QUANTUMSCAPE CORP, 10-Q filed on 7/25/2025
Quarterly Report
v3.25.2
Document and Entity Information - shares
 6 Months Ended
Jun. 30, 2025
Jul. 18, 2025
Document And Entity Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jun. 30, 2025  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
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 $0.0001 per share  
Trading Symbol QS  
Security Exchange Name NYSE  
Class A Common Stock    
Document And Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   522,939,205
Class B Common Stock    
Document And Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   43,082,932
v3.25.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 172,451 $ 140,866
Marketable securities 625,042 769,901
Prepaid expenses and other current assets 8,746 11,519
Total current assets 806,239 922,286
Property and equipment, net 266,391 299,992
Right-of-use assets - operating lease 48,795 51,472
Right-of-use assets - finance lease 20,830 22,267
Other assets 26,133 26,378
Total assets 1,168,388 1,322,395
Current liabilities    
Accounts payable 6,479 6,466
Accrued liabilities 18,428 17,447
Accrued compensation and benefits 14,998 32,212
Operating lease liability, short-term 5,862 5,526
Finance lease liability, short-term 3,405 3,233
Total current liabilities 49,172 64,884
Operating lease liability, long-term 49,983 52,913
Finance lease liability, long-term 30,113 31,865
Other liabilities 14,324 14,886
Total liabilities 143,592 164,548
Commitment and contingencies (see Note 7)
Stockholders’ equity    
Preferred stock- $0.0001 par value; 100,000 shares authorized, none issued and outstanding as of June 30, 2025 and December 31, 2024
Common stock - $0.0001 par value; 1,250,000 shares authorized (1,000,000 Class A and 250,000 Class B); 522,075 Class A and 43,241 Class B shares issued and outstanding as of June 30, 2025, 487,883 Class A and 54,666 Class B shares issued and outstanding as of December 31, 2024 56 54
Additional paid-in-capital 4,612,488 4,515,879
Accumulated other comprehensive income (loss) (113) 428
Accumulated deficit (3,587,635) (3,358,514)
Total stockholders’ equity 1,024,796 1,157,847
Total liabilities and stockholders' equity $ 1,168,388 $ 1,322,395
v3.25.2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
Jun. 30, 2025
Dec. 31, 2024
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 522,075,000 487,883,000
Common stock, outstanding 522,075,000 487,883,000
Class B Common Stock    
Common stock, par value $ 0.0001 $ 0.0001
Common stock, authorized 250,000,000 250,000,000
Common stock, issued 43,241,000 54,666,000
Common stock, outstanding 43,241,000 54,666,000
v3.25.2
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Operating expenses:        
Research and development $ 101,177 $ 97,746 $ 196,766 $ 181,593
General and administrative 22,409 36,711 50,395 84,765
Total operating expenses 123,586 134,457 247,161 266,358
Loss from operations (123,586) (134,457) (247,161) (266,358)
Other income (expense):        
Interest expense (516) (562) (1,044) (1,134)
Interest income 8,940 12,016 18,709 24,081
Other income (expense) 464 50 375 (170)
Total other income 8,888 11,504 18,040 22,777
Net loss (114,698) (122,953) (229,121) (243,581)
Less: Net income attributable to non-controlling interest, net of tax of $0 0 22 0 42
Net loss attributable to common stockholders (114,698) (122,975) (229,121) (243,623)
Net loss (114,698) (122,953) (229,121) (243,581)
Other comprehensive income (loss):        
Unrealized gain (loss) on marketable securities (213) 868 (541) 2,358
Total comprehensive loss (114,911) (122,085) (229,662) (241,223)
Less: Comprehensive income attributable to non-controlling interest 0 22 0 42
Comprehensive loss attributable to common stockholders $ (114,911) $ (122,107) $ (229,662) $ (241,265)
Net loss per share - Basic $ (0.2) $ (0.25) $ (0.41) $ (0.49)
Net loss per share - Diluted $ (0.2) $ (0.25) $ (0.41) $ (0.49)
Weighted-average common shares outstanding - Basic 561,698 501,232 554,890 498,688
Weighted-average common shares outstanding - Diluted 561,698 501,232 554,890 498,688
v3.25.2
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Net income attributable to non-controlling interest, tax $ 0 $ 0 $ 0 $ 0
v3.25.2
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 Income (Loss)
Beginning balance at Dec. 31, 2023 $ 1,338,407 $ 49 $ 4,221,892 $ (2,880,657) $ (2,877)
Redeemable Non-Controlling, Beginning balance at Dec. 31, 2023 1,770        
Beginning balance, Shares at Dec. 31, 2023   493,031      
Exercise of stock options and employee stock purchase plan, Shares   2,937      
Exercise of stock options and employee stock purchase plan, value 6,570   6,570    
Shares issued upon vesting of restricted stock units, value 20,316 $ 1 20,315    
Shares issued upon vesting of restricted stock units, shares   7,672      
Stock-based compensation 56,241   56,241    
Net income (loss) (243,623)     (243,623)  
Net income (loss), Redeemable Non-Controlling interest 42        
Unrealized gain (loss) on marketable securities 2,358       2,358
Ending balance at Jun. 30, 2024 1,180,269 $ 50 4,305,018 (3,124,280) (519)
Redeemable Non-Controlling, Ending balance at Jun. 30, 2024 1,812        
Ending balance, Shares at Jun. 30, 2024   503,640      
Beginning balance at Mar. 31, 2024 1,257,872 $ 50 4,260,514 (3,001,305) (1,387)
Redeemable Non-Controlling, Beginning balance at Mar. 31, 2024 1,790        
Beginning balance, Shares at Mar. 31, 2024   499,487      
Exercise of stock options and employee stock purchase plan, Shares   1,736      
Exercise of stock options and employee stock purchase plan, value 4,622   4,622    
Shares issued upon vesting of restricted stock units, value 99   99    
Shares issued upon vesting of restricted stock units, shares   2,417      
Stock-based compensation 39,783   39,783    
Net income (loss) (122,975)     (122,975)  
Net income (loss), Redeemable Non-Controlling interest 22        
Unrealized gain (loss) on marketable securities 868       868
Ending balance at Jun. 30, 2024 1,180,269 $ 50 4,305,018 (3,124,280) (519)
Redeemable Non-Controlling, Ending balance at Jun. 30, 2024 1,812        
Ending balance, Shares at Jun. 30, 2024   503,640      
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 and employee stock purchase plan, Shares   9,960      
Exercise of stock options and employee stock purchase plan, value $ 15,659 $ 1 15,658    
Exercise of stock options, Shares 9,343        
Shares issued upon vesting of restricted stock units, value $ 20,240 $ 1 20,239    
Shares issued upon vesting of restricted stock units, shares   12,601      
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 59,805   59,805    
Net income (loss) (229,121)     (229,121)  
Unrealized gain (loss) on marketable securities (541)       (541)
Ending balance at Jun. 30, 2025 1,024,796 $ 56 4,612,488 (3,587,635) (113)
Ending balance, Shares at Jun. 30, 2025   565,316      
Beginning balance at Mar. 31, 2025 1,108,598 $ 56 4,581,379 (3,472,937) 100
Beginning balance, Shares at Mar. 31, 2025   558,902      
Exercise of stock options and employee stock purchase plan, Shares   1,878      
Exercise of stock options and employee stock purchase plan, value 4,477   4,477    
Shares issued upon vesting of restricted stock units, value 113   113    
Shares issued upon vesting of restricted stock units, shares   4,536      
Stock-based compensation 26,519   26,519    
Net income (loss) (114,698)     (114,698)  
Unrealized gain (loss) on marketable securities (213)       (213)
Ending balance at Jun. 30, 2025 $ 1,024,796 $ 56 $ 4,612,488 $ (3,587,635) $ (113)
Ending balance, Shares at Jun. 30, 2025   565,316      
v3.25.2
Condensed Consolidated Statements of Redeemable Non-Controlling Interest and Stockholders' Equity (Unaudited) (Parenthetical)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
Stock issuance costs $ 227
v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities    
Net loss $ (229,121) $ (243,581)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 37,805 24,852
Amortization of right-of-use assets and non-cash lease expense 4,114 3,967
Amortization of premiums and accretion of discounts on marketable securities (9,113) (15,679)
Stock-based compensation expense 66,894 67,112
Write-off of fixed assets 14,888 1,250
Other (279) 102
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets and other assets 3,108 (22,710)
Accounts payable, accrued liabilities and accrued compensation and benefits (6,860) 63,319
Operating lease liability (2,594) (2,533)
Other liabilities (1,431) 805
Net cash used in operating activities (122,589) (123,096)
Investing activities    
Purchases of property and equipment (14,143) (33,043)
Proceeds from maturities of marketable securities 537,564 893,843
Proceeds from sales of marketable securities   1,245
Purchases of marketable securities (384,132) (690,235)
Net cash provided by investing activities 139,289 171,810
Financing activities    
Proceeds from exercise of stock options and employee stock purchase plan 15,659 6,570
Proceeds from issuance of common stock 1,033  
Common stock issuance costs paid (227)  
Principal payment for finance lease (1,580) (1,420)
Net cash provided by financing activities 14,885 5,150
Net increase in cash, cash equivalents and restricted cash 31,585 53,864
Cash, cash equivalents and restricted cash at beginning of period 158,914 160,572
Cash, cash equivalents and restricted cash at end of period 190,499 214,436
Supplemental disclosure:    
Cash paid for interest 1,044 1,134
Purchases of property and equipment, not yet paid $ 7,051 $ 11,624
v3.25.2
Cash, Cash Equivalents and Restricted Cash by Category - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Statement of Cash Flows [Abstract]    
Cash and cash equivalents $ 172,451 $ 196,388
Other assets 18,048 18,048
Total cash, cash equivalents and restricted cash $ 190,499 $ 214,436
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure        
Net Income (Loss) $ (114,698) $ (122,975) $ (229,121) $ (243,623)
v3.25.2
Insider Trading Arrangements
shares in Thousands
 3 Months Ended
Jun. 30, 2025
shares
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
Dr. Tim Holme [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement

