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Equity Incentive Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Activity Under Stock Option Plans
Stock option activity under our 2020 Plan and 2014 Plan, which excludes options to purchase 29,638 shares granted outside of the 2020 Plan and 2014 Plan, for the year ended December 31, 2024 was as follows:
 Options Outstanding
PCSOs Outstanding
(in thousands, except share and per share data)
Number
of
Options
Weighted-
Average
Exercise
Price Per
Share
Weighted-
Average
Remaining
Contractual
Term
(Years)
Aggregate
Intrinsic
Value
Number
of
Options
Weighted-
Average
Exercise
Price Per
Share
Weighted-
Average
Remaining
Contractual
Term
(Years)
Aggregate
Intrinsic
Value
Balances — December 31, 20239,314,836$25.35 7.75$348,868 — $— $— 
PCSOs Granted639,710$102.70 9.85$— 
Options granted2,210,148$78.40  
Options exercised(1,813,828)$13.97  
Options forfeited(344,220)$43.47  
Balances — December 31, 20249,366,936$39.40 7.48$406,730 639,710$102.70 9.85$— 
Vested and expected to vest — December 31, 20249,366,936$39.40 7.48$406,730 639,710$102.70 9.85$— 
Exercisable at December 31, 20245,010,869$25.99 6.60$280,031 — $— $— 
_____________________________________________________
Schedule of RSU and PSU Activities
RSU and PSU activities for the year ended December 31, 2024 were as follows:
Unvested RSUsUnvested PSUs
(in thousands, except share and per share data)
Number of Shares
Weighted-
Average
Grant-Date
Fair Value
Weighted-
Average Remaining Contractual Term
Aggregate
Intrinsic
Value
Number of Shares
Weighted-
Average
Grant-Date
Fair Value
Weighted-
Average Remaining Contractual Term
Aggregate
Intrinsic
Value
(in thousands, except share and per share data)
Unvested at December 31, 2023753,462$38.93 1.45$47,317 — $— 
Granted958,127$81.10 175,513$151.48 
Vested and released(383,267)$47.89 — — 
Cancelled(87,050)$58.74 — — 
Unvested at December 31, 20241,241,272$67.32 1.46$101,611 175,513$151.48 3.85$14,367 
Share-Based Payment Arrangement, Activity
Shares available for grant under our 2020 Plan for the year ended December 31, 2024 were as follows:
Number of Shares
Balances — December 31, 20236,065,150
Shares authorized4,768,241
Shares expired(1,176,960)
Options, PCSOs, RSUs and PSUs granted(3,983,498)
Shares forfeited ¹452,651
Shares withheld for taxes150,350
Balances — December 31, 20246,275,934
______________________________________________________________
¹ As of December 31, 2024, a total of 21,381 shares were forfeited under the 2020 Plan due to net exercises of stock options.
Schedule of Estimated Fair Value of Shares Under Stock-based Compensation Expense
The following assumptions were used in the Black-Scholes options pricing model for stock options and ESPP; and the Monte Carlo simulation model for PCSOs and PSUs to estimate our stock-based compensation expense, respectively.
Year Ended December 31,
202420232022
Expected volatility
Stock Options
69.2% - 71.1%
71.3% - 74.0%
78.1% - 85.1%
ESPP
38.1% - 62.7%
38.1% - 99.7%
78.8% - 99.7%
PCSOs
61.6%
**
PSUs
59.9%
**
Expected term (in years)
Stock Options
5.3 - 5.4
5.3 - 5.4
5.3 - 5.5
ESPP
0.5 - 2.0
0.5 - 2.0
0.5 - 2.0
PCSOs
5.9
**
PSUs
5.9
*
*
Risk-free interest rate
Stock Options
3.5% - 4.5%
3.5% - 4.6%
1.6% - 4.4%
ESPP
4.3% - 5.4%
4.2% - 5.4%
0.1% - 4.7%
PCSOs
4.2%
**
PSUs
4.1%
**
______________________________________________________________
*No PCSOs or PSUs were granted in 2023 and 2022.
Schedule of Stock-based Compensation Expense
We recorded total stock-based compensation expense for the years ended December 31, 2024, 2023 and 2022 related to the 2014 Plan, the 2020 Plan and the 2020 ESPP in the consolidated statements of operations and allocated the amounts as follows:
Year Ended December 31,
202420232022
(In thousands)
Research and development$42,819 $23,275 $9,899 
General and administrative42,003 25,485 13,751 
Total$84,822 $48,760 $23,650