Quarterly report [Sections 13 or 15(d)]

Stock-Based Compensation (Tables)

v3.25.3
Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Stock-Based Compensation Expense
The Company recognizes stock-based compensation in the consolidated statements of operations, based on the department to which the related employee reports, as follows:
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
(in thousands) (in thousands)
Cost of net revenue $ 164  $ 81  $ 601  $ 436 
Research and development 9,750  7,423  32,031  27,952 
Selling, general and administrative 11,597  5,284  24,903  18,820 
$ 21,511  $ 12,788  $ 57,535  $ 47,208 
Summary of Restricted Stock Unit Activity
A summary of the Company’s restricted stock unit activity for all equity plans is as follows:
Number of Shares
(in thousands)		 Weighted-Average Grant-Date Fair Value per Share
Outstanding at December 31, 2024 7,919  $ 24.99 
  Granted1
3,510  14.67 
  Vested2
(2,646) 25.70 
  Canceled3
(1,003) 24.87 
Outstanding at September 30, 2025 7,780  $ 20.11 
____________
(1) Includes approximately 473 thousand shares granted under the Inducement Plan at a weighted-average grant-date fair value per share of $14.21.
(2) Includes approximately 42 thousand shares vested under the Inducement Plan at a weighted-average grant-date fair value per share of $13.76.
(3) Includes approximately 89 thousand shares canceled under the Inducement Plan at a weighted-average grant-date fair value per share of $14.10.
Summary of Performance-Based Restricted Stock Unit Activity
A summary of the Company’s performance-based restricted stock unit activity is as follows:
Number of Shares
(in thousands)		 Weighted-Average Grant-Date Fair Value per Share
Outstanding at December 31, 2024 3,520  $ 25.66 
  Granted 798  15.25 
  Released1
(61) 20.72 
  Canceled2
(943) 38.38 
Outstanding at September 30, 2025 3,314  $ 19.62 
________________
(1) Includes shares that vested in prior years for which an executive elected to defer receipt.
(2) Includes shares canceled due to achievement below threshold amounts from shares granted which were previously reserved at the maximum achievable (250%). No shares were eligible to vest for the 2024 and mid year 2025 performance periods due to achievement below the 25th percentile.
Summary of Employee Stock Purchase Plan, Valuation Assumptions
The fair values of employee stock purchase rights were estimated using the Black-Scholes option pricing model at their respective grant date using the following assumptions:
Nine Months Ended September 30,
2025 2024
Weighted-average grant date fair value per share
$5.24 - $6.00
$5.78 - $6.35
Risk-free interest rate
4.29% - 4.44%
5.4% - 5.41%
Dividend yield —  % —  %
Expected life (in years)
0.50 - 0.51
 0.50
Volatility
92.19% - 95.74%
49.76% - 70.46%
Summary of Stock Option Activity
A summary of the Company’s stock options activity is as follows:
Number of Options
(in thousands)		 Weighted-Average Exercise Price Weighted-Average Contractual Term (in years) Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2024 2,965  $ 19.35 
Canceled (247) $ 18.76 
Outstanding at September 30, 2025 2,718  $ 19.39  7.7 $ — 
Vested and expected to vest at September 30, 2025 2,627  $ 19.39  7.7 $ — 
Exercisable at September 30, 2025 573  $ 18.87  5.2 $ — 
Schedule of Stock Options, Valuation Assumptions
The fair values of stock options were estimated using the Black-Scholes option pricing model at their respective grant date using the following assumptions:
Nine Months Ended September 30,
2025(1)
2024
Weighted-average grant date fair value per share
N/A
$10.84 - $11.24
Risk-free interest rate N/A 4.33  %
Dividend yield N/A —  %
Expected life (in years) N/A 6.50
Volatility N/A 57.50  %
__________________
(1) No options were granted during the nine months ended September 30, 2025.