On June 5, 2025, Dr. Timothy Holme, our Chief Technology Officer, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 2,714,753 shares of our Class A Common Stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until August 21, 2026, or earlier if all transactions under the trading arrangement are completed.
Name Dr. Timothy Holme
Title Chief Technology Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date June 5, 2025
Expiration Date August 21, 2026
Aggregate Available 2,714,753
Kevin Hettrich [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement

On June 11, 2025, Kevin Hettrich, our Chief Financial Officer, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 117,600 shares of our Class A Common Stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until August 26, 2026, or earlier if all transactions under the trading arrangement are completed.
Name Kevin Hettrich
Title Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date June 11, 2025
Expiration Date August 26, 2026
Aggregate Available 117,600
J.b. Straubel [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement

On June 13, 2025, JB Straubel, Director, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 791,329 shares of our Class A Common Stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until June 15, 2026, or earlier if all transactions under the trading arrangement are completed.
Name JB Straubel
Title Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date June 13, 2025
Expiration Date June 15, 2026
Aggregate Available 791,329
v3.25.2
Nature of Business
 6 Months Ended
Jun. 30, 2025
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 (NYSE: QS) through a business combination with a special purpose acquisition company named Kensington Capital Acquisition Corp. (“Kensington”) which changed its name to QuantumScape Corporation upon closing in November 2020 (the “Business Combination”). As a result of the Business Combination, QuantumScape Battery Inc. survived and 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 batteries. Planned principal operations have not yet commenced. As of June 30, 2025, the Company had not derived revenue from its principal business activities.
v3.25.2
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

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 stockholder is an approximately 26.0% and 24.0% voting interest holder of the Company as of June 30, 2025 and December 31, 2024, respectively.

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 June 30, 2025, the interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), the interim Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2025 and 2024, and the interim Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024, 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 June 30, 2025 and its results of operations for the three and six months ended June 30, 2025 and 2024, and cash flows for the six months ended June 30, 2025 and 2024. 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 and six months ended June 30, 2025 and 2024 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, 2024, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 26, 2025 (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 June 30, 2025 and December 31, 2024, approximately $114.3 million and $78.7 million of our total cash and cash equivalents and marketable securities, are held in U.S. money market funds, and $595.8 million and $695.5 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 June 30, 2025.

