v3.26.1
Stock-Based Compensation​ (Tables)
3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
A summary of the Company’s stock option activity is as follows:
Number of
Shares
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Life (Years)
Aggregate
Intrinsic
Value
(In millions)
Outstanding as of December 31, 2025
1,623,752 $0.14 4.8$12.0 
Exercised(348,957)0.14 2.3 
Expired/forfeited— — 
Outstanding as of March 31, 2026
1,274,795 0.14 4.56.4 
Vested and exercisable as of March 31, 2026
1,274,795 0.14 4.56.4 
Schedule of Share-based Payment Arrangement, Restricted Stock Unit, Activity
A summary of the Company’s RSU activity is as follows:
Number of
Shares
Weighted
Average
Grant Fair Value
Outstanding as of December 31, 2025
34,166,124 $7.36 
Granted8,489,230 7.37 
Performance based adjustment (1)
(199,201)13.84 
Vested(6,683,694)6.83 
Forfeited (502,634)10.41 
Outstanding as of March 31, 2026
35,269,825 6.60 
(1) Represents units adjusted for the vesting of the first tranche of PSUs (defined below) granted in 2024.
Schedule of Share-Based Payment Award, Valuation Assumptions
The following assumptions were used to estimate the fair value, using the Monte Carlo simulation, of the PSUs:
February 9
2026
Stock price$7.37 
Term (in years)3.0
Risk-free interest rate3.5 %
Volatility86.7 %
Dividend yield0.0 %
Schedule of Share-based Payment Arrangement, Expensed and Capitalized, Amount
The following table presents stock-based compensation expense included in each respective expense category in the condensed consolidated statements of operations (in millions):
Three Months Ended March 31,
20262025
Research and development$32.1 $11.1 
General and administrative38.3 19.0 
Total stock-based compensation expense$70.4 $30.1