0001193125-26-177161 | 10-Q | XBRL Viewer

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Stockholders' Equity - Additional Information (Details)	1 Months Ended			3 Months Ended		12 Months Ended
Stockholders' Equity - Additional Information (Details)	Feb. 28, 2026 shares	Feb. 28, 2025 shares	Dec. 31, 2021 Tranche	Mar. 31, 2026 USD ($) $ / shares shares	Mar. 31, 2025 USD ($) shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 shares	Dec. 31, 2022 shares	Dec. 31, 2021 shares
Class of Stock [Line Items]
Shares authorized				1,350,000,000		1,350,000,000
Common stock, authorized				1,250,000,000		1,250,000,000
Preferred stock, authorized				100,000,000		100,000,000
Common stock voting rights, description				The holder of each share of Class A Common Stock is entitled to one vote, and the holder of each share of Class B Common Stock is entitled to ten votes.
Proceeds from common stock \| $					$ 1,007,000
Granted stock option				0	0
Aggregate intrinsic value \| $				$ 1,500,000	$ 25,300,000
Stock-based compensation unvested stock options not yet recognized \| $				0
Stock-based compensation expense \| $				$ 30,509,000	40,639,000
Number of shares subject to options outstanding				3,300,000
Stock option exercisable, aggregate intrinsic value \| $				$ 9,000,000
Stock-based compensation expense \| $				30,509,000	40,639,000
Additional paid-in-capital \| $				$ 5,004,352,000		$ 4,961,832,000
Weighted average remaining contractual term of stock options				3 years 3 months 18 days
EPA
Class of Stock [Line Items]
Unrecognized stock-based compensation expense \| $				$ 0
Number of tranches \| Tranche			5
Number of shares subject to options outstanding				0
Stock-based compensation expense \| $					6,000,000
Stock-based compensation award cancelled \| $					5,700,000
RSUs
Class of Stock [Line Items]
Expected to be recognized estimated weighted average period				2 years 6 months
Fair value of stock units vested \| $				$ 20,900,000	15,400,000
Unrecognized stock-based compensation expense \| $				$ 122,100,000
Stock units granted				825,000
PSUs
Class of Stock [Line Items]
Expected to be recognized estimated weighted average period				1 year 2 months 12 days
Unrecognized stock-based compensation expense \| $				$ 8,900,000
Stock units granted				2,349,000
Stock-based compensation expense \| $				$ 5,100,000	3,800,000
PSUs \| Management Team and Certain Other Employees
Class of Stock [Line Items]
Stock units granted						5,400,000	4,200,000
2020 Equity Incentive Award Plan
Class of Stock [Line Items]
Business combination exchange ratio				4.0217501492
2025 Bonus Plan
Class of Stock [Line Items]
Restricted stock units granted and vested	2,300,000
Stock-based compensation expense \| $				$ 5,100,000	7,400,000
Additional paid-in-capital \| $				14,300,000
2025 Bonus Plan \| PSUs
Class of Stock [Line Items]
Fair value of stock units vested \| $				$ 30,600,000	$ 25,600,000
2026 Bonus Plan
Class of Stock [Line Items]
Stock units granted				0
Class A Common Stock
Class of Stock [Line Items]
Common stock, authorized				1,000,000,000		1,000,000,000
Common stock, par value \| $ / shares				$ 0.0001		$ 0.0001
Common stock, issued				578,145,000		570,128,000
Class A Common Stock \| EPA
Class of Stock [Line Items]
Granted stock option								2,100,000	14,700,000
Number of shares waived stock options	800,000	4,000,000
Class A Common Stock \| 2020 Equity Incentive Award Plan
Class of Stock [Line Items]
Common stock authorized for issuance				163,592,934
Class A Common Stock \| Maximum \| 2020 Equity Incentive Award Plan
Class of Stock [Line Items]
Common stock authorized for issuance				69,846,580
Class B Common Stock
Class of Stock [Line Items]
Common stock, authorized				250,000,000		250,000,000
Common stock, par value \| $ / shares				$ 0.0001		$ 0.0001
Common stock, issued				36,968,000		37,502,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (100,799)	$ (114,423)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Stockholders' Equity - Schedule of Stock Option Activity (Details) shares in Millions	3 Months Ended
	Mar. 31, 2026 shares
Stockholders' Equity Note [Abstract]
Outstanding at the end of the period (in shares)	3.3
Weighted Average Remaining Contractual Term (Years)	3 years 3 months 18 days

Balance Sheet Components

3 Months Ended

Mar. 31, 2026

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Note 5. Balance Sheet Components

Property and Equipment

Property and equipment as of March 31, 2026 and December 31, 2025 consisted of the following (amounts in thousands):


	March 31,			December 31
	2026			2025
Computer equipment, hardware, and software	$	7,440		$	7,275
Furniture and fixtures		123,819			123,806
Leasehold improvements		113,460			110,693
Machinery and equipment		161,284			160,009
Construction-in-progress		36,381			41,782
Property and equipment, gross		442,384			443,565
Accumulated depreciation and amortization		(202,171	)		(192,116	)
Property and equipment, net	$	240,213		$	251,449

Depreciation and amortization expense related to property and equipment was $14.6 million and $18.1 million for the three months ended March 31, 2026 and 2025, respectively.

Accrued Liabilities

Accrued liabilities as of March 31, 2026 and December 31, 2025 consisted of the following (amounts in thousands):


	March 31,		December 31,
	2026		2025
Litigation-related accrual	$	4,655	$	3,900
Accrued property and equipment		2,536		4,243
Other		8,226		6,378
Accrued liabilities	$	15,417	$	14,521

Other Liabilities

Other liabilities as of March 31, 2026 and December 31, 2025 consisted of the following (amounts in thousands):


	March 31,		December 31,
	2026		2025
Asset retirement obligation	$	13,836	$	13,710
Long-term advance payments and others		1,164		1,164
Other liabilities	$	15,000	$	14,874

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Purchase Commitments

As of March 31, 2026, future minimum purchase commitments in aggregate during the next five years and thereafter are as follows (amounts in thousands):


Fiscal Year	Minimum Purchase Commitments
2026 (remaining nine months)	$	1,796
2027		1,923
2028		259
2029		—
2030		—
2031		—
Thereafter		—
Total	$	3,978

Fair Value Measurement - Summary of Financial Assets Subject to Fair Value Measurements on Recurring Basis (Details) - Recurring - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Total fair value assets

$ 895,724

$ 949,297

Money Market Funds

Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Total fair value assets

^[1]

61,339

117,773

Commercial Paper

Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Total fair value assets

^[2]

115,296

141,108

U.S. Government and Agency Securities

Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Total fair value assets

^[2]

590,682

590,808

Corporate Notes and Bonds

Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Total fair value assets

^[2]

128,407

99,608

Level 1

Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Total fair value assets

61,339

117,773

Level 1 | Money Market Funds

Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Total fair value assets

^[1]

61,339

117,773

Level 2

Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Total fair value assets

834,385

831,524

Level 2 | Commercial Paper

Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Total fair value assets

^[2]

115,296

141,108

Level 2 | U.S. Government and Agency Securities

Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Total fair value assets

^[2]

590,682

590,808

Level 2 | Corporate Notes and Bonds

Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Total fair value assets

^[2]

$ 128,407

$ 99,608

[1]	Money market funds are included in cash and cash equivalents on the Condensed Consolidated Balance Sheets.
[2]	Marketable securities consist of commercial paper, U.S. government and agency securities, corporate notes and bonds. As of March 31, 2026 and December 31, 2025, marketable securities with original maturities of three months or less of $74.7 million and $91.2 million, respectively, are included in cash and cash equivalents on the Condensed Consolidated Balance Sheets.