Restricted cash is comprised of $18.0 million as of both June 30, 2025 and December 31, 2024, 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 June 30, 2025.

Marketable Securities

The Company’s investment policy is consistent with the definition of 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 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. During the three and six months ended June 30, 2025 we recorded approximately $14.8 million and $14.9 million in impairment charges, respectively, related to assets no longer in use. During the three and six months ended June 30, 2024, we recorded approximately $1.1 million and $1.3 million in impairment charges, respectively, related to assets no longer in use. These charges are recorded in Research and Development expense in the Consolidated Statements of Operations and Comprehensive Income (Loss).

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. 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 June 30, 2025. The CODM uses net loss for purposes of making operating decisions, allocating resources, and evaluating financial performance. For the three and six months ended June 30, 2025 significant expenses include non-cash stock-based compensation of $26.3 and $66.9 million, depreciation and amortization of $19.5 million and $37.8 million, write-off of property and equipment of $14.8 million and $14.9 million, personnel costs of $34.6 million and $72.6 million, and professional services and legal contingency costs of $3.6 million and $6.9 million, respectively. Similarly, for the three and six months ended June 30, 2024, significant expenses include non-cash stock-based compensation of $47.8 and $67.1 million, depreciation and amortization of $12.9 million and $24.9 million, write-off of property and equipment of $1.1 million and $1.3 million, personnel costs of $39.7 million and $77.8 million, and professional services and legal contingency costs of $7.9 million and $48.4 million, respectively. 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 (expense), which are reflected in the Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended June 30, 2025, and 2024.

The long-lived assets outside of United States are not material as of June 30, 2025. The measure of segment assets is reported on the balance sheet as total consolidated assets. Refer to the Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 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, directors, and non-employees, 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.

The fair values of options granted with only service conditions are estimated on the grant date using the Black-Scholes option pricing model. This valuation model for stock-based compensation expense requires the Company to make assumptions and judgments about the variables used in the calculation, including the expected term (weighted-average period of time that the options granted are expected to be outstanding), the volatility of the Company’s common stock, and an assumed risk-free interest rate. The Company recognizes compensation expense for all options with only service conditions on a straight-line basis over the requisite service period of the awards, which is generally the option vesting term of four years.

The fair values of options granted with performance (e.g., business milestone) and market conditions (e.g., stock price target) are estimated at the grant date using a Monte Carlo simulation model. The model determined the grant date fair value of each vesting tranche and the future date when the market condition for such tranche is expected to be achieved. The Monte Carlo valuation requires the Company to make assumptions and judgements about the variables used in the calculation including the expected term, volatility of the Company’s common stock, an assumed risk-free interest rate, and cost of equity.

For performance-based options with a vesting schedule based on the attainment of both performance and market conditions, along with service conditions, each quarter the Company assesses whether it is probable that it will achieve each performance condition that has not previously been achieved or deemed probable of achievement and if so, the future time when the Company expects to achieve that business milestone, or its “expected business milestone achievement time.” When the Company first determines that a business milestone 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 the then-applicable “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 later of (i) the expected time when the performance condition will be achieved (if the related performance condition has not yet been achieved) and (ii) the expected time when the market condition will be achieved (if the related market condition has not yet been achieved). The Company immediately recognizes a cumulative catch-up expense for all accumulated expense for the quarters from the grant date through the quarter in which the performance condition was first deemed probable of being achieved. Each quarter thereafter, the Company recognizes the then-remaining expense for the tranche through the end of the requisite service period except that upon vesting of a tranche, all remaining expense for that tranche is immediately recognized.

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 approximately 616,678 shares purchased under the ESPP during the three and six months ended June 30, 2025. As of June 30, 2025, 8.7 million shares of Class A Common Stock were reserved for future issuance under the ESPP.

The Company has established the corporate bonus plan since 2023 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 provision for income taxes for the three and six months ended June 30, 2025 and 2024. The Company has no 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.
v3.25.2
Recent Accounting Pronouncements
 6 Months Ended
Jun. 30, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Recent Accounting Pronouncements

Note 3. Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In August 2023, the FASB issued ASU 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement, which addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. The ASU is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. Additionally, a joint venture that was formed before January 1, 2025 may elect to apply the amendments retrospectively. Early adoption is permitted, either prospectively or retrospectively. The Company adopted this guidance in the first quarter of fiscal 2025. The adoption of such guidance had no impact on the Company’s consolidated financial statements as the Company does not have any joint venture as of June 30, 2025.

Recent Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the transparency and decision usefulness of income tax disclosures. The ASU is effective for all public business entities for annual periods beginning after December 15, 2024. 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 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.
v3.25.2
Fair Value Measurement
 6 Months Ended
Jun. 30, 2025
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 June 30, 2025

 

 

 

 

 

 

Level 1

 

 

Level 2

 

 

Total

 

Assets included in:

 

 

 

 

 

 

 

 

 

Money market funds(1)

 

$

114,289

 

 

$

—

 

 

$

114,289

 

Commercial paper(2)

 

 

—

 

 

 

47,208

 

 

 

47,208

 

U.S. government and agency securities(2)

 

 

—

 

 

 

595,755

 

 

 

595,755

 

Corporate notes and bonds(2)

 

 

—

 

 

 

20,840

 

 

 

20,840

 

Total fair value

 

$

114,289

 

 

$

663,803

 

 

$

778,092

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measured as of December 31, 2024

 

 

 

 

 

 

Level 1

 

 

Level 2

 

 

Total

 

Assets included in:

 

 

 

 

 

 

 

 

 

Money market funds(1)

 

$

78,736

 

 

$

—

 

 

$

78,736

 

Commercial paper(2)

 

 

—

 

 

 

61,926

 

 

 

61,926

 

U.S. government and agency securities(2)

 

 

—

 

 

 

695,504

 

 

 

695,504

 

Corporate notes and bonds(2)

 

 

—

 

 

 

54,615

 

 

 

54,615

 

Total fair value

 

$

78,736

 

 

$

812,045

 

 

$

890,781

 

 

 

 

 

 

 

 

 

 

 
(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 June 30, 2025 and December 31, 2024, marketable securities with original maturities of three months or less of $38.8 million and $42.1 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 June 30, 2025 and December 31, 2024.

