Stock-Based Compensation (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Share-Based Payment Arrangement [Abstract] |
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| Summary of Stock Option Activity |
A summary of option activity for the nine months ended September 30, 2026 is as follows:
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Number of
Options |
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Weighted-
Average
Exercise
Price |
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Weighted-
Average
Remaining
Contractual
Term
(in years) |
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Aggregate
Intrinsic
Value
(in thousands) |
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Outstanding at December 31, 2025 |
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9,407,851 |
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$ |
11.93 |
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|
7.2 |
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$ |
42,967 |
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Granted |
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2,973,500 |
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$ |
14.54 |
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Exercised |
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(1,241,847 |
) |
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$ |
7.95 |
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$ |
16,751 |
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Cancelled or forfeited |
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(244,654 |
) |
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$ |
11.75 |
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Outstanding at September 30, 2026 |
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10,894,850 |
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$ |
13.10 |
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7.5 |
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$ |
177,943 |
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Options exercisable as of September 30, 2026 |
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5,640,642 |
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$ |
14.91 |
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|
6.4 |
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$ |
83,089 |
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Options unvested as of September 30, 2026 |
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5,254,208 |
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$ |
11.16 |
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8.8 |
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$ |
94,854 |
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Weighted average grant-date fair value of options granted during the period |
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$ |
12.14 |
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| Summary of Restricted Stock Unit Activity |
A summary of restricted stock unit, or RSU, activity for the nine months ended September 30, 2026 is as follows:
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Number of Shares |
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Weighted Average Grant Date Fair Value |
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Nonvested as of December 31, 2025 |
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2,725,084 |
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$ |
8.12 |
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Granted |
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2,205,327 |
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$ |
14.61 |
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Vested |
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(782,584 |
) |
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$ |
10.16 |
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Forfeited |
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(283,607 |
) |
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$ |
8.54 |
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Nonvested as of September 30, 2026 |
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3,864,220 |
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$ |
11.38 |
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| Summary of Performance-Based Restricted Stock Unit Activity |
A summary of PSU activity for the nine months ended September 30, 2026, is as follows:
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Number of Shares |
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Weighted Average Grant Date Fair Value |
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Nonvested as of December 31, 2025 |
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2,089,494 |
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$ |
6.01 |
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Granted |
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50,000 |
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$ |
20.17 |
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Vested |
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(431,769 |
) |
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$ |
4.00 |
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Forfeited |
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(155,318 |
) |
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$ |
7.44 |
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Nonvested as of September 30, 2026 |
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1,552,407 |
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$ |
6.88 |
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| Summary of Stock-Based Compensation Expense |
Stock-based compensation expense for the three and nine months ended September 30, 2026 and 2025, is as follows (in thousands):
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Research and development |
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$ |
3,205 |
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$ |
1,627 |
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$ |
7,432 |
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$ |
5,409 |
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Selling, general and administrative |
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7,166 |
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|
5,449 |
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|
17,377 |
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|
15,850 |
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Total stock-based compensation expense |
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$ |
10,371 |
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$ |
7,076 |
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$ |
24,809 |
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$ |
21,259 |
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| Summary of Unrecognized Stock-Based Compensation Expense and Weighted-Average Recognition Period |
The following table summarizes unrecognized stock-based compensation expense as of September 30, 2026, by type of awards (in thousands), and the weighted-average period over which that expense is expected to be recognized (in years). The total unrecognized stock-based compensation expense will be adjusted for actual forfeitures as they occur.
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September 30, 2026 |
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Unrecognized Expense |
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Weighted-average Recognition Period |
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Stock options |
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$ |
39,981 |
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|
2.84 |
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Restricted stock units |
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$ |
35,713 |
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|
3.05 |
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Performance-based restricted stock units |
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$ |
10,681 |
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— |
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