Leases - Summary of Additional Information for Lease (Details)	Mar. 31, 2026	Dec. 31, 2025
Finance lease
Weighted-average remaining lease term - finance lease (in years)	6 years 6 months	6 years 9 months 18 days
Weighted-average discount rate - finance lease	6.06%	6.06%
Operating lease
Weighted-average remaining lease term - operating lease (in years)	6 years 4 months 24 days	6 years 7 months 6 days
Weighted-average discount rate - operating lease	6.52%	6.52%

Fair Value Measurement - Summary of Estimated Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturity (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Investments, Debt and Equity Securities [Abstract]
Amortized Cost, Due within one year	$ 862,694
Amortized Cost, Due after one year and through five years	33,414
Total Amortized Cost	896,108
Fair Value, Due within one year	862,416
Fair Value, Due after one year and through five years	33,308
Total Fair Value	$ 895,724

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Lessee, Lease, Description [Line Items]
Operating lease expiration, year	2032
Operating lease extension expiration, month and year	2032-09
Finance lease extension expiration, month and year	2032-09
Lessee, operating lease, lease not yet commenced, description	The Company did not include renewal options in the calculation of the lease liability and right-of use asset at the lease inception unless the exercise of such options was reasonably certain.
Asset retirement obligation	$ 13,800		$ 13,700
Net loss	$ (100,799)	$ (114,423)

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense related to property and equipment	$ 14.6	$ 18.1

Balance Sheet Components - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 442,384	$ 443,565
Accumulated depreciation and amortization	(202,171)	(192,116)
Property and equipment, net	240,213	251,449
Computer Equipment, Hardware, and Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	7,440	7,275
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	123,819	123,806
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	113,460	110,693
Machinery and Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	161,284	160,009
Construction in Progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 36,381	$ 41,782

Nature of Business

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Business

Note 1. Nature of Business

Organization

The original QuantumScape Corporation, now named QuantumScape Battery, Inc. (“Legacy QuantumScape”), a wholly owned subsidiary of the Company (as defined below), was founded in 2010 with the mission to revolutionize energy storage to enable a sustainable future. In 2020, QuantumScape became a publicly traded company through a business combination, after which QuantumScape Battery, Inc. became a wholly owned subsidiary of QuantumScape Corporation (the “Company”).

The Company is focused on the development and commercialization of its solid-state lithium-metal battery technology. Planned principal operations have not yet commenced. As of March 31, 2026, the Company had not derived revenue from its principal business activities.

Fair Value Measurement - Additional Information (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2026 USD ($) Security	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) Security
Class of Stock [Line Items]
Financial liabilities subject to fair value measurements on recurring basis	$ 0		$ 0
Proceeds from sale of available-for sale marketable securities	0	$ 0
Allowance for credit losses	$ 0	$ 0
Number of marketable securities in an unrealized loss position \| Security	50		3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Fair value of financial obligations, including, but not limited to, debt instruments, derivative liabilities, federal funds purchased and sold under agreements to repurchase, securities loaned or sold under agreements to repurchase, financial instruments sold not yet purchased, guarantees, line of credit, loans and notes payable, servicing liability, and trading liabilities.

+ References + Details

Leases - Summary of Lease Related Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Finance lease costs:
Amortization of right-of-use assets- finance lease	$ 1,467	$ 718
Interest on lease liabilities	478	528
Operating lease costs	1,720	2,250
Sublease income	(436)	0
Variable lease costs	614	1,277
Total lease expense	$ 3,843	$ 4,773

Commitments and Contingencies - Schedule of Future Minimum Purchase Commitments (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Minimum purchase commitments, 2026 (remaining nine months)	$ 1,796
Minimum purchase commitments, 2027	1,923
Minimum purchase commitments, 2028	259
Minimum purchase commitments, Total	$ 3,978

Summary of Significant Accounting Policies - Summary of Property and Equipment and Their Estimated Useful Lives (Details)	3 Months Ended
	Mar. 31, 2026
Computer Equipment, Hardware, and Software \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of assets	3 years
Computer Equipment, Hardware, and Software \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of assets	5 years
Furniture and Fixtures \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of assets	7 years
Furniture and Fixtures \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of assets	10 years
Machinery and Equipment \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of assets	3 years
Machinery and Equipment \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of assets	10 years
Leasehold Improvements
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of assets	Shorter of the lease term (including estimated renewals) or the estimated useful lives of the improvements
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Summary of Lease Related Expense

The components of lease related expense are as follows (amounts in thousands):


	Three Months Ended March 31,
Lease costs	2026			2025
Finance lease costs:
Amortization of right-of-use assets	$	1,467		$	718
Interest on lease liabilities		478			528
Operating lease costs		1,720			2,250
Sublease income		(436	)		—
Variable lease costs		614			1,277
Total lease expense	$	3,843		$	4,773

Summary of Supplemental Cash Flow Information Related to Leases

The components of supplemental cash and non-cash information related to leases are as follows (amounts in thousands):


	Three Months Ended March 31,
	2026		2025
Operating outgoing cash flows - finance lease	$	478	$	528
Financing outgoing cash flows - finance lease		870		784
Operating outgoing cash flows - operating lease		1,769		2,248
Right-of-use assets obtained in exchange for new operating lease liabilities		217		—

Summary of Additional Information for Leases

The table below displays additional information for leases as of March 31, 2026 and December 31, 2025:


	March 31, 2026			December 31, 2025
Finance lease
Weighted-average remaining lease term - finance lease (in years)		6.5			6.8
Weighted-average discount rate - finance lease		6.06	%		6.06	%
Operating lease
Weighted-average remaining lease term - operating lease (in years)		6.4			6.6
Weighted-average discount rate - operating lease		6.52	%		6.52	%

Summary of Future Minimum Payments

As of March 31, 2026, future minimum payments during the next five years and thereafter are as follows (amounts in thousands):


Fiscal Year	Operating Leases			Finance Lease
2026 (remaining nine months)	$	5,390		$	4,069
2027		7,314			5,566
2028		7,129			5,719
2029		7,129			5,876
2030		7,343			6,038
2031		7,563			6,204
Thereafter		5,166			4,228
Total		47,034			37,700
Less present value discount		(8,845	)		(6,705	)
Lease liabilities		38,189			30,995

Balance Sheet Components - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Asset retirement obligation	$ 13,836	$ 13,710
Long-term advance payments and others	1,164	1,164
Other liabilities	$ 15,000	$ 14,874

Stockholders' Equity - Schedule of Restricted Stock Units with Service Condition and Performance Stock Unit Activities (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2026 $ / shares shares
RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Units, Beginning Balance \| shares	28,957
Number of Units, Granted \| shares	825
Number of Units, Vested \| shares	(2,900)
Number of Units, Forfeited \| shares	(364)
Number of Units, Ending Balance \| shares	26,518
Weighted Average grant date fair value, Beginning Balance \| $ / shares	$ 5.17
Weighted Average grant date fair value, Granted \| $ / shares	9.24
Weighted Average grant date fair value, Vested \| $ / shares	6.55
Weighted Average grant date fair value, Forfeited \| $ / shares	5.93
Weighted Average grant date fair value, Ending Balance \| $ / shares	$ 5.14
PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Units, Beginning Balance \| shares	7,376
Number of Units, Granted \| shares	2,349
Number of Units, Vested \| shares	(4,299)
Number of Units, Ending Balance \| shares	5,426
Weighted Average grant date fair value, Beginning Balance \| $ / shares	$ 4.75
Weighted Average grant date fair value, Granted \| $ / shares	7.03
Weighted Average grant date fair value, Vested \| $ / shares	6.18
Weighted Average grant date fair value, Ending Balance \| $ / shares	$ 4.6

Stockholders' Equity

3 Months Ended

Mar. 31, 2026

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Note 8. Stockholders’ Equity

As of March 31, 2026 and December 31, 2025, 1,350,000,000 shares, $0.0001 par value per share, are authorized, of which, 1,000,000,000 shares are designated as Class A Common Stock, 250,000,000 shares are designated as Class B Common Stock, and 100,000,000 shares are designated as Preferred Stock.

Common Stock

Holders of common stock are entitled to dividends when, as, and if, declared by the Company’s Board of Directors (the “Board”), subject to the rights of the holders of all classes of stock outstanding having priority rights to dividends. As of March 31, 2026, the Company had not declared any dividends. The holder of each share of Class A Common Stock is entitled to one vote, and the holder of each share of Class B Common Stock is entitled to ten votes.

Equity Incentive Plans

Prior to the Business Combination, the Company maintained its 2010 Equity Incentive Plan (the “2010 Plan”), under which the Company granted options and restricted stock units to purchase or directly issue shares of common stock to employees, directors, and non-employees.

Upon the closing of the Business Combination, awards under the 2010 Plan were converted at an exchange ratio of 4.02175014920, and assumed into the 2020 Equity Incentive Award Plan (the “2020 Plan”, and together with the 2010 Plan, the “Plans”). The 2020 Plan permits the granting of awards in the form of incentive stock options, nonqualified stock options, stock appreciation rights, restricted shares, restricted stock units and performance awards to employees, directors, and non-employees.

As of March 31, 2026, 163,592,934 shares of Class A Common Stock are authorized for issuance pursuant to awards under the 2020 Plan, plus any shares of Class A Common Stock subject to stock options, restricted stock units or other awards that were assumed in the Business Combination and terminate as a result of being unexercised or are forfeited or repurchased by the Company, with the maximum number of shares to be added to the 2020 Plan equal to 69,846,580 shares of Class A Common Stock.

Stock Options

There were no options granted during the three months ended March 31, 2026 or March 31, 2025. The aggregate intrinsic value of options exercised during the three months ended March 31, 2026 and 2025 was $1.5 million and $25.3 million, respectively. As of March 31, 2026, about 3.3 million shares subject to options were outstanding and exercisable with aggregate intrinsic value of $9.0 million and weighted average remaining contractual term of 3.3 years.