There have been no changes to the valuation methods utilized during the six months ended June 30, 2025. As of June 30, 2025 and December 31, 2024, 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 June 30, 2025 and December 31, 2024. The fair value as of June 30, 2025 and December 31, 2024 are as follows (amounts in thousands):

 

 

June 30, 2025

 

 

 

Amortized
 Cost

 

 

Gross Unrealized
 Gain

 

 

Gross Unrealized
 Loss

 

 

Fair Value

 

Level 1 securities

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

114,289

 

 

$

—

 

 

$

—

 

 

$

114,289

 

Level 2 securities

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

47,208

 

 

 

—

 

 

 

—

 

 

 

47,208

 

U.S. government and agency securities

 

 

595,858

 

 

 

39

 

 

 

(142

)

 

 

595,755

 

Corporate notes and bonds

 

 

20,850

 

 

 

3

 

 

 

(13

)

 

 

20,840

 

Total

 

$

778,205

 

 

$

42

 

 

$

(155

)

 

$

778,092

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

 

 

Amortized
 Cost

 

 

Gross Unrealized
 Gain

 

 

Gross Unrealized
 Loss

 

 

Fair Value

 

Level 1 securities

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

78,736

 

 

$

—

 

 

$

—

 

 

$

78,736

 

Level 2 securities

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

61,926

 

 

 

—

 

 

 

—

 

 

 

61,926

 

U.S. government and agency securities

 

 

695,082

 

 

 

436

 

 

 

(14

)

 

 

695,504

 

Corporate notes and bonds

 

 

54,609

 

 

 

28

 

 

 

(22

)

 

 

54,615

 

Total

 

$

890,353

 

 

$

464

 

 

$

(36

)

 

$

890,781

 

 

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 32 and 17 marketable securities in unrealized loss positions held by the Company as of June 30, 2025 and December 31, 2024, respectively (amounts in thousands):

 

 

 

June 30, 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

 

$

(142

)

 

$

438,494

 

 

$

—

 

 

$

—

 

 

$

(142

)

 

$

438,494

 

Corporate notes and bonds

 

 

(13

)

 

 

13,374

 

 

 

—

 

 

 

—

 

 

 

(13

)

 

 

13,374

 

Total

 

$

(155

)

 

$

451,868

 

 

$

—

 

 

$

—

 

 

$

(155

)

 

$

451,868

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

 

 

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

 

$

(14

)

 

$

96,988

 

 

$

—

 

 

$

—

 

 

$

(14

)

 

$

96,988

 

Corporate notes and bonds

 

 

(19

)

 

 

33,111

 

 

 

(3

)

 

 

1,063

 

 

 

(22

)

 

 

34,174

 

Total

 

$

(33

)

 

$

130,099

 

 

$

(3

)

 

$

1,063

 

 

$

(36

)

 

$

131,162

 

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 and six months ended June 30, 2025. There were no sales of available-for-sale marketable securities during the three months ended June 30, 2024, and during the six months ended June 30, 2024 the Company received proceeds of $1.2 million, including interest, from the sale of available-for-sale marketable securities. The Company realized immaterial gains as a result of such sales. 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 June 30, 2025 are as follows (amounts in thousands):

 

 

 

June 30, 2025

 

 

 

Amortized Cost

 

 

Fair Value

 

Due within one year

 

$

778,205

 

 

$

778,092

 

Due after one year and through five years

 

 

—

 

 

 

—

 

Total

 

$

778,205

 

 

$

778,092

 
v3.25.2
Balance Sheet Components
 6 Months Ended
Jun. 30, 2025
Balance Sheet Related Disclosures [Abstract]  
Balance Sheet Components

Note 5. Balance Sheet Components:

Property and Equipment

Property and equipment as of June 30, 2025 and December 31, 2024 consisted of the following (amounts in thousands):

 

 

 

June 30,

 

 

December 31

 

 

 

2025

 

 

2024

 

Computer equipment, hardware, and software

 

$

7,843

 

 

$

7,831

 

Furniture and fixtures

 

 

123,716

 

 

 

107,886

 

Leasehold improvements

 

 

119,142

 

 

 

115,879

 

Machinery and equipment

 

 

161,319

 

 

 

161,460

 

Construction-in-progress

 

 

26,441

 

 

 

61,935

 

 Property and equipment, gross

 

 

438,461

 

 

 

454,991

 

Accumulated depreciation and amortization

 

 

(172,070

)

 

 

(154,999

)

Property and equipment, net

 

$

266,391

 

 

$

299,992

 

 

Depreciation and amortization expense related to property and equipment was $19.2 million and $12.7 million for the three months ended June 30, 2025 and 2024, respectively. Depreciation and amortization expense related to property and equipment was $37.4 million and $24.5 million for the six months ended June 30, 2025 and 2024, respectively.

 

 

Accrued Liabilities

Accrued liabilities as of June 30, 2025 and December 31, 2024 consisted of the following (amounts in thousands):

 

 

June 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

Accrued property and equipment

 

$

5,396

 

 

$

975

 

Litigation-related accrual

 

 

2,900

 

 

 

11,950

 

Other

 

 

10,132

 

 

 

4,522

 

Accrued liabilities

 

$

18,428

 

 

$

17,447

 

 

Other Liabilities

Other liabilities as of June 30, 2025 and December 31, 2024 consisted of the following (amounts in thousands):

 

 

June 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

Long-term advance payments

 

$

915

 

 

$

2,515

 

Asset retirement obligation

 

 

13,409

 

 

 

12,371

 

Other liabilities

 

$

14,324

 

 

$

14,886

 

 
v3.25.2
Leases
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases

Note 6. Leases

The Company leases its facilities and certain equipment, with current lease terms running through 2032. 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. Many leases include one or more options to renew. The Company does not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably certain.

