v3.26.1
Equity Incentive Plans (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Activity Under Stock Option Plans
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 — $— 
Schedule of Stock Unit Award Activity PSU
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 
Schedule of Share-Based Payment Arrangement, Activity
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
Schedule of Estimated Fair Value of Employee Stock Options
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%
Schedule of Stock-based Compensation Expense
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