As of March 31, 2026, there was no unrecognized compensation cost related to stock options.

EPA Program

In December 2021, the Company granted stock options for the purchase of an aggregate of approximately 14.7 million shares of the Company’s Class A Common Stock to the Company’s Chief Executive Officer at the time and other members of the Company’s management team pursuant to the EPA Program that was approved by the Company’s stockholders in December 2021. In December 2022, the remaining 2.1 million stock options under the EPA Program were granted to members of the Company’s management team under the same terms as those in the initial grant in 2021, representing the final grant pursuant to the EPA Program approved in December 2021. The EPA Program consists of five equal tranches (each a “Tranche”) that vest if the Company meets certain business milestones (performance conditions) and stock price targets (market conditions).

The Company accounts for the compensation expense associated with each Tranche when it determines that achievement of a related business milestone is considered probable.

In February 2025, certain named executive officers and certain other senior employees entered into agreements with the Company to waive the stock options granted to them under the Company’s 2021 EPA Program. The total number of shares of the Company’s Class A Common Stock underlying such waived stock options was 4.0 million. As such, these stock options were cancelled in February 2025. In February 2026, certain other senior employees entered into agreements with the Company to waive the stock options granted to them under the Company’s 2021 Extraordinary Performance Award Program. The total number of shares of the Company’s Class A Common Stock underlying such waived stock options was 0.8 million, which represents the remaining awards under the EPA Program. As such, all remaining awards under the EPA Program were cancelled and no outstanding awards under the EPA program as of March 31, 2026.

For the three months ended March 31, 2026, the Company recorded an immaterial stock-based compensation expense related to the EPA Program. For the three months ended March 31, 2025, the Company recorded stock-based compensation expense of $6.0 million related to the EPA Program, including $5.7 million for the EPA awards cancelled in February 2025 where the unamortized expense was fully recognized. As of March 31, 2026, there was no unrecognized stock-based compensation expense related to the EPA Program.

Restricted Stock Units Activities

In 2024 and 2025, the Company granted 4.2 million and 5.4 million shares of restricted stock units with service and performance conditions (“PSU”), respectively, to members of the Company’s management team and certain other employees under the Company’s 2020 Plan. The performance conditions for these PSUs are related to the Company’s product development milestones through May 2027, and May 2028, respectively. These PSUs will expire in May 2027 and May 2028, respectively, if performance conditions are not met. For the three months ended March 31, 2026 and 2025, the Company recorded stock-based compensation expense of $5.1 million and $3.8 million, respectively, related to these PSUs, for the product development milestones achieved or considered probable of achievement.

The Company’s Bonus Plan is settled in the form of restricted stock units to eligible employees upon the achievement of certain service and performance conditions. These performance conditions are related to the Company’s product development, operational, and business milestones for the year. The stock-based compensation expense related to the Bonus Plan were recorded as liabilities under Accrued compensation and benefits prior to the settlement of vested restricted stock units, upon which the liability is reclassified into equity. In February 2026, approximately 2.3 million restricted stock units were granted and vested under the 2025 Bonus Plan for settlement, and as a result, approximately $14.3 million was reclassified from Accrued compensation to additional paid-in capital. This represents a non-cash financing activity during the three months ended March 31, 2026. For the three months ended March 31, 2026 and 2025, the Company recorded $5.1 million and $7.4 million, respectively, to stock-based compensation related to the Bonus Plans. No shares have been granted under the 2026 Bonus Plan as of March 31, 2026.

Restricted stock units with service conditions only (“RSU”) and PSU activities under the Plans are as follows:


	RSUs Outstanding					PSUs Outstanding
	Number of Units (in thousands)			Weighted Average Grant Date Fair Value		Number of Units (in thousands)			Weighted Average Grant Date Fair Value
Balance as of December 31, 2025		28,957		$	5.17		7,376		$	4.75
Granted		825			9.24		2,349			7.03
Vested		(2,900	)		6.55		(4,299	)		6.18
Forfeited		(364	)		5.93		—			—
Balance as of March 31, 2026		26,518		$	5.14		5,426		$	4.60

The fair value of RSUs which vested during the three months ended March 31, 2026 and March 31, 2025 was $20.9 million and $15.4 million, respectively. The fair value of PSUs which vested during the three months ended March 31, 2026 and March 31, 2025 was $30.6 million and $25.6 million, respectively, both consisting of the settlement under the prior year Bonus Plan and the PSUs granted to the management team and certain other employees.

As of March 31, 2026, unrecognized stock-based compensation expense related to unvested RSUs and PSUs were $122.1 million and $8.9 million, respectively, and are expected to be recognized over a weighted average period of 2.5 years and 1.2 years, respectively.

Stock-Based Compensation Expense

Total stock-based compensation expense recognized in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss for all awards is as follows (amounts in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development	$	19,595	$	25,738
General and administrative		10,914		14,901
Total stock-based compensation expense	$	30,509	$	40,639

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases - Summary of Future Minimum Payments (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Leases [Abstract]
2026 (remaining nine months)	$ 5,390
2027	7,314
2028	7,129
2029	7,129
2030	7,343
2031	7,563
Thereafter	5,166
Total	47,034
Less present value discount	(8,845)
Lease liabilities	38,189
2026 (remaining nine months)	4,069
2027	5,566
2028	5,719
2029	5,876
2030	6,038
2031	6,204
Thereafter	4,228
Total	37,700
Less present value discount	(6,705)
Lease liabilities	$ 30,995

Related Party Transactions - Additional Information (Details) - USD ($)	Mar. 31, 2026	Jul. 31, 2025
Related Party Transaction [Line Items]
Payments received	$ 0
PowerCo \| Maximum [Member]
Related Party Transaction [Line Items]
Potential funding contribution amount		$ 130,700,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss Per Share - Summary of Basic and Diluted Loss per Share of Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net loss	$ (100,799)	$ (114,423)
Denominator:
Basic weighted-average common shares outstanding	611,013	548,006
Diluted weighted-average common shares outstanding	611,013	548,006
Basic net loss per share	$ (0.16)	$ (0.21)
Diluted net loss per share	$ (0.16)	$ (0.21)
Common Class A and Class B Shares
Denominator:
Basic weighted-average common shares outstanding	611,013	548,006
Diluted weighted-average common shares outstanding	611,013	548,006
Basic net loss per share	$ (0.16)	$ (0.21)
Diluted net loss per share	$ (0.16)	$ (0.21)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 7. Commitments and Contingencies

From time to time, and in the ordinary course of business, the Company is subject to certain claims, charges and litigation concerning matters arising in connection with the conduct of the Company’s business activities.

Shareholder Derivative Litigation

Two shareholder derivative suits were filed in February 2021 in the United States District Court for the Northern District of California against 11 officers and directors of the Company and have been consolidated into one action, with the first-filed complaint being designated the operative one. The Company is the nominal defendant. The complaint alleges that the individual defendants breached various duties to the Company and contains similar allegations to the settled and dismissed securities class action brought against the Company and three of its executives in January 2021, in which it was alleged that materially false and misleading statements were made concerning the Company’s business, operations, and prospects, including information regarding its battery technology. VGA is also named as a defendant in the derivative litigation. The action is currently stayed. A shareholder derivative suit was filed in October 2024 in the United States District Court for the Northern District of California against current and former officers and directors of the Company and VGA alleging breaches of duties to the Company. The Company is the nominal defendant. The action was deemed related to the consolidated action and is currently stayed.

In June through August 2022, four shareholder derivative suits were filed in the Court of Chancery of the State of Delaware against current and former directors and officers of the Company. The Company is the nominal defendant. The complaints allege that the individual defendants breached various duties to the Company. VGA is also named as a defendant in three of those actions. In September 2022, the four actions were consolidated and stayed. A consolidated amended complaint was filed on July 30, 2024.

A shareholder derivative action was filed in the United States District Court for the District of Delaware on February 22, 2024, against current and former directors and officers of the Company. The Company is the nominal defendant. The complaint alleges that the individual defendants breached various duties to the Company and includes a claim for contribution related to the securities class action that was brought against the Company and three of its executives in January 2021 and subsequently settled and dismissed. The complaint also alleges that plaintiff previously sent a litigation demand to the Board and alleges that the demand has effectively been rejected. The action is currently stayed.

Two additional shareholder derivative actions were filed in the Court of Chancery of the State of Delaware in May 2024 and October 2024, against current and former directors and officers of the Company. The Company is the nominal defendant. The complaints allege that the individual defendants breached various duties to the Company. The complaints also allege that the plaintiffs previously sent a litigation demand to the Board and allege that the demands had effectively been rejected. The action filed in May 2024 is currently stayed.