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 June 30,

 

 

Six Months Ended June 30,

 

Lease costs

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Finance lease costs:

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of right-of-use assets

 

$

719

 

 

$

719

 

 

$

1,437

 

 

$

1,437

 

Interest on lease liabilities

 

 

516

 

 

 

562

 

 

 

1,044

 

 

 

1,134

 

Operating lease costs

 

 

2,256

 

 

 

2,243

 

 

 

4,506

 

 

 

4,492

 

Variable lease costs

 

 

1,021

 

 

 

800

 

 

 

2,298

 

 

 

1,656

 

Total lease expense

 

$

4,512

 

 

$

4,324

 

 

$

9,285

 

 

$

8,719

 

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

 

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

Operating outgoing cash flows - finance lease

 

$

1,044

 

 

$

1,134

 

Financing outgoing cash flows - finance lease

 

 

1,580

 

 

 

1,420

 

Operating outgoing cash flows - operating lease

 

 

4,519

 

 

 

4,388

 

Right-of-use assets obtained in exchange for new operating lease liabilities

 

 

—

 

 

 

777

 

 

 

The table below displays additional information for leases as of June 30, 2025 and December 31, 2024:

 

 

 

June 30, 2025

 

 

December 31, 2024

 

Finance lease

 

 

 

 

 

 

Weighted-average remaining lease term - finance lease (in years)

 

 

7.3

 

 

 

7.8

 

Weighted-average discount rate - finance lease

 

 

6.06

%

 

 

6.06

%

Operating lease

 

 

 

 

 

 

Weighted-average remaining lease term - operating lease (in years)

 

 

7.2

 

 

 

7.7

 

Weighted-average discount rate - operating lease

 

 

6.34

%

 

 

6.34

%

 

As of June 30, 2025, future minimum payments during the next five years and thereafter are as follows (amounts in thousands):

 

Fiscal Year

 

Operating Leases

 

 

Finance Lease

 

2025 (remaining six months)

 

$

4,582

 

 

$

2,647

 

2026

 

 

9,365

 

 

 

5,417

 

2027

 

 

9,592

 

 

 

5,566

 

2028

 

 

9,569

 

 

 

5,719

 

2029

 

 

9,686

 

 

 

5,876

 

2030

 

 

9,977

 

 

 

6,038

 

Thereafter

 

 

17,302

 

 

 

10,433

 

Total

 

 

70,073

 

 

 

41,696

 

Less present value discount

 

 

(14,228

)

 

 

(8,178

)

Lease liabilities

 

$

55,845

 

 

$

33,518

 

 

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 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 $13.4 million and $12.4 million as of June 30, 2025 and December 31, 2024, respectively, in Accrued liabilities in the Condensed Consolidated Balance Sheets.

v3.25.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2025
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, on May 30, 2024 and October 14, 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.

Delaware Class Action

A shareholder derivative suit was filed in the Court of Chancery of the State of Delaware on August 16, 2022, against former and current directors and officers of the Company and of Kensington. Defendants moved to dismiss the complaint. Plaintiff filed an amended complaint on March 3, 2023, this time seeking relief on behalf of a putative class of holders of Kensington Class A Common Stock who held such stock prior to the November 23, 2020 redemption deadline and were allegedly entitled to redeem their shares but did not. The amended class action complaint alleges that the defendants breached various duties to Kensington stockholders or aided and abetted such breaches. Defendants moved to dismiss the amended complaint on May 8, 2023, and a hearing was held on February 21, 2024. The Kensington Defendants’ motion to dismiss was denied. The Legacy QuantumScape Defendants’ motion to dismiss was denied as to two defendants and granted as to the others. In October 2024, the parties reached an agreement in principle to settle the action. The settlement funds including those from applicable insurance policies were paid into escrow during the three months ended June 30, 2025. The court granted final approval of the settlement in July 2025 and final judgment was accordingly entered in the action. As of June 30, 2025, there is no outstanding liability related to this matter.

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 June 30, 2025 and December 31, 2024, the amount accrued for each matter was individually not material, and the aggregate amount accrued was approximately $3.0 million as of June 30, 2025 and $12 million as of December 31, 2024. 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 June 30, 2025, future minimum purchase commitments in aggregate during the next five years and thereafter are as follows (amounts in thousands):

 

Fiscal Year

 

Minimum Purchase Commitments

 

2025 (remaining six months)

 

$

2,382

 

2026

 

 

2,450

 

2027

 

 

1,727

 

2028

 

 

128

 

Thereafter

 

 

—

 

Total

 

$

6,687

 
v3.25.2
Stockholders' Equity
 6 Months Ended
Jun. 30, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity

Note 8. Stockholders’ Equity

 

As of June 30, 2025 and December 31, 2024, 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 June 30, 2025, 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.

In August 2023, the Company completed an underwritten public offering of 37.5 million shares of its Class A Common Stock for an aggregate purchase price of $288.2 million, net of issuance costs of $11.8 million (the “August 2023 Public Offering”).

In February 2023, the Company entered into separate Distribution Agreements with J.P. Morgan Securities LLC, Cowen and Company, LLC, Deutsche Bank Securities Inc. and UBS Securities LLC, as sales agents, pursuant to which the Company is able to, from time to time, issue and sell common stock with an aggregate offering price of up to $400 million (the “ATM offering”) under the prospectus supplement to the Form S-3 filed on February 28, 2023 (File No. 333-266419). During the year ended December 31, 2024, 24.9 million shares of the Company’s Class A Common Stock were sold pursuant to the ATM offering for aggregate proceeds of approximately $128.5 million, net of issuance costs paid. No shares of the Company’s Class A Common Stock were sold pursuant to the ATM offering during the three months ended June 30, 2025. During the six months ended June 30, 2025, 0.2 million shares of Class A Common Stock were sold pursuant to the ATM offering for aggregate proceeds of approximately $0.9 million, net of issuance costs.

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 June 30, 2025, 136,592,934 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

Stock option activity under the Plans, including the EPA Program discussed below, is as follows:

 

 

 

Number of
Shares
Outstanding
(in thousands)

 

 

Weighted
Average
Exercise Price

 

 

Weighted
Average
Remaining
Contractual
Term
(Years)

 

 

Intrinsic value
(in thousands)

 

Balance as of December 31, 2024(1)

 

 

24,043

 

 

$

7.36

 

 

 

4.21

 

 

 

 

Cancelled and forfeited(2)

 

 

(4,829

)

 

 

23.04

 

 

 

—

 

 

 

 

Expired

 

 

(35

)

 

 

6.13

 

 

 

—

 

 

 

 

Exercised

 

 

(9,343

)

 

 

1.46

 

 

 

—

 

 

 

 

Balance as of June 30, 2025

 

 

9,836

 

 

$

5.27

 

 

 

4.07

 

 

$

31,347

 

Vested and expected to vest as of June 30, 2025(3)

 

 

9,205

 

 

$

4.06

 

 

 

3.91

 

 

$

31,347

 

Vested and exercisable as of June 30, 2025

 

 

8,715

 

 

$

3.13

 

 

 

3.78

 

 

$

31,312

 

(1) This includes 5.9 million options granted and outstanding as of December 31, 2024 pursuant to the EPA Program.

