v3.26.1
Stock-Based Awards
6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Awards

9. Stock-Based Awards

As of June 30, 2026, there were 6.5 million shares available under the 2023 Incentive Plan, 6.1 million shares available under the Amended & Restated 2014 Employee Stock Purchase Plan, and 0.6 million shares available under the Employment Inducement Plan for the future issuance of equity awards.

The table below sets forth the stock-based compensation expense for the periods presented (in millions):

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

2026

 

 

2025

 

2026

 

 

2025

 

Cost of sales

$

1

 

 

$

1

 

$

1

 

 

$

1

 

Research and development

 

18

 

 

 

21

 

 

34

 

 

 

42

 

Selling, general and administrative

 

15

 

 

 

17

 

 

29

 

 

 

36

 

Total stock-based compensation expense

$

34

 

 

$

39

 

$

64

 

 

$

79