A settlement in principle to resolve all the above-described derivative actions was reached in February 2026. This pending settlement is subject to final documentation, notice to stockholders, and preliminary and final approval of the court.

Private Attorneys General Actions

The Company is a defendant in two Private Attorneys General Act (“PAGA”) wage-and-hour actions filed in Santa Clara County Superior Court by former employees, along with a related class action in arbitration. The complaints allege violations of California’s Labor Code. The actions are presently stayed. The Company denies the allegations. In April 2025, the parties reached an agreement in principle to settle the claims.

For many legal matters, particularly those in early stages, the Company cannot reasonably estimate the possible loss (or range of loss), if any. The Company records an accrual for legal matters at the time or times it determines that a loss is both probable and reasonably estimable. As of March 31, 2026 and December 31, 2025, the amount accrued for each matter was individually not material, and the aggregate amount accrued was approximately $4.7 million as of March 31, 2026 and $4 million as of December 31, 2025. Regarding matters for which no accrual has been made (including the potential for losses in excess of amounts accrued), the Company currently believes, based on its own investigations, that any losses (or ranges of losses) that are reasonably possible and estimable will not, in the aggregate, have a material adverse effect on its financial position, results of operations, or cash flows. However, the ultimate outcome of legal proceedings involves judgments, estimates, and inherent uncertainties and cannot be predicted with certainty. Should the ultimate outcome of any legal matter be unfavorable, the Company’s business, financial condition, results of operations, or cash flows could be materially and adversely affected. The Company may also incur substantial legal fees, which are expensed as incurred, in defending against legal claims.

Other commitments

The Company’s minimum purchase commitments consist of non-cancellable agreements to purchase goods and services, primarily for materials, and licenses and hosting services, entered into in the ordinary course of business.

As of March 31, 2026, future minimum purchase commitments in aggregate during the next five years and thereafter are as follows (amounts in thousands):


Fiscal Year	Minimum Purchase Commitments
2026 (remaining nine months)	$	1,796
2027		1,923
2028		259
2029		—
2030		—
2031		—
Thereafter		—
Total	$	3,978

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	Apr. 17, 2026
Document And Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Registrant Name	QUANTUMSCAPE CORPORATION
Entity Central Index Key	0001811414
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Entity File Number	001-39345
Entity Tax Identification Number	85-0796578
Entity Address, Address Line One	1730 Technology Drive
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address Postal Zip Code	95110
City Area Code	408
Local Phone Number	452-2000
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	QS
Security Exchange Name	NASDAQ
Class A Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		578,338,434
Class B Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		36,806,642

Stockholders' Equity - Schedule of Stock Option Activity (Parenthetical) (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Class of Stock [Line Items]
Granted stock option	0	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Related Party Transactions

3 Months Ended

Mar. 31, 2026

Related Party Transactions

Note 10. Related Party Transactions

In July 2025, the Company entered into an Amended and Restated Collaboration Agreement (the “PowerCo Amendment”) with PowerCo SE (“PowerCo”), a battery cell company wholly owned by the Volkswagen Group, which is a major investor in the Company, for the industrialization by PowerCo of QS technology based on QSE-5.

Under the Amendment, QS and PowerCo entered into a statement of work outlining the scope and responsibilities of the joint scale-up team working on the Company’s battery development. PowerCo has agreed that it will contribute up to $130.7 million for the project over the next two years, subject to the completion of certain technical milestones and other project goals by the joint scale-up team. The Amendment does not require the Company to repay funds contributed under the statement of work, and there are no restrictions on the use of the cash receipts.

The Company determined that such payments should be accounted for in accordance with ASC 730-20 Research and Development Arrangements, as there is a presumption of a repayment obligation due to the significant related party relationship between the parties. Further, ASC 470-50 Debt – Modifications and Extinguishments indicates extinguishment transactions between related entities may be in essence capital transactions. There were no such payments from PowerCo during the three months ended March 31, 2026.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

Stockholders Equity - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 30,509	$ 40,639
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	19,595	25,738
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 10,914	$ 14,901

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2026

Balance Sheet Related Disclosures [Abstract]

Schedule of Property and Equipment

Property and equipment as of March 31, 2026 and December 31, 2025 consisted of the following (amounts in thousands):


	March 31,			December 31
	2026			2025
Computer equipment, hardware, and software	$	7,440		$	7,275
Furniture and fixtures		123,819			123,806
Leasehold improvements		113,460			110,693
Machinery and equipment		161,284			160,009
Construction-in-progress		36,381			41,782
Property and equipment, gross		442,384			443,565
Accumulated depreciation and amortization		(202,171	)		(192,116	)
Property and equipment, net	$	240,213		$	251,449

Schedule of Accrued Liabilities

Accrued liabilities as of March 31, 2026 and December 31, 2025 consisted of the following (amounts in thousands):


	March 31,		December 31,
	2026		2025
Litigation-related accrual	$	4,655	$	3,900
Accrued property and equipment		2,536		4,243
Other		8,226		6,378
Accrued liabilities	$	15,417	$	14,521

Schedule Of Other Liabilities

Other liabilities as of March 31, 2026 and December 31, 2025 consisted of the following (amounts in thousands):


	March 31,		December 31,
	2026		2025
Asset retirement obligation	$	13,836	$	13,710
Long-term advance payments and others		1,164		1,164
Other liabilities	$	15,000	$	14,874

Leases - Summary of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Operating outgoing cash flows - finance lease	$ 478	$ 528
Financing outgoing cash flows - finance lease	870	784
Operating outgoing cash flows - operating lease	1,769	2,248
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 217	$ 0

Commitments and Contingencies - Additional Information (Details) $ in Millions	1 Months Ended	3 Months Ended
	Feb. 28, 2021 OfficerDirector Suit	Mar. 31, 2026 USD ($) Suit	Aug. 31, 2022 Suit	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Number of shareholder derivative suit filed	2		4
Number of additional shareholder derivative actions filed		2
Number of officers and directors in shareholder derivative suit \| OfficerDirector	11
Litigation amount accrued \| $		$ 4.7		$ 4.0
Other commitments, description		The Company’s minimum purchase commitments consist of non-cancellable agreements to purchase goods and services, primarily for materials, and licenses and hosting services, entered into in the ordinary course of business.

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Basis of Presentation

The Company’s unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as determined by the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”) and pursuant to the regulations of the U.S. Securities and Exchange Commission (the “SEC”). Certain prior period balances have been reclassified to conform to the current period presentation in the consolidated financial statements and the accompanying notes.

Since 2012, the Company has had a relationship with the Volkswagen Group, including its affiliates Volkswagen Group of America, Inc. (“VWGoA”) and Volkswagen Group of America Investments, LLC (“VGA”), collectively referred to as “Volkswagen.” Volkswagen, as a related party, is an approximately 26.2% voting interest holder of the Company as of both March 31, 2026 and December 31, 2025.

All intercompany accounts and transactions are eliminated in consolidation.

Use of Estimates

The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of commitments and contingencies at the date of the financial statements as well as reported amounts of expenses during the reporting periods. Estimates made by the Company include, but are not limited to, those related to the determination of business milestone achievement dates related to stock awards with performance conditions, among others. The Company bases these estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates.

Unaudited Interim Condensed Consolidated Financial Statements

The accompanying interim Condensed Consolidated Balance Sheets as of March 31, 2026, the interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), the interim Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2026 and 2025, and the interim Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025, are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in management’s opinion, include adjustments consisting of only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of March 31, 2026 and its results of operations for the three months ended March 31, 2026 and 2025, and cash flows for the three months ended March 31, 2026 and 2025. The financial data and the other financial information disclosed in the notes to these condensed consolidated financial statements related to the three-month period is also unaudited. The results of operations for the three months ended March 31, 2026 and 2025 are not necessarily indicative of the results to be expected for the full fiscal year or any other period.

These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes included in the Company’s audited annual consolidated financial statements for the year ended December 31, 2025, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed on February 25, 2026 (the “Annual Report”).

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to credit risk consist principally of cash and cash equivalents and marketable securities. As of March 31, 2026 and December 31, 2025, approximately $61.3 million and $117.8 million of our total cash and cash equivalents and marketable securities, are held in U.S. money market funds, and $590.7 million and $590.8 million are invested in U.S. government and agency securities, respectively. The Company seeks to mitigate its credit risk with respect to cash and cash equivalents and marketable securities by making deposits with what we believe to be large, reputable financial institutions and investing in high credit rated shorter-term instruments.

Cash and Cash Equivalents and Restricted Cash

Management considers all highly liquid investments with original maturities of three months or less to be cash equivalents.

Restricted cash is maintained under an agreement that legally restricts the use of such funds and is reported within other assets as the date of availability or disbursement for all restricted cash is more than one year from March 31, 2026.

