v3.26.1
Equity Incentive Plans (Tables)
 6 Months Ended
Jun. 30, 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, 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 granted1,230,866 57.78 — 
Options exercised(596,986)23.23 — 
Options forfeited(96,860)70.05 (8,250)$102.70 
Balances — June 30, 202611,497,821 $45.99 7.12$200,934 613,610 $102.70 8.35$— 
Vested and expected to vest — June 30, 202611,497,821 $45.99 7.12$200,934 613,610 $102.70 8.35$— 
Exercisable at June 30, 20267,336,648$38.75 6.25$169,940 — $— 
Schedule of Stock Unit Award Activity PSU
Stock unit award activity, including performance based stock units (“PSUs”), for the six months ended June 30, 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 
Granted1,106,89257.79 — 
Vested and released(541,531)51.30 — 
Cancelled(62,086)54.51 — 
Unvested at June 30, 20262,843,864$56.43 1.42$165,314 175,513$151.48 2.36$10,203 
Schedule of Share-Based Payment Arrangement, Activity
Shares available for grant under our 2020 Plan for the six months ended June 30, 2026 were as follows:
Number of Shares
Balance — December 31, 20258,821,691
Shares authorized6,552,942
Options and RSUs granted(2,337,758)
Shares forfeited167,196
Shares withheld for taxes203,394
Balance — June 30, 202613,407,465
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
June 30,		Six Months Ended
June 30,
2026202520262025
Expected volatility
64.1% - 65.4%
65.2% - 65.5%
64.1% - 66.6%
65.2% - 67.5%
Expected term (in years)
5.4 - 5.5
5.3
5.4 - 5.5
5.2 - 5.3
Risk-free interest rate
4.0% - 4.3%
3.8% - 4.2%
3.6% - 4.3%
3.8% - 4.5%
Schedule of Stock-based Compensation Expense
We recorded total stock-based compensation expense for the three and six months ended June 30, 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
June 30,		Six Months Ended
June 30,
2026202520262025
(in thousands)(in thousands)
Research and development$22,145 $20,191 $42,823 $36,117 
General and administrative19,096 16,736 36,382 31,425 
Total stock-based compensation expense$41,241 $36,927 $79,205 $67,542