XML 28 R16.htm IDEA: XBRL DOCUMENT v3.25.1
Equity Incentive Plans
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Equity Incentive Plans Equity Incentive Plans
Equity Incentive Plans
We currently grant stock options and restricted stock units (“RSUs”) under the 2020 Equity Incentive Plan (“2020 Plan”), which became effective in June 2020 and replaced our 2014 Equity Incentive Plan (“2014 Plan”).
Effective January 1, 2025, the number of shares of common stock available under the 2020 Plan increased by 6,244,651 shares pursuant to the evergreen provision of the 2020 Plan. As of March 31, 2025, an aggregate of 9,723,621 shares of common stock were available for issuance under the 2020 Plan.
Our 2014 Plan permitted the granting of incentive stock options, non-statutory stock options, restricted stock and other stock-based awards. Subsequent to the adoption of the 2020 Plan, no additional equity awards can be made under the 2014 Plan. As of March 31, 2025, 943,393 shares and 9,723,621 shares of common stock were subject to outstanding options and RSUs under the 2014 Plan and 2020 Plan, respectively.
Stock Option Activity
Stock option activity under our 2020 Plan, including performance contingent stock options ("PCSOs"), and 2014 Plan, which excludes options to purchase 29,638 shares granted outside of the 2020 Plan and 2014 Plan, was as follows:
 Options Outstanding    
PCSOs Outstanding
(in thousands, except share and per share data)
Stock Option Activity
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, 20249,366,936$39.40 7.48$406,730 $639,710 $102.70 9.85$— 
Options granted1,137,823 75.83— — 
Options exercised (1)
(440,454)13.97— — 
Options forfeited(37,001)62.75— — 
Balances — March 31, 202510,027,304 $44.56 7.70$78,996 $639,710 $102.70 9.60$— 
Vested and expected to vest — March 31, 202510,027,304 $44.56 7.70$78,996 $639,710 $102.70 9.60$— 
Exercisable at March 31, 20255,164,520$29.37 6.78$68,221 $— $— 
_______________________________________________
(1) Shares returned due to net exercises.
During the three months ended March 31, 2025 and 2024, options to purchase 440,454 and 631,287 shares, respectively, were exercised for cash at a weighted-average price per share of $13.97 and $72.85, respectively. The weighted-average grant date fair value of options granted for the three months ended March 31, 2025 and 2024 was $46.04 and $47.28, respectively. The intrinsic value of the stock options exercised was $31.0 million and $38.1 million for the three months ended March 31, 2025 and 2024, respectively.
RSU Activity
RSU activity, including performance-based stock units ("PSUs"), for the three months ended March 31, 2025 was as follows:
Unvested RSUsUnvested PSUs
(in thousands, except share and per share data)
Number of SharesWeighted-
Average
Grant-Date
Fair Value		Weighted-
Average Remaining Contractual Term		Aggregate
Intrinsic
Value		Number of SharesWeighted-
Average
Grant-Date
Fair Value		Weighted-
Average Remaining Contractual Term		Aggregate
Intrinsic
Value
Unvested at December 31, 20241,241,272$67.32 1.46$101,611 175,513 $151.48 3.85$14,367 
Granted696,76373.57 — — 
Vested and released(180,269)52.44 — — 
Cancelled(15,213)70.46 — — 
Unvested at March 31, 20251,742,553$71.33 1.59$65,799 175,513$151.48 3.61$6,627 
The weighted-average grant date fair value of RSUs granted during the three months ended March 31, 2025 and 2024 was $73.57 and $73.42, respectively. The aggregate fair value of unvested RSUs is calculated using the closing price of our common stock on the grant date. As of March 31, 2025 and 2024, the unrecognized stock-based compensation cost of unvested RSUs was $139.3 million and $62.6 million, respectively, which is expected to be recognized over a weighted-average period of 3.06 years and 2.97 years, respectively.
Shares available for grant under our 2020 Plan for the three months ended March 31, 2025 were as follows:
Number of Shares
Balance — December 31, 20246,275,934
Shares authorized
6,244,651
Shares expired
(166)
Options and RSUs granted(1,834,586)
Shares forfeited (1)
53,283
Shares withheld for taxes
73,235
Balance — March 31, 202510,812,351
___________________________________________
(1) As of March 31, 2025, a total of 1,069 shares were forfeited under the 2020 Plan due to net exercises of stock options.
Stock-based Compensation
The following assumptions were used in the Black-Scholes options pricing model for stock options granted in the respective period of:
Three Months Ended March 31,
20252024
Expected volatility
67.3% - 67.5%
73.2% - 73.5%
Expected term (in years)
5.2 - 5.3
5.4
Risk-free interest rate
4.1% - 4.5%
4.0% - 4.3%
Our expected dividend yield is zero as we have not declared and do not anticipate declaring any dividends.
We recorded total stock-based compensation expense for the three months ended March 31, 2025 and 2024 related to the 2014 Plan, the 2020 Plan and the 2020 ESPP in the condensed consolidated statements of operations and allocated the amounts as follows:
Three Months Ended March 31,
20252024
(in thousands)
Research and development$15,925 $8,818 
General and administrative14,690 8,811 
Total$30,615 $17,629 
As of March 31, 2025, there was $356.6 million of unrecognized stock-based compensation expense related to unvested employee and non-employee awards, which is expected to be recognized over a weighted-average period of 2.91 years.