Restricted cash is comprised of $13.7 million as of March 31, 2026 and $18.0 million as of March 31, 2025, all of which is pledged as a form of security for the Company’s lease agreements for its facilities. The restricted cash is maintained in certificates of deposits as of March 31, 2026.

Marketable Securities

The Company classifies its marketable securities as available-for-sale securities. The Company does not buy and hold securities principally for the purpose of selling them in the near future. The Company’s policy is focused on the preservation of capital, liquidity, and return. From time to time, the Company may sell certain securities, but the objectives are generally not to generate profits on short-term differences in price.

These securities are carried at estimated fair value with unrealized gains and losses included in other comprehensive gain/loss in stockholders’ equity until realized. Gains and losses on marketable security transactions are reported on the specific-identification method. Dividend and interest income are recognized when earned.

Fair Value Measurement

The Company applies fair value accounting for all financial assets and liabilities measured on a recurring and nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. The accounting guidance established a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, used to determine the fair value of its financial instruments. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

•

Level 1 – Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access.

•

Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets and liabilities.

•

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities.

Property and Equipment

Property and equipment are recorded at historical cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful life of the related asset. Improvements that increase functionality of the fixed asset, as well as estimated costs for asset retirement obligations, are capitalized and depreciated over the asset’s remaining useful life. Deposits for purchases of property and equipment are included in construction-in-progress. Construction-in-progress is not depreciated until the asset is placed in service. Fully depreciated assets are retained in property and equipment, net, until removed from service.

The Company reviews the estimated useful lives of its fixed assets on an ongoing basis. The estimated useful lives of assets are generally as follows:


Computer equipment, hardware, and software		3 - 5 years
Furniture and fixtures		7 - 10 years
Machinery and equipment		3 - 10 years
Leasehold improvements		Shorter of the lease term (including estimated renewals) or the estimated useful lives of the improvements

Impairment of Long-Lived Assets

The Company evaluates the carrying value of long-lived assets when indicators of impairment exist. The carrying value of a long-lived asset is considered impaired when the estimated separately identifiable, undiscounted cash flows from such an asset are less than the carrying value of the asset. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. There were no material impairment charges in the three months ended March 31, 2026 and March 31, 2025.

Leases

The Company classifies arrangements meeting the definition of a lease as operating or financing leases, and leases are recorded on the Condensed Consolidated Balance Sheets as both a right-of-use (“ROU”) asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Company’s incremental borrowing rate which is the rate incurred to borrow on a collateralized basis over a similar term. ROU assets also include any prepaid lease payments and lease incentives. Lease liabilities are increased by interest and reduced by payments each period, and the ROU asset is reduced over the lease term. For operating leases, interest on the lease liability and the non-cash lease expense result in straight-line rent expense over the lease term. For finance leases, interest on the lease liability and the amortization of the ROU asset results in front-loaded expense over the lease term. Variable lease expenses, including common maintenance fees, insurance and property tax, are recorded when incurred.

In calculating the right-of-use asset and lease liability, the Company elects to combine lease and non-lease components for all classes of assets, and elects to exclude short-term leases having terms of twelve months or less.

Segments

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (the “CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer.

The Company has determined that it operates in one operating segment and one reportable segment, as the CODM reviews financial information presented on a consolidated basis. The operating segment has not derived revenue from its business activities as of March 31, 2026. The CODM uses net loss for purposes of making operating decisions, allocating resources, and evaluating financial performance. Significant expenses for the three months ended March 31, 2026, and 2025 include non-cash stock-based compensation of 30.5 million and 40.6 million, and depreciation and amortization of 14.8 million and 18.3 million, which are reflected in the Consolidated Statement of Cash Flows. Significant expenses for the three months ended March 31, 2026, and 2025, respectively, also include personnel costs of $36.0 million and $37.9 million. Other expenses include materials, facilities, other research, development, and administrative expenses, which are recorded within operating expenses. Other segment items included in consolidated net loss are interest income, interest expense, and other income (loss), which are reflected in the Consolidated Statements of Operations and Comprehensive Income (Loss) for the three months ended March 31, 2026 and 2025.

The long-lived assets outside of United States are not material as of March 31, 2026. The measure of segment assets is reported on the consolidated balance sheet as total assets. Refer to the Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 for total consolidated assets.

Research and Development Cost

Costs related to research and development are expensed as incurred.

General and Administrative Expenses

General and administrative expenses represent costs incurred by the Company in managing the business, including salary, benefits, incentive compensation, marketing, insurance, professional fees and other operating costs associated with the Company’s non-research and development activities.

Stock-Based Compensation

The Company measures and recognizes compensation expense for all stock-based awards made to employees and directors, including stock options, restricted stock units and restricted shares, based on estimated fair values recognized over the requisite service period.

The Company accounts for forfeitures when they occur. Stock-based compensation expense related to stock options was immaterial for the three months ended March 31, 2026.

The fair values of restricted stock units granted with service conditions only are based on the closing price of the Company’s Class A Common Stock on the date of grant. The Company recognizes compensation expense for restricted stock units with only service conditions on a straight-line basis over the requisite service period of the awards, which is generally the award vesting term of four years.

The fair values of restricted stock units granted with service and performance conditions are based on the closing price of the Company’s Class A Common Stock on the grant date. The vesting schedule of such awards is based entirely on the attainment of both service and performance conditions. Each quarter the Company assesses whether it is probable that it will achieve each performance condition and if so, the future time when the Company expects to achieve that performance condition, the “expected vesting date”. When the Company first determines that a performance condition has become probable of being achieved, the Company allocates the entire expense for the related tranche over the number of quarters between the grant date and expected vesting date, which represents the requisite service period. The requisite service period at any given time is generally the period between the grant date and the expected time when the performance condition will be achieved with the service condition also being met.

The Company’s 2020 Employee Stock Purchase Plan (the “ESPP”) is compensatory in accordance with ASC 718-50-25. The Company measures and recognizes compensation expense for shares to be issued under the ESPP based on estimated grant date fair value recognized on a straight-line basis over the offering period.

The ESPP provides eligible employees with the opportunity to purchase shares of the Company’s Class A Common Stock at a discount through payroll deductions. There were no shares purchased under the ESPP during the three months ended March 31, 2026. As of March 31, 2026, 8.1 million shares of Class A Common Stock were reserved for future issuance under the ESPP.

The Company has established the corporate bonus plan to settle in the form of restricted stock units to eligible employees upon the achievement of certain service and performance conditions (“the Bonus Plan”). The awards under the Bonus Plan are classified as a liability prior to the settlement of vested restricted stock units, upon which the liability is reclassified into equity. The Company recognizes compensation expense for the annual Bonus Plan to be settled in restricted stock units on a straight-line basis over the requisite service period of approximately a year. The Bonus Plan awards are measured at the grant date fair value, i.e., the closing price of the Company’s Class A Common Stock on the grant date, which is the settlement date.

Income Taxes

The Company accounts for income taxes under an asset and liability approach. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and operating loss carryforwards, measured by applying currently enacted tax laws. Valuation allowances are provided when necessary to reduce net deferred tax assets to an amount that is more likely than not to be realized.

The Company recognizes tax liabilities based upon its estimate of whether, and the extent to which, additional taxes will be due when such estimates are more likely than not to be sustained. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained.

The Company has no material provision for income taxes for the March 31, 2026 and 2025. The Company has no material current tax expense from losses and no deferred expense from the valuation allowance. The Company’s effective tax rate differs from the U.S. statutory rate primarily due to a valuation allowance against its net deferred tax assets as it is more likely than not that some or all of the deferred tax assets will not be realized.

