v3.26.1
Equity Incentive Plans
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Equity Incentive Plans Equity Incentive Plans
Equity Incentive Plans

We currently grant stock options and restricted stock units (“RSUs”) under the 2020 Equity Incentive Plan (“2020 Plan”), which became effective in June 2020 and replaced our 2014 Equity Incentive Plan (“2014 Plan”).
Effective January 1, 2026, the number of shares of common stock available under the 2020 Plan increased by 6,552,942 shares pursuant to the evergreen provision of the 2020 Plan. As of March 31, 2026, an aggregate of 13,718,437 shares of common stock were available for issuance under the 2020 Plan.
Our 2014 Plan permitted the granting of incentive stock options, non-statutory stock options, restricted stock and other stock-based awards. Subsequent to the adoption of the 2020 Plan, no additional equity awards can be made under the 2014 Plan. As of March 31, 2026, 838,806 shares and 14,310,030 shares of common stock were subject to outstanding options and RSUs under the 2014 Plan and 2020 Plan, respectively.
Stock Option Activity

Stock option activity under our 2020 Plan, including performance contingent stock options (“PCSOs”), and 2014 Plan, which excludes options to purchase 29,638 shares granted outside of the 2020 Plan and 2014 Plan, was as follows:
Options Outstanding
PCSOs Outstanding
(in thousands, except share and per share data)
Number
of
Options
Weighted-
Average
Exercise
Price Per
Share
Weighted-
Average
Remaining
Contractual
Term
(Years)
Aggregate
Intrinsic
Value
Number
of
Options
Weighted-
Average
Exercise
Price Per
Share
Weighted-
Average
Remaining
Contractual
Term
(Years)
Aggregate
Intrinsic
Value
Balances — December 31, 202510,960,801$43.64 7.16$130,351 621,860 $102.70 8.85$— 
Options granted974,819 59.64 
Options exercised(366,253)25.00 
Options forfeited(39,336)68.78 (6,600)$102.70 
Balances — March 31, 202611,530,031 $45.50 7.25$207,917 615,260 $102.70 8.60$— 
Vested and expected to vest — March 31, 202611,530,031 $45.50 7.25$207,917 615,260 $102.70 8.60$— 
Exercisable at March 31, 20266,934,265$36.99 6.27$170,485 — $— 

During the three months ended March 31, 2026 and 2025, options to purchase 366,253 and 440,454 shares, respectively, were exercised for cash at a weighted-average price per share of $25.00 and $13.97, respectively. The intrinsic value of the stock options exercised was $10.5 million and $31.0 million for the three months ended March 31, 2026 and 2025, respectively. The weighted-average grant date fair value of options granted for the three months ended March 31, 2026 and 2025 was $35.69 and $46.04, respectively.
Stock Unit Award Activity

Stock unit award activity, including performance based stock units (“PSUs”), for the three months ended March 31, 2026 was as follows:
Unvested RSUsUnvested PSUs
(in thousands, except share and per share data)
Number of SharesWeighted-
Average
Grant-Date
Fair Value Per Share		Weighted-
Average Remaining Contractual Term
(Years)		Aggregate
Intrinsic
Value		Number of SharesWeighted-
Average
Grant-Date
Fair Value Per Share		Weighted-
Average Remaining Contractual Term
(Years)		Aggregate
Intrinsic
Value
Unvested at December 31, 20252,340,589$54.55 1.42$107,995 175,513 $151.48 2.85$8,098 
Granted914,57459.94 — 
Vested and released(396,884)52.91 — 
Cancelled(30,247)51.18 — 
Unvested at March 31, 20262,828,032$56.56 1.54$164,337 175,513$151.48 2.61$10,199 
The weighted-average grant date fair value of RSUs granted during the three months ended March 31, 2026 and 2025 was $59.94 and $73.57, respectively. The aggregate intrinsic value of unvested RSUs is calculated using the closing price of our common stock on the grant date.
Shares Available for Grant
Shares available for grant under our 2020 Plan for the three months ended March 31, 2026 were as follows:
Number of Shares
Balance — December 31, 20258,821,691
Shares authorized6,552,942
Options and RSUs granted(1,889,393)
Shares forfeited76,183
Shares withheld for taxes157,014
Balance — March 31, 202613,718,437
2020 Employee Stock Purchase Plan
Effective January 1, 2026, the number of shares of common stock available under the 2020 Employee Stock Purchase Plan (the "2020 ESPP") increased by 1,310,588 shares pursuant to the evergreen provision of the 2020 ESPP. As of March 31, 2026, there were 3,329,946 shares available under the 2020 ESPP.
Stock-based Compensation
The following assumptions were used in the Black-Scholes options pricing model for stock options granted in the respective period of:
Three Months Ended
March 31,
20262025
Expected volatility
65.6% - 66.6%
67.3% - 67.5%
Expected term (in years)
5.4
5.2 - 5.3
Risk-free interest rate
3.6% - 3.8%
4.1% - 4.5%
We recorded total stock-based compensation expense for the three months ended March 31, 2026 and 2025 related to the 2014 Plan, the 2020 Plan and the 2020 ESPP in the condensed consolidated statements of operations and allocated the amounts as follows:
Three Months Ended
March 31,
20262025
(in thousands)
Research and development$20,678 $15,925 
General and administrative17,286 14,690 
Total stock-based compensation expense$37,964 $30,615 
As of March 31, 2026, there was $351.3 million of unrecognized stock-based compensation expense related to unvested employee and non-employee awards, which is expected to be recognized over a weighted-average period of 2.74 years.