Stock Incentive Plans (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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| Schedule of Restricted Stock Unit Activity ("RSU") and Restricted Stock Awards ("RSA") |
The table below summarizes the restricted stock unit (“RSU”) and restricted stock award (“RSA”) activity for the six months ended June 30, 2026:
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Weighted- |
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Average |
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Shares |
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Fair Value |
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Unvested —December 31, 2025 |
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24,982,281 |
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|
$ |
10.27 |
|
Granted |
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12,714,910 |
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|
6.61 |
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Vested |
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(9,800,652 |
) |
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|
9.84 |
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Forfeited |
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|
(2,424,239 |
) |
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|
8.85 |
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Unvested —June 30, 2026 |
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|
25,472,300 |
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|
$ |
8.37 |
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| Summary of Share-based Compensation Arrangements by Share-based Payment Award |
The table below summarizes the stock option activity for the six months ended June 30, 2026:
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Weighted- |
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Average |
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Weighted- |
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Remaining |
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Aggregate |
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Average |
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Contractual |
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Intrinsic |
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Exercise |
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Life |
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Value |
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Shares |
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Price |
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(in years) |
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(in thousands) |
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Options outstanding—December 31, 2025 |
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21,797,772 |
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$ |
3.09 |
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|
2.0 |
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$ |
106,846 |
|
Exercised |
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(1,463,197 |
) |
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|
2.93 |
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Forfeited and canceled |
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— |
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— |
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Options outstanding—June 30, 2026 |
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20,334,575 |
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$ |
3.10 |
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|
1.4 |
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$ |
47,031 |
|
Options exercisable—June 30, 2026 |
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20,334,575 |
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$ |
3.10 |
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|
1.4 |
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$ |
47,031 |
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| Summary of Share-based Payment Arrangement, Expensed and Capitalized, Amount |
Stock-Based Compensation—Stock-based compensation expense has been recorded in the accompanying condensed consolidated statements of operations and comprehensive income (loss) as follows for the three and six months ended June 30, 2026 and 2025 (in thousands):
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For the Three Months Ended |
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For the Six Months Ended |
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June 30, |
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June 30, |
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2026 |
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2025 |
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2026 |
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|
2025 |
|
Cost of revenues |
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$ |
2,257 |
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|
$ |
4,110 |
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$ |
4,281 |
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$ |
6,795 |
|
Research and development |
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|
11,886 |
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|
14,535 |
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|
23,175 |
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|
32,136 |
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Sales and marketing |
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|
8,272 |
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|
12,522 |
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|
16,357 |
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|
25,650 |
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General and administrative |
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|
7,971 |
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|
14,808 |
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|
18,445 |
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|
42,442 |
|
Total stock-based compensation expense |
|
$ |
30,386 |
|
|
$ |
45,975 |
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|
$ |
62,258 |
|
|
$ |
107,023 |
|
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| 2021 Employee Stock Purchase Plan [Member] |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
The fair value of the ESPP purchase rights sold during the six months ended June 30, 2026 was estimated using the Black-Scholes option pricing model with the following assumptions:
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|
Expected term (in years) |
|
0.5 |
Expected volatility |
|
33.5% |
Expected dividend yield |
|
0% |
Risk-free interest rate |
|
4.2% |
|