Fair Value Measurement - Summary of Financial Assets Subject to Fair Value Measurements on Recurring Basis (Parenthetical) (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Fair Value Disclosures [Abstract]
Marketable securities	$ 74.7	$ 91.2

Recent Accounting Pronouncements

3 Months Ended

Mar. 31, 2026

Accounting Standards Update and Change in Accounting Principle [Abstract]

Recent Accounting Pronouncements

Note 3. Recent Accounting Pronouncements

Recent Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure of specified information about certain costs and expenses in the notes to financial statements at interim and annual reporting periods. The ASU is effective for all public business entities for annual periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which eliminates accounting consideration of software project development stages and clarifies the threshold applied to begin capitalizing costs. The ASU is effective for fiscal years beginning after December 15, 2027 and interim periods within those fiscal years, and permits prospective, modified prospective, or retrospective adoption. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which provides updated guidance on how to recognize, measure, and present government grants. The ASU is effective for all public business entities for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies interim disclosure requirements and the applicability of Topic 270. The ASU also includes a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The ASU is effective all public business entities for interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss Per Share - Summary of Potential Common Stock Outstanding Excluded from Computation of Diluted Net Loss Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive	38,325	45,701
Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive	3,345	11,970
RSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive	26,518	23,319
PSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive	8,462	10,412

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 145,068	$ 230,524
Marketable securities	759,636	740,283
Prepaid expenses and other current assets	11,178	10,835
Total current assets	915,882	981,642
Property and equipment, net	240,213	251,449
Right-of-use assets - operating lease	33,207	34,078
Right-of-use assets - finance lease	23,919	19,394
Other assets	15,870	21,593
Total assets	1,229,091	1,308,156
Current liabilities
Accounts payable	7,361	11,819
Accrued liabilities	15,417	14,521
Accrued compensation and benefits	12,463	26,969
Operating lease liability, short-term	4,852	4,653
Finance lease liability, short-term	3,675	3,584
Total current liabilities	43,768	61,546
Operating lease liability, long-term	33,337	34,481
Finance lease liability, long-term	27,320	28,282
Other liabilities	15,000	14,874
Total liabilities	119,425	139,183
Commitment and contingencies (see Note 7)
Stockholders’ equity
Preferred stock- $0.0001 par value; 100,000 shares authorized, none issued and outstanding as of March 31, 2026 and December 31, 2025
Common stock - $0.0001 par value; 1,250,000 shares authorized (1,000,000 Class A and 250,000 Class B); 578,145 Class A and 36,968 Class B shares issued and outstanding as of March 31, 2026, 570,128 Class A and 37,502 Class B shares issued and outstanding as of December 31, 2025	61	61
Additional paid-in-capital	5,004,352	4,961,832
Accumulated other comprehensive income	(384)	644
Accumulated deficit	(3,894,363)	(3,793,564)
Total stockholders’ equity	1,109,666	1,168,973
Total liabilities and stockholders' equity	$ 1,229,091	$ 1,308,156

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating expenses:
Research and development	$ 84,570	$ 95,589
General and administrative	24,609	27,986
Total operating expenses	109,179	123,575
Loss from operations	(109,179)	(123,575)
Other income (expense):
Interest expense	(478)	(528)
Interest income	8,890	9,769
Other income (expense)	(25)	80
Loss before income taxes	(100,792)	(114,254)
Income tax provision	(7)	(169)
Net loss	(100,799)	(114,423)
Other comprehensive income (loss):
Unrealized loss on marketable securities	(1,028)	(328)
Total comprehensive loss	$ (101,827)	$ (114,751)
Net loss per share - Basic	$ (0.16)	$ (0.21)
Net loss per share - Diluted	$ (0.16)	$ (0.21)
Weighted-average common shares outstanding - Basic	611,013	548,006
Weighted-average common shares outstanding - Diluted	611,013	548,006

Leases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

Note 6. Leases

The Company leases its facilities and certain equipment, with current lease terms running through 2032. Many leases include options to renew. The Company did not include renewal options in the calculation of the lease liability and right-of use asset at the lease inception unless the exercise of such options was reasonably certain. Fixed rent generally escalates each year, and the Company is responsible for a portion of the landlords’ operating expenses such as property tax, insurance and common area maintenance.

The Company’s leases include various operating leases expiring at various dates through September 2032 and a finance lease expiring September 2032 for one of our buildings in San Jose.

The Company’s leases do not have any contingent rent payments and do not contain residual value guarantees.

The components of lease related expense are as follows (amounts in thousands):


	Three Months Ended March 31,
Lease costs	2026			2025
Finance lease costs:
Amortization of right-of-use assets	$	1,467		$	718
Interest on lease liabilities		478			528
Operating lease costs		1,720			2,250
Sublease income		(436	)		—
Variable lease costs		614			1,277
Total lease expense	$	3,843		$	4,773

The components of supplemental cash and non-cash information related to leases are as follows (amounts in thousands):


	Three Months Ended March 31,
	2026		2025
Operating outgoing cash flows - finance lease	$	478	$	528
Financing outgoing cash flows - finance lease		870		784
Operating outgoing cash flows - operating lease		1,769		2,248
Right-of-use assets obtained in exchange for new operating lease liabilities		217		—

The table below displays additional information for leases as of March 31, 2026 and December 31, 2025:


	March 31, 2026			December 31, 2025
Finance lease
Weighted-average remaining lease term - finance lease (in years)		6.5			6.8
Weighted-average discount rate - finance lease		6.06	%		6.06	%
Operating lease
Weighted-average remaining lease term - operating lease (in years)		6.4			6.6
Weighted-average discount rate - operating lease		6.52	%		6.52	%

As of March 31, 2026, future minimum payments during the next five years and thereafter are as follows (amounts in thousands):


Fiscal Year	Operating Leases			Finance Lease
2026 (remaining nine months)	$	5,390		$	4,069
2027		7,314			5,566
2028		7,129			5,719
2029		7,129			5,876
2030		7,343			6,038
2031		7,563			6,204
Thereafter		5,166			4,228
Total		47,034			37,700
Less present value discount		(8,845	)		(6,705	)
Lease liabilities		38,189			30,995

As the Company’s lease agreements do not provide an implicit rate, the Company used an estimated incremental borrowing rate that will be incurred to borrow on a collateralized basis over a similar term at the lease commencement date or modification date in determining the present value of lease payments.

Asset Retirement Obligations

The Company establishes assets and liabilities for the present value of estimated future costs to return certain of our leased facilities to their original condition upon the termination or expiration of a lease. The recognition of an asset retirement obligation requires the Company to make assumptions and judgments including the actions required to satisfy the liability, inflation rates and the credit-adjusted risk-free rate. The initially recognized asset retirement cost is included in the leasehold improvements, and amortized using the same method and useful life as the long-lived asset to which it relates. Accretion expense is recognized over time as the discounted liability is accreted to its expected settlement value. The Company recorded asset retirement obligation of approximately $13.8 million and $13.7 million as of March 31, 2026 and December 31, 2025, respectively, in Other liabilities in the Condensed Consolidated Balance Sheets.

Fair Value Measurement

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurement

Note 4. Fair Value Measurement

The Company’s financial assets subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (amounts in thousands):


	Fair Value Measured as of March 31, 2026
	Level 1		Level 2		Total
Assets included in:
Money market funds(1)	$	61,339	$	—	$	61,339
Commercial paper(2)		—		115,296		115,296
U.S. government and agency securities(2)		—		590,682		590,682
Corporate notes and bonds(2)		—		128,407		128,407
Total fair value	$	61,339	$	834,385	$	895,724


	Fair Value Measured as of December 31, 2025
	Level 1		Level 2		Total
Assets included in:
Money market funds(1)	$	117,773	$	—	$	117,773
Commercial paper(2)		—		141,108		141,108
U.S. government and agency securities(2)		—		590,808		590,808
Corporate notes and bonds(2)		—		99,608		99,608
Total fair value	$	117,773	$	831,524	$	949,297

(1)

Money market funds are included in cash and cash equivalents on the Condensed Consolidated Balance Sheets.

(2)

Marketable securities consist of commercial paper, U.S. government and agency securities, corporate notes and bonds. As of March 31, 2026 and December 31, 2025, marketable securities with original maturities of three months or less of $74.7 million and $91.2 million, respectively, are included in cash and cash equivalents on the Condensed Consolidated Balance Sheets.

Level 1 assets: Money market funds are classified as Level 1 within the fair value hierarchy, as fair value is based on unadjusted quoted prices in active markets for identical assets.

Level 2 assets: Investments in commercial paper, U.S. government and agency securities, and corporate notes and bonds are classified as Level 2 as they were valued based upon quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets.

The Company had no financial liabilities subject to fair value measurements on a recurring basis as of March 31, 2026 and December 31, 2025.

There have been no changes to the valuation methods utilized during the three months ended March 31, 2026. As of March 31, 2026 and December 31, 2025, the carrying values of cash and cash equivalents, accounts payable and accrued liabilities approximate their respective fair values due to their short-term nature.

Marketable Securities

The following table summarizes, by major security type, the Company’s assets that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. Amortized cost net of unrealized gain (loss) is equal to fair value as of March 31, 2026 and December 31, 2025. The fair value as of March 31, 2026 and December 31, 2025 are as follows (amounts in thousands):


	March 31, 2026
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
Level 1 securities
Money market funds	$	61,339	$	—	$	—		$	61,339
Level 2 securities
Commercial paper		115,296		—		—			115,296
U.S. government and agency securities		590,932		76		(326	)		590,682
Corporate notes and bonds		128,541		11		(145	)		128,407
Total	$	896,108	$	87	$	(471	)	$	895,724

	December 31, 2025
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
Level 1 securities
Money market funds	$	117,773	$	—	$	—		$	117,773
Level 2 securities
Commercial paper		141,108		—		—			141,108
U.S. government and agency securities		590,215		593					590,808
Corporate notes and bonds		99,557		68		(17	)		99,608
Total	$	948,653	$	661	$	(17	)	$	949,297

Realized gains and losses and interest income from the investment are included in interest income.