(2) This represents options cancelled and forfeited under the EPA Program.

(3) This includes 0.4 million options granted pursuant to the EPA Program that are expected to vest as of June 30, 2025. None of the options granted pursuant to the EPA Program were vested and exercisable as of June 30, 2025.

There were no options granted during the six months ended June 30, 2025 or June 30, 2024. The aggregate intrinsic value of options exercised during the six months ended June 30, 2025 and 2024 was $29.7 million and $10.8 million, respectively.

Excluding options granted pursuant to the EPA Program, as of June 30, 2025, the Company had stock-based compensation of $0.2 million related to unvested stock options not yet recognized that are expected to be recognized over an estimated weighted average period of 0.2 years.

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. As of June 30, 2025, the business milestone for one Tranche had been achieved; however, because the related stock price target has not yet been achieved, no shares have vested to date. As of June 30, 2025, one other Tranche was 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 Extraordinary Performance Award Program. The total number of shares of the Company’s Class A Common Stock underlying such waived stock options was 3,989,584. As such, these stock options were cancelled in February 2025. The remaining number of shares outstanding under the EPA Program is approximately 1.0 million as of June 30, 2025.

For the three months ended June 30, 2025, the Company recorded a credit in stock-based compensation expense of $0.8 million primarily due to forfeited awards in the current period related to the EPA Program. For the six months ended June 30, 2025, the Company recorded stock-based compensation expense of $5.2 million related to the EPA Program, net of expense including $5.7 million for the EPA awards cancelled in February 2025 where the unamortized expense was fully recognized offset by the forfeitures of awards. For the three and six months ended June 30, 2024, the Company recorded an immaterial stock-based compensation expense and a credit in stock-based compensation expense of $14.8 million for the EPA Program, respectively, primarily due to the reversal of the previously recognized expense for the options where the requisite service period had not been completed at the time of forfeiture. As of June 30, 2025, the Company had approximately $1.0 million of total unrecognized stock-based compensation expense for the business milestones currently achieved or considered probable of achievement, which will be recognized over an estimated weighted-average period of 1.7 years. As of June 30, 2025, the Company had approximately $7.0 million of total unrecognized stock-based compensation expense for the business milestones currently considered not probable of achievement.

Restricted Stock Units Activities

In 2023 and 2024, the Company granted 4.4 million and 4.2 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 2026, and May 2027, respectively. These PSUs will expire in May 2026 and May 2027, respectively, if performance conditions are not met. During the six months ended June 30, 2025, the Company granted 5.3 million shares of PSUs to members of the Company’s management team and certain other employees. The performance conditions for these PSUs are related to the Company’s product development milestones through May 2028. These PSUs will expire in May 2028 if performance conditions are not met. For the three and six months ended June 30, 2025, the Company recorded stock-based compensation expense of $3.0 million and $6.8 million, respectively, related to these PSUs. For the three and six months ended June 30, 2024, the Company recorded stock-based compensation expense of $9.9 million and $15.2 million, respectively, related to these PSUs, for the product development milestones currently 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 2025, approximately 4.3 million restricted stock units were granted and vested under the 2024 Bonus Plan for final settlement, resulting in approximately $20.2 million in additional paid in capital. For the three months ended June 30, 2025 and 2024, the Company recorded an immaterial credit and an expense of $8.0 million, respectively, to stock-based compensation related to the current year Bonus Plan. For the six months ended June 30, 2025 and 2024, the Company recorded stock-based compensation expense of approximately $7.1 million and $10.9 million, respectively, related to the current year and prior year Bonus Plans. No shares have been granted under the 2025 Bonus Plan as of June 30, 2025.

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, 2024

 

 

26,875

 

 

$

7.51

 

 

 

6,575

 

 

$

6.92

 

Granted

 

 

20,411

 

 

 

3.59

 

 

 

9,582

 

 

 

4.08

 

Vested

 

 

(5,606

)

 

 

8.77

 

 

 

(6,995

)

 

 

5.65

 

Forfeited

 

 

(4,578

)

 

 

6.37

 

 

 

(755

)

 

 

5.30

 

Balance as of June 30, 2025

 

 

37,102

 

 

$

5.31

 

 

 

8,407

 

 

$

4.88

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The fair value of RSUs which vested during the six months ended June 30, 2025 and June 30, 2024 was $27.4 million and $29.7 million, respectively. The fair value of PSUs which vested during the six months ended June 30, 2025 was $32.9 million in total, consisting of the final settlement under the 2024 Bonus Plan and the PSUs granted to management team and certain other employees. The fair value of PSUs which vested during the six months ended June 30, 2024 was $20.3 million, which was the final settlement under the 2023 Bonus Plan.

As of June 30, 2025, unrecognized stock-based compensation expense related to unvested RSUs and PSUs were $180.5 million and $21.8 million, respectively, and are expected to be recognized over a weighted average period of 2.8 years and 1.5 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 June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Research and development

 

$

17,169

 

 

$

28,170

 

 

$

42,907

 

 

$

48,818

 

General and administrative

 

 

9,086

 

 

 

19,655

 

 

 

23,987

 

 

 

18,294

 

Total stock-based compensation expense

 

$

26,255

 

 

$

47,825

 

 

$

66,894

 

 

$

67,112

 

 
v3.25.2
Earnings (Loss) Per Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share

Note 9. Earnings (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 and six months ended June 30, 2025 and 2024, 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 Class A Common Stock and Class B Common Stock (amounts in thousands, except per share amounts):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to common stockholders

 

$

(114,698

)

 

$

(122,975

)

 

$

(229,121

)

 

