v3.26.3
Stockholders' Equity (Tables)
9 Months Ended
Sep. 30, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Restricted Stock Units with Service Condition and Performance Stock Unit Activities

Restricted stock units with service conditions only (“RSU”) and PSU activities under the Plans are as follows:

 

 

RSUs Outstanding

 

 

PSUs Outstanding

 

 

 

Number of
Units
(in thousands)

 

 

Weighted
Average Grant
Date Fair Value

 

 

Number of
Units
(in thousands)

 

 

Weighted
Average Grant
Date Fair Value

 

Balance as of December 31, 2025

 

 

28,957

 

 

$

5.17

 

 

 

7,376

 

 

$

4.75

 

Granted

 

 

12,032

 

 

 

6.98

 

 

 

7,705

 

 

 

7.32

 

Vested

 

 

(9,274

)

 

 

5.95

 

 

 

(4,326

)

 

 

6.19

 

Forfeited

 

 

(2,532

)

 

 

5.65

 

 

 

—

 

 

 

—

 

Balance as of September 30, 2026

 

 

29,183

 

 

$

5.62

 

 

 

10,755

 

 

$

6.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of Stock-based Compensation Expense

Total stock-based compensation expense recognized in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss for all awards is as follows (amounts in thousands):

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

12,368

 

 

$

19,180

 

 

$

50,029

 

 

$

62,087

 

General and administrative

 

 

3,945

 

 

 

10,043

 

 

 

24,118

 

 

 

34,030

 

Total stock-based compensation expense

 

$

16,313

 

 

$

29,223

 

 

$

74,147

 

 

$

96,117

 

PSUs  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Significant Assumptions Used to Determine Grant-date Fair Value

Below are the significant assumptions used in the Monte Carlo simulation to determine the grant-date fair value for the Market PSUs:

 

 

Nine Months Ended September 30,

 

 

 

2026

 

Volatility

 

 

84.87

%

Risk-free interest rate

 

 

3.69

%

Expected term (in years)

 

 

2.72

 

Expected dividend

 

 

—