The Company regularly reviews its available-for-sale marketable securities in an unrealized loss position and evaluates the current expected credit loss by considering factors such as historical experience, market data, issuer-specific factors, and current economic conditions. The following tables display additional information regarding gross unrealized losses and fair value by major security type for the 50 and 3 marketable securities in unrealized loss positions held by the Company as of March 31, 2026 and December 31, 2025, respectively (amounts in thousands):


	March 31, 2026
	Less than 12 Consecutive Months					12 Consecutive Months or Longer				Total
	Gross Unrealized Loss			Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss			Fair Value
U.S. government and agency securities	$	(326	)	$	355,412	$	—	$	—	$	(326	)	$	355,412
Corporate notes and bonds		(145	)		109,162		—		—		(145	)		109,162
Total	$	(471	)	$	464,574	$	—	$	—	$	(471	)	$	464,574

	December 31, 2025
	Less than 12 Consecutive Months					12 Consecutive Months or Longer				Total
	Gross Unrealized Loss			Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss			Fair Value
U.S. government and agency securities	$	—		$	—	$	—	$	—	$	—		$	—
Corporate notes and bonds		(17	)		17,253		—		—		(17	)		17,253
Total	$	(17	)	$	17,253	$	—	$	—	$	(17	)	$	17,253

The unrealized losses were attributable to changes in interest rates that impacted the value of the investments, and not increased credit risk. There were no sales of available-for-sale marketable securities during the three months ended March 31, 2026 and 2025. The Company does not intend to sell the investments that are in an unrealized loss position, nor is it more likely than not that the Company will be required to sell the investments before the recovery of the amortized cost basis, which may be its maturity. Accordingly, the Company did not record an allowance for credit losses associated with these investments.

The estimated amortized cost and fair value of available-for-sale securities by contractual maturity as of March 31, 2026 are as follows (amounts in thousands):


	March 31, 2026
	Amortized Cost		Fair Value
Due within one year	$	862,694	$	862,416
Due after one year and through five years		33,414		33,308
Total	$	896,108	$	895,724

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Summary of Financial Assets Subject to Fair Value Measurements on Recurring Basis

The Company’s financial assets subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (amounts in thousands):


	Fair Value Measured as of March 31, 2026
	Level 1		Level 2		Total
Assets included in:
Money market funds(1)	$	61,339	$	—	$	61,339
Commercial paper(2)		—		115,296		115,296
U.S. government and agency securities(2)		—		590,682		590,682
Corporate notes and bonds(2)		—		128,407		128,407
Total fair value	$	61,339	$	834,385	$	895,724


	Fair Value Measured as of December 31, 2025
	Level 1		Level 2		Total
Assets included in:
Money market funds(1)	$	117,773	$	—	$	117,773
Commercial paper(2)		—		141,108		141,108
U.S. government and agency securities(2)		—		590,808		590,808
Corporate notes and bonds(2)		—		99,608		99,608
Total fair value	$	117,773	$	831,524	$	949,297

(1)

Money market funds are included in cash and cash equivalents on the Condensed Consolidated Balance Sheets.

(2)

Summary of Major Security Type Assets That Measured at Fair Value on Recurring Basis

The fair value as of March 31, 2026 and December 31, 2025 are as follows (amounts in thousands):


	March 31, 2026
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
Level 1 securities
Money market funds	$	61,339	$	—	$	—		$	61,339
Level 2 securities
Commercial paper		115,296		—		—			115,296
U.S. government and agency securities		590,932		76		(326	)		590,682
Corporate notes and bonds		128,541		11		(145	)		128,407
Total	$	896,108	$	87	$	(471	)	$	895,724

	December 31, 2025
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
Level 1 securities
Money market funds	$	117,773	$	—	$	—		$	117,773
Level 2 securities
Commercial paper		141,108		—		—			141,108
U.S. government and agency securities		590,215		593					590,808
Corporate notes and bonds		99,557		68		(17	)		99,608
Total	$	948,653	$	661	$	(17	)	$	949,297

Summary of Additional Information Gross Unrealized Losses and Fair Value By Major Security For Marketable Securities

The following tables display additional information regarding gross unrealized losses and fair value by major security type for the 50 and 3 marketable securities in unrealized loss positions held by the Company as of March 31, 2026 and December 31, 2025, respectively (amounts in thousands):


	March 31, 2026
	Less than 12 Consecutive Months					12 Consecutive Months or Longer				Total
	Gross Unrealized Loss			Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss			Fair Value
U.S. government and agency securities	$	(326	)	$	355,412	$	—	$	—	$	(326	)	$	355,412
Corporate notes and bonds		(145	)		109,162		—		—		(145	)		109,162
Total	$	(471	)	$	464,574	$	—	$	—	$	(471	)	$	464,574

	December 31, 2025
	Less than 12 Consecutive Months					12 Consecutive Months or Longer				Total
	Gross Unrealized Loss			Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss			Fair Value
U.S. government and agency securities	$	—		$	—	$	—	$	—	$	—		$	—
Corporate notes and bonds		(17	)		17,253		—		—		(17	)		17,253
Total	$	(17	)	$	17,253	$	—	$	—	$	(17	)	$	17,253

Summary of Estimated Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturity

The estimated amortized cost and fair value of available-for-sale securities by contractual maturity as of March 31, 2026 are as follows (amounts in thousands):


	March 31, 2026
	Amortized Cost		Fair Value
Due within one year	$	862,694	$	862,416
Due after one year and through five years		33,414		33,308
Total	$	896,108	$	895,724

- Definition

Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accrued Liabilities, Current [Abstract]
Litigation-related accrual	$ 4,655	$ 3,900
Accrued property and equipment	2,536	4,243
Other	8,226	6,378
Accrued liabilities	$ 15,417	$ 14,521

Fair Value Measurement - Summary of Gross Unrealized Losses and Fair Value for Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Gross unrealized loss less than 12 consecutive months	$ (471)	$ (17)
Fair value less than 12 consecutive months	464,574	17,253
Total gross unrealized loss	(471)	(17)
Total fair value	464,574	17,253
U.S. Government and Agency Securities
Debt Securities, Available-for-Sale [Line Items]
Gross unrealized loss less than 12 consecutive months	(326)
Fair value less than 12 consecutive months	355,412
Total gross unrealized loss	(326)
Total fair value	355,412
Corporate Notes and Bonds
Debt Securities, Available-for-Sale [Line Items]
Gross unrealized loss less than 12 consecutive months	(145)	(17)
Fair value less than 12 consecutive months	109,162	17,253
Total gross unrealized loss	(145)	(17)
Total fair value	$ 109,162	$ 17,253

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

All intercompany accounts and transactions are eliminated in consolidation.

Use of Estimates

Unaudited Interim Condensed Consolidated Financial Statements

Concentrations of Credit Risk

Cash and Cash Equivalents and Restricted Cash

Management considers all highly liquid investments with original maturities of three months or less to be cash equivalents.

Marketable Securities

Fair Value Measurement

•

Level 1 – Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access.

•

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities.

Property and Equipment

The Company reviews the estimated useful lives of its fixed assets on an ongoing basis. The estimated useful lives of assets are generally as follows:


Computer equipment, hardware, and software		3 - 5 years
Furniture and fixtures		7 - 10 years
Machinery and equipment		3 - 10 years
Leasehold improvements		Shorter of the lease term (including estimated renewals) or the estimated useful lives of the improvements

Impairment of Long-Lived Assets

Leases

Segments

Research and Development Cost

Costs related to research and development are expensed as incurred.

General and Administrative Expenses

Stock-Based Compensation

The Company accounts for forfeitures when they occur. Stock-based compensation expense related to stock options was immaterial for the three months ended March 31, 2026.