$

(243,623

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average Class A and Class B Common Stock outstanding - Basic and Diluted

 

 

561,698

 

 

 

501,232

 

 

 

554,890

 

 

 

498,688

 

Net loss per share attributable to Class A and Class B Common stockholders - Basic and Diluted

 

$

(0.20

)

 

$

(0.25

)

 

$

(0.41

)

 

$

(0.49

)

Basic and diluted earnings per share was 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 June 30,

 

 

 

2025

 

 

2024

 

Options

 

 

9,836

 

 

 

30,969

 

RSUs

 

 

37,102

 

 

 

31,668

 

PSUs

 

 

9,734

 

 

 

15,172

 

Total

 

 

56,672

 

 

 

77,809

 
v3.25.2
Subsequent Events
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events

Note 10. Subsequent Events

On July 8, 2025, QuantumScape Battery, Inc. (“QS”), a wholly owned subsidiary of QuantumScape Corporation (the “Company”) entered into a Lease Termination Agreement (the “Termination Agreement”) to terminate the Company’s lease for certain premises outside of the Company’s headquarters, consisting of approximately 80,641 rentable square feet of space located in San Jose, California, effective as of August 1, 2025. The original term of the Lease commenced on November 1, 2021 and was to expire on September 30, 2032. The Company expects to recognize a loss of less than $10.0 million in the fiscal quarter ended September 30, 2025.

On July 17 2025, QS entered into an Amended and Restated Collaboration Agreement (the “Amendment”) with PowerCo SE (“PowerCo”), a battery cell company wholly owned by the Volkswagen Group, which is a major investor in the Company. The Amendment amends and restates the Collaboration Agreement entered into on July 5, 2024 between QS and PowerCo for the industrialization of QS’s QSE-5 solid-state lithium metal battery technology. 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 Company is currently evaluating the impact of the project will have on its consolidated financial statements in the fiscal quarter ended September 30, 2025.

v3.25.2
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation

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 stockholder is an approximately 26.0% and 24.0% voting interest holder of the Company as of June 30, 2025 and December 31, 2024, respectively.

All intercompany accounts and transactions are eliminated in consolidation.

Use of Estimates

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

Unaudited Interim Condensed Consolidated Financial Statements

The accompanying interim Condensed Consolidated Balance Sheets as of June 30, 2025, the interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), the interim Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2025 and 2024, and the interim Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024, 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 June 30, 2025 and its results of operations for the three and six months ended June 30, 2025 and 2024, and cash flows for the six months ended June 30, 2025 and 2024. 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 and six months ended June 30, 2025 and 2024 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, 2024, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 26, 2025 (the “Annual Report”).
Concentrations of Credit Risk

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 June 30, 2025 and December 31, 2024, approximately $114.3 million and $78.7 million of our total cash and cash equivalents and marketable securities, are held in U.S. money market funds, and $595.8 million and $695.5 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

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 June 30, 2025.

Restricted cash is comprised of $18.0 million as of both June 30, 2025 and December 31, 2024, 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 June 30, 2025.

Marketable Securities

Marketable Securities

The Company’s investment policy is consistent with the definition of 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

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

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 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

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. During the three and six months ended June 30, 2025 we recorded approximately $14.8 million and $14.9 million in impairment charges, respectively, related to assets no longer in use. During the three and six months ended June 30, 2024, we recorded approximately $1.1 million and $1.3 million in impairment charges, respectively, related to assets no longer in use. These charges are recorded in Research and Development expense in the Consolidated Statements of Operations and Comprehensive Income (Loss).

Leases

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. 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

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 June 30, 2025. The CODM uses net loss for purposes of making operating decisions, allocating resources, and evaluating financial performance. For the three and six months ended June 30, 2025 significant expenses include non-cash stock-based compensation of $26.3 and $66.9 million, depreciation and amortization of $19.5 million and $37.8 million, write-off of property and equipment of $14.8 million and $14.9 million, personnel costs of $34.6 million and $72.6 million, and professional services and legal contingency costs of $3.6 million and $6.9 million, respectively. Similarly, for the three and six months ended June 30, 2024, significant expenses include non-cash stock-based compensation of $47.8 and $67.1 million, depreciation and amortization of $12.9 million and $24.9 million, write-off of property and equipment of $1.1 million and $1.3 million, personnel costs of $39.7 million and $77.8 million, and professional services and legal contingency costs of $7.9 million and $48.4 million, respectively. 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 (expense), which are reflected in the Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended June 30, 2025, and 2024.

The long-lived assets outside of United States are not material as of June 30, 2025. The measure of segment assets is reported on the balance sheet as total consolidated assets. Refer to the Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 for total consolidated assets.
Research and Development Cost

Research and Development Cost

Costs related to research and development are expensed as incurred.

General and Administrative Expenses

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

Stock-Based Compensation

The Company measures and recognizes compensation expense for all stock-based awards made to employees, directors, and non-employees, 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.

The fair values of options granted with only service conditions are estimated on the grant date using the Black-Scholes option pricing model. This valuation model for stock-based compensation expense requires the Company to make assumptions and judgments about the variables used in the calculation, including the expected term (weighted-average period of time that the options granted are expected to be outstanding), the volatility of the Company’s common stock, and an assumed risk-free interest rate. The Company recognizes compensation expense for all options with only service conditions on a straight-line basis over the requisite service period of the awards, which is generally the option vesting term of four years.

The fair values of options granted with performance (e.g., business milestone) and market conditions (e.g., stock price target) are estimated at the grant date using a Monte Carlo simulation model. The model determined the grant date fair value of each vesting tranche and the future date when the market condition for such tranche is expected to be achieved. The Monte Carlo valuation requires the Company to make assumptions and judgements about the variables used in the calculation including the expected term, volatility of the Company’s common stock, an assumed risk-free interest rate, and cost of equity.

