Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Nonvested Restricted Stock Units Activity

A summary of RSU activity for the six months ended June 30, 2026 is as follows (in thousands, except share and per share data):


	Number of Shares	Weighted-Average Grant Date Fair Value Per Share		Aggregate Intrinsic Value
Balances—December 31, 2025	43,604,550	$	8.14	$	575,580
Granted	25,083,433	$	10.94
Vested	(9,262,694)	$	7.45
Forfeited	(3,539,385)	$	10.02
Balances—June 30, 2026	55,885,904	$	9.39	$	498,502

Summary of Stock-Based Compensation Expense

The following sets forth the total stock-based compensation expense for the Company’s stock awards included in the Company’s condensed consolidated statements of operations (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development expenses	$	36,938	$	21,196	$	67,910	$	43,330
Selling, general and administrative expenses	15,033		5,362		28,106		10,247
Total stock-based compensation expense	$	51,971	$	26,558	$	96,016	$	53,577