
	Outstanding Options
	Number of Options	Weighted Average Exercise Price		Weighted-Average Remaining Contractual Term	Intrinsic Value (in thousands)
Balance as of December 31, 2025	2,030,874	$	19.09	3.98	$	2,918
Options exercised	(308,572)	8.93
Options canceled	(81,754)	48.01
Balance as of March 31, 2026	1,640,548	$	19.56	3.68	$	1,230
Options vested and exercisable as of March 31, 2026	1,561,157	$	17.27	3.63	$	1,230

As of March 31, 2026, unrecognized stock-based compensation cost related to outstanding unvested stock options that are expected to vest was $2.4 million, and is expected to be recognized over a weighted-average period of 1.4 years.


	Restricted Stock Units
	Time-Based Shares	Performance-Based Shares	Total Shares	Weighted-Average Grant-Date Fair Value
Balance as of December 31, 2025	17,337,857	2,645,726	19,983,583	$	27.86
Granted	1,470,163	33,072	1,503,235	$	10.34
Vested	(2,111,155)	(466,775)	(2,577,930)	$	31.11
Cancelled/Forfeited	(555,566)	(656,568)	(1,212,134)	$	25.78
Balance as of March 31, 2026	16,141,299	1,555,455	17,696,754	$	26.04

As of March 31, 2026, unrecognized stock-based compensation cost related to outstanding unvested time-based RSUs that are expected to vest was $320.2 million, which is expected to be recognized over a weighted-average period of 1.9 years.

The Company granted 1,383,475 shares of the time-based RSUs to the former CEO that would vest in sixteen equal quarterly installments, beginning on December 5, 2021, and were subject to continuous employment. The Company recognized compensation expense for these time-based RSUs on a graded vesting schedule over the requisite vesting period. The Company withheld approximately 47,712 shares of common stock for the three months ended March 31, 2025, by net settlement to meet the related tax withholding requirements related to the former CEO’s time-based RSUs. In February 2025, the Company announced the former CEO’s resignation and transition. In connection with this transition, the Company recorded a reversal of $41.6 million related to previously recognized stock-based compensation expenses for his unvested time-based RSUs. As of December 31, 2025, there were no unrecognized stock-based compensation expenses related to the time-based RSUs.

The Company granted performance-based RSUs to certain employees and they are subject to (i) corporate performance conditions and individual performance and (ii) a service condition which will be met generally over 3 years. The number of awards granted represents 100% of the target goal. Under the terms of the awards, the recipient may earn between 0% to 150% of the original number of grants based on actual achievement of corporate performance goals and individual performance. Stock-based compensation expense is recognized when the relevant performance condition is considered probable of achievement for the performance-based award. During the three months ended March 31, 2026 and 2025, the Company recorded stock-based compensation expenses of $5.6 million and $8.9 million, respectively, related to these performance-based RSUs. As of March 31, 2026, the unamortized expense for the performance-based RSUs was $15.1 million, which will be recognized over a weighted-average period of 1.1 years primarily contingent upon realization of the corporate performance conditions.

The ESPP authorizes the issuance of shares of common stock pursuant to purchase rights granted to employees. The plan provides for 24-month offering periods beginning in December and June of each year, and each offering period will consist of four six-month purchase periods. The purchase price for each share purchased during an offering period will be the lesser of 85% of the fair market value of the share on the purchase date or 85% of the fair market value of the share on the offering date. As of March 31, 2026, unrecognized stock-based compensation cost related to the ESPP was $21.9 million which is expected to be recognized over a weighted-average period of 1.7 years.

Total employee and nonemployee stock-based compensation expense for the three months ended March 31, 2026 and 2025, was classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Cost of revenue	$	1,021	$	1,122
Research and development	37,685		34,821
Selling, general and administrative	23,683		(8,428)
Workforce reduction charges	(1,359)		—
Total	$	61,030	$	27,515