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Stock-Based Awards (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
Activity under the Company’s stock option plans is set forth below:
Number of
Options
Weighted Average
Exercise Price		Weighted Average
Remaining Contractual Term		Aggregate
Intrinsic Value
(Years)(in thousands)
Outstanding at December 31, 20249,605,591$25.03 6.9
Granted2,476,000$9.06 
Exercised(298,260)$4.53 
Forfeited(3,148,820)$28.06 
Outstanding at December 31, 20258,634,511$20.05 7.2$834 
Vested and expected to vest at December 31, 20258,634,511$20.05 7.2$834 
Vested and exercisable at December 31, 20254,793,030$27.00 5.9$633 
Schedule of Stock Options Granted to Employees
The fair value of stock options granted to employees was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions:
Years Ended December 31,
202520242023
Expected term of options (in years)
5.5 – 6.1
5.5 – 6.1
5.5 – 6.1
Expected stock price volatility
86.1% – 89.9%
89.2% – 91.8%
99.0% – 101.5%
Risk-free interest rate
3.7% – 4.5%
3.5% – 4.6%
3.4% – 4.9%
Expected dividend yield———
Schedule of Employees Stock Purchase Plan
The fair value of employees’ purchase rights under the ESPP was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions:
Years Ended December 31,
202520242023
Expected term of ESPP (in years)0.50.50.5
Expected stock price volatility
63.5% - 95.4%
56.6% - 64.4%
41.2% - 95.1%
Risk-free interest rate
3.7% - 4.3%
4.3% - 5.2%
4.5% - 5.2%
Expected dividend yield———
Schedule of Restricted Stock Activity
The Company’s RSUs activity was summarized as follows:
SharesWeighted Average Grant Date Fair Value Per Share
Unvested as of December 31, 20244,981,082$16.73 
Granted3,467,457$9.17 
Vested(1,571,517)$20.21 
Forfeited(1,187,014)$12.94 
Unvested as of December 31, 20255,690,008$11.95 
Schedule of Stock-Based Compensation Expense The following table sets forth the total stock-based compensation expense for all awards granted to employees and the ESPP in the consolidated statements of operations (in thousands):
Years Ended December 31,
202520242023
Research and development$25,071 $43,917 $62,745 
Selling, general and administrative24,001 34,540 48,571 
Total stock-based compensation$49,072 $78,457 $111,316