2025 .................................................................
10,287,750
4.64
Exercisable options, December 31, 2025 ..................................................................
8,788,045
3.95