v3.26.1
Stock-based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of RSUs Activity Under the Plan

Total stock-based compensation expense related to stock options, RSUs and the ESPP by function was as follows:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

(in thousands)

 

 

(in thousands)

 

Research and development

 

$

39,311

 

 

$

19,126

 

 

$

83,949

 

 

$

35,505

 

General and administrative

 

 

27,689

 

 

 

9,704

 

 

 

70,350

 

 

 

18,409

 

Total

 

$

67,000

 

 

$

28,830

 

 

$

154,299

 

 

$

53,914

 
2020 Plan and 2014 Plan  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Option Activity Under the Plan

The following summarizes option activity under both the 2020 Plan and the 2014 Plan:

 

 

 

Number of
Shares
underlying
options

 

 

Weighted-
average
exercise price

 

 

Weighted-
average
remaining
contractual
term

 

 

Aggregate
intrinsic
value

 

 

 

 

 

 

 

 

 

(in years)

 

 

(in thousands)

 

Balance, December 31, 2025

 

 

17,997,616

 

 

$

30.45

 

 

 

7.28

 

 

$

885,485

 

Options granted

 

 

2,293,328

 

 

 

105.54

 

 

 

 

 

 

 

Options exercised

 

 

(1,783,399

)

 

 

23.03

 

 

 

 

 

 

 

Options cancelled and forfeited

 

 

(145,861

)

 

 

46.51

 

 

 

 

 

 

 

Balance, June 30, 2026

 

 

18,361,684

 

 

$

40.42

 

 

 

7.27

 

 

$

2,696,546

 

Options vested and exercisable as of June 30, 2026

 

 

9,741,603

 

 

$

25.62

 

 

 

6.01

 

 

$

1,574,800

 
2020 Equity Incentive Plan  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of RSUs Activity Under the Plan

Activity under the 2020 Plan with respect to the Company’s restricted stock units (RSUs) during the six months ended June 30, 2026 was as follows:

 

 

 

Number of
Shares

 

 

Weighted-
average
grant date fair value per share

 

 

Weighted-
average
remaining contractual term

 

 

Aggregate intrinsic value

 

 

 

 

 

 

 

 

 

(in years)

 

 

(in thousands)

 

Balance, December 31, 2025

 

 

3,892,052

 

 

$

39.16

 

 

 

1.50

 

 

$

310,002

 

RSUs granted

 

 

2,053,995

 

 

 

108.68

 

 

 

 

 

 

 

RSUs vested

 

 

(763,757

)

 

 

33.61

 

 

 

 

 

 

 

RSUs forfeited

 

 

(103,850

)

 

 

53.66

 

 

 

 

 

 

 

Balance, June 30, 2026

 

 

5,078,440

 

 

$

67.82

 

 

 

1.58

 

 

$

951,090

 

Expected to vest as of June 30, 2026

 

 

5,078,440

 

 

$

67.82

 

 

 

1.58

 

 

$

951,090