Income Taxes

Cash, Cash Equivalents and Restricted Cash by Category - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 145,068	$ 153,555
Other assets	13,655	18,048
Total cash, cash equivalents and restricted cash	$ 158,723	$ 171,603

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities
Net loss	$ (100,799)	$ (114,423)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	14,760	18,335
Amortization of right-of-use assets and non-cash lease expense	2,554	2,046
Accretion of discounts on marketable securities	(4,498)	(5,048)
Stock-based compensation expense	30,509	40,639
Other	454	40
Changes in operating assets and liabilities:
Prepaid expenses and other current assets and other assets	(412)	472
Accounts payable, accrued liabilities and accrued compensation and benefits	(880)	(1,532)
Operating lease liability and other liabilities	(1,199)	(1,278)
Net cash used in operating activities	(59,511)	(60,749)
Investing activities
Purchases of property and equipment	(9,980)	(5,835)
Proceeds from maturities of marketable securities	231,953	281,220
Purchases of marketable securities	(247,836)	(213,352)
Other	174
Net cash (used in) provided by investing activities	(25,689)	62,033
Financing activities
Proceeds from exercise of stock options	614	11,182
Proceeds from issuance of common stock, net of issuance costs paid		1,007
Principal payment for finance lease	(870)	(784)
Net cash (used in) provided by financing activities	(256)	11,405
Net (decrease) increase in cash, cash equivalents and restricted cash	(85,456)	12,689
Cash, cash equivalents and restricted cash at beginning of period	244,179	158,914
Cash, cash equivalents and restricted cash at end of period	158,723	171,603
Supplemental disclosure:
Cash paid for interest	478	528
Purchases of property and equipment, not yet paid	$ 3,905	4,624
Common stock issuance costs, not yet paid		$ 110

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, outstanding	0	0
Common stock, authorized	1,250,000,000	1,250,000,000
Class A Common Stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized	1,000,000,000	1,000,000,000
Common stock, issued	578,145,000	570,128,000
Common stock, outstanding	578,145,000	570,128,000
Class B Common Stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized	250,000,000	250,000,000
Common stock, issued	36,968,000	37,502,000
Common stock, outstanding	36,968,000	37,502,000

Summary of Significant Accounting Policies - Additional Information (Details) shares in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) Segment shares	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Percentage of related party voting interest	26.20%		26.20%
Restricted cash	$ 13,700,000		$ 18,000,000
Number of reportable segment \| Segment	1
Personnel costs	$ 36,000,000	$ 37,900,000
Depreciation and amortization	14,760,000	18,335,000
Write-off of property and equipment	0	0
Stock-based compensation expense	$ 30,509,000	40,639,000
Number of operating segment \| Segment	1
Current income tax expense (benefit)	$ 0	0
Deferred income tax expense (benefit)	$ 0	$ 0
Maximum \| Restricted Stock Unit
Summary Of Significant Accounting Policies [Line Items]
Vesting period	4 years
Class A Common Stock
Summary Of Significant Accounting Policies [Line Items]
Number of shares purchased \| shares	0.0
Class A Common Stock \| 2020 Equity Employee Stock Purchase Plan
Summary Of Significant Accounting Policies [Line Items]
Common stock reserved for future issuance \| shares	8.1
US Government Money Market Fund and Marketable Securities
Summary Of Significant Accounting Policies [Line Items]
Investment securities	$ 61,300,000		117,800,000
U.S. Government and Agency Securities
Summary Of Significant Accounting Policies [Line Items]
Investment securities	$ 590,700,000		$ 590,800,000

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2026

Stockholders' Equity Note [Abstract]

Schedule of Restricted Stock Units with Service Condition and Performance Stock Unit Activities

Restricted stock units with service conditions only (“RSU”) and PSU activities under the Plans are as follows:


	RSUs Outstanding					PSUs Outstanding
	Number of Units (in thousands)			Weighted Average Grant Date Fair Value		Number of Units (in thousands)			Weighted Average Grant Date Fair Value
Balance as of December 31, 2025		28,957		$	5.17		7,376		$	4.75
Granted		825			9.24		2,349			7.03
Vested		(2,900	)		6.55		(4,299	)		6.18
Forfeited		(364	)		5.93		—			—
Balance as of March 31, 2026		26,518		$	5.14		5,426		$	4.60

Schedule of Stock-based Compensation Expense

Total stock-based compensation expense recognized in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss for all awards is as follows (amounts in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development	$	19,595	$	25,738
General and administrative		10,914		14,901
Total stock-based compensation expense	$	30,509	$	40,639

Net Loss Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

Note 9. Net Loss Per Share

Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share adjusts basic earnings per share for the potentially dilutive impact of stock options. As the Company has reported a loss for the three months ended March 31, 2026 and 2025, potentially dilutive securities are antidilutive and accordingly, basic net loss per share equals diluted net loss per share.

The following table sets forth the computation of basic and diluted loss per share of Class A Common Stock and Class B Common Stock (amounts in thousands, except per share amounts):


	Three Months Ended March 31,
	2026			2025
Numerator:
Net loss	$	(100,799	)	$	(114,423	)
Denominator:
Basic and Diluted weighted-average common shares outstanding		611,013			548,006
Basic and Diluted net loss per share	$	(0.16	)	$	(0.21	)

Basic and diluted earnings per share were the same for each period presented as the inclusion of all potential Class A Common Stock and Class B Common Stock outstanding would have been anti-dilutive.

The following table presents the potential common stock outstanding that was excluded from the computation of diluted net loss per share of common stock as of the periods presented because including them would have been antidilutive (amounts in thousands):


	As of March 31,
	2026		2025
Options		3,345		11,970
RSUs		26,518		23,319
PSUs		8,462		10,412
Total		38,325		45,701

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Schedule Of Earnings Per Share Basic And Diluted [Abstract]

Summary of Basic and Diluted Earnings (Loss) per Share of Common Stock

The following table sets forth the computation of basic and diluted loss per share of Class A Common Stock and Class B Common Stock (amounts in thousands, except per share amounts):


	Three Months Ended March 31,
	2026			2025
Numerator:
Net loss	$	(100,799	)	$	(114,423	)
Denominator:
Basic and Diluted weighted-average common shares outstanding		611,013			548,006
Basic and Diluted net loss per share	$	(0.16	)	$	(0.21	)

Summary of Potential Common Stock Outstanding Excluded from Computation of Diluted Net Loss Per Share


	As of March 31,
	2026		2025
Options		3,345		11,970
RSUs		26,518		23,319
PSUs		8,462		10,412
Total		38,325		45,701

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2024	$ 1,157,847	$ 54	$ 4,515,879	$ (3,358,514)	$ 428
Beginning balance, Shares at Dec. 31, 2024		542,549
Exercise of stock options	11,182	$ 1	11,181
Exercise of stock options, Shares		8,082
Shares issued upon vesting of restricted stock units, value	20,127	$ 1	20,126
Shares issued upon vesting of restricted stock units, shares		8,065
Shares issued under At-The-Market Offering, net of issuance costs, value	907		907
Shares issued under At-The-Market Offering, net of issuance costs, Shares		206
Stock-based compensation	33,286		33,286
Net loss	(114,423)			(114,423)
Unrealized loss on marketable securities	(328)				(328)
Ending balance at Mar. 31, 2025	1,108,598	$ 56	4,581,379	(3,472,937)	100
Ending balance, Shares at Mar. 31, 2025		558,902
Beginning balance at Dec. 31, 2025	1,168,973	$ 61	4,961,832	(3,793,564)	644
Beginning balance, Shares at Dec. 31, 2025		607,630
Exercise of stock options	614		614
Exercise of stock options, Shares		284
Shares issued upon vesting of restricted stock units, value	16,528		16,528
Shares issued upon vesting of restricted stock units, shares		7,199
Stock-based compensation	25,379		25,379
Net loss	(100,799)			(100,799)
Unrealized loss on marketable securities	(1,028)				(1,028)
Ending balance at Mar. 31, 2026	$ 1,109,666	$ 61	$ 5,004,352	$ (3,894,363)	$ (384)
Ending balance, Shares at Mar. 31, 2026		615,113

Fair Value Measurement - Summary of Major Security Type Assets That Measured at Fair Value on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Schedule of Available for Sale Securities [Line Items]
Amortized Cost	$ 896,108	$ 948,653
Gross Unrealized Gain	87	661
Gross Unrealized Loss	(471)	(17)
Fair Value	895,724	949,297
Level 1 \| Money Market Funds
Schedule of Available for Sale Securities [Line Items]
Amortized Cost	61,339	117,773
Fair Value	61,339	117,773
Level 2 \| Commercial Paper
Schedule of Available for Sale Securities [Line Items]
Amortized Cost	115,296	141,108
Fair Value	115,296	141,108
Level 2 \| U.S. Government and Agency Securities
Schedule of Available for Sale Securities [Line Items]
Amortized Cost	590,932	590,215
Gross Unrealized Gain	76	593
Gross Unrealized Loss	(326)
Fair Value	590,682	590,808
Level 2 \| Corporate Notes and Bonds
Schedule of Available for Sale Securities [Line Items]
Amortized Cost	128,541	99,557
Gross Unrealized Gain	11	68
Gross Unrealized Loss	(145)	(17)
Fair Value	$ 128,407	$ 99,608

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Property and Equipment and Their Estimated Useful Lives of Assets

The estimated useful lives of assets are generally as follows:


Computer equipment, hardware, and software		3 - 5 years
Furniture and fixtures		7 - 10 years
Machinery and equipment		3 - 10 years
Leasehold improvements		Shorter of the lease term (including estimated renewals) or the estimated useful lives of the improvements