For performance-based options with a vesting schedule based on the attainment of both performance and market conditions, along with service conditions, each quarter the Company assesses whether it is probable that it will achieve each performance condition that has not previously been achieved or deemed probable of achievement and if so, the future time when the Company expects to achieve that business milestone, or its “expected business milestone achievement time.” When the Company first determines that a business milestone 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 the then-applicable “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 later of (i) the expected time when the performance condition will be achieved (if the related performance condition has not yet been achieved) and (ii) the expected time when the market condition will be achieved (if the related market condition has not yet been achieved). The Company immediately recognizes a cumulative catch-up expense for all accumulated expense for the quarters from the grant date through the quarter in which the performance condition was first deemed probable of being achieved. Each quarter thereafter, the Company recognizes the then-remaining expense for the tranche through the end of the requisite service period except that upon vesting of a tranche, all remaining expense for that tranche is immediately recognized.

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 approximately 616,678 shares purchased under the ESPP during the three and six months ended June 30, 2025. As of June 30, 2025, 8.7 million shares of Class A Common Stock were reserved for future issuance under the ESPP.

The Company has established the corporate bonus plan since 2023 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

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 provision for income taxes for the three and six months ended June 30, 2025 and 2024. The Company has no 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.
v3.25.2
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2025
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
v3.25.2
Fair Value Measurement (Tables)
 6 Months Ended
Jun. 30, 2025
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 June 30, 2025

 

 

 

 

 

 

Level 1

 

 

Level 2

 

 

Total

 

Assets included in:

 

 

 

 

 

 

 

 

 

Money market funds(1)

 

$

114,289

 

 

$

—

 

 

$

114,289

 

Commercial paper(2)

 

 

—

 

 

 

47,208

 

 

 

47,208

 

U.S. government and agency securities(2)

 

 

—

 

 

 

595,755

 

 

 

595,755

 

Corporate notes and bonds(2)

 

 

—

 

 

 

20,840

 

 

 

20,840

 

Total fair value

 

$

114,289

 

 

$

663,803

 

 

$

778,092

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measured as of December 31, 2024

 

 

 

 

 

 

Level 1

 

 

Level 2

 

 

Total

 

Assets included in:

 

 

 

 

 

 

 

 

 

Money market funds(1)

 

$

78,736

 

 

$

—

 

 

$

78,736

 

Commercial paper(2)

 

 

—

 

 

 

61,926

 

 

 

61,926

 

U.S. government and agency securities(2)

 

 

—

 

 

 

695,504

 

 

 

695,504

 

Corporate notes and bonds(2)

 

 

—

 

 

 

54,615

 

 

 

54,615

 

Total fair value

 

$

78,736

 

 

$

812,045

 

 

$

890,781

 

 

 

 

 

 

 

 

 

 

 
(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 June 30, 2025 and December 31, 2024, marketable securities with original maturities of three months or less of $38.8 million and $42.1 million, respectively, are included in cash and cash equivalents on the Condensed Consolidated Balance Sheets.
Summary of Major Security Type Assets That Measured at Fair Value on Recurring Basis The fair value as of June 30, 2025 and December 31, 2024 are as follows (amounts in thousands):

 

 

June 30, 2025

 

 

 

Amortized
 Cost

 

 

Gross Unrealized
 Gain

 

 

Gross Unrealized
 Loss

 

 

Fair Value

 

Level 1 securities

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

114,289

 

 

$

—

 

 

$

—

 

 

$

114,289

 

Level 2 securities

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

47,208

 

 

 

—

 

 

 

—

 

 

 

47,208

 

U.S. government and agency securities

 

 

595,858

 

 

 

39

 

 

 

(142

)

 

 

595,755

 

Corporate notes and bonds

 

 

20,850

 

 

 

3

 

 

 

(13

)

 

 

20,840

 

Total

 

$

778,205

 

 

$

42

 

 

$

(155

)

 

$

778,092

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

 

 

Amortized
 Cost

 

 

Gross Unrealized
 Gain

 

 

Gross Unrealized
 Loss

 

 

Fair Value

 

Level 1 securities

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

78,736

 

 

$

—

 

 

$

—

 

 

$

78,736

 

Level 2 securities

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

61,926

 

 

 

—

 

 

 

—

 

 

 

61,926

 

U.S. government and agency securities

 

 

695,082

 

 

 

436

 

 

 

(14

)

 

 

695,504

 

Corporate notes and bonds

 

 

54,609

 

 

 

28

 

 

 

(22

)

 

 

54,615

 

Total

 

$

890,353

 

 

$

464

 

 

$

(36

)

 

$

890,781

 

 
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 32 and 17 marketable securities in unrealized loss positions held by the Company as of June 30, 2025 and December 31, 2024, respectively (amounts in thousands):

 

 

 

June 30, 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

 

$

(142

)

 

$

438,494

 

 

$

—

 

 

$

—

 

 

$

(142

)

 

$

438,494

 

Corporate notes and bonds

 

 

(13

)

 

 

13,374

 

 

 

—

 

 

 

—

 

 

 

(13

)

 

 

13,374

 

Total

 

$

(155

)

 

$

451,868

 

 

$

—

 

 

$

—

 

 

$

(155

)

 

$

451,868

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

 

 

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

 

$

(14

)

 

$

96,988

 

 

$

—

 

 

$

—

 

 

$

(14

)

 

$

96,988

 

Corporate notes and bonds

 

 

(19

)

 

 

33,111

 

 

 

(3

)

 

 

1,063

 

 

 

(22

)

 

 

34,174

 

Total

 

$

(33

)

 

$

130,099

 

 

$

(3

)

 

$

1,063

 

 

$

(36

)

 

$

131,162

 
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 June 30, 2025 are as follows (amounts in thousands):

 

 

 

June 30, 2025

 

 

 

Amortized Cost

 

 

Fair Value

 

Due within one year

 

$

778,205

 

 

$

778,092

 

Due after one year and through five years

 

 

—

 

 

 

—

 

Total

 

$

778,205

 

 

$

778,092

 
v3.25.2
Balance Sheet Components (Tables)
 6 Months Ended
Jun. 30, 2025
Balance Sheet Related Disclosures [Abstract]  
Schedule of Property and Equipment

Property and equipment as of June 30, 2025 and December 31, 2024 consisted of the following (amounts in thousands):

 

 

 

June 30,

 

 

December 31

 

 

 

2025

 

 

2024

 

Computer equipment, hardware, and software

 

$

7,843

 

 

$

7,831

 

Furniture and fixtures

 

 

123,716

 

 

 

107,886

 

Leasehold improvements

 

 

119,142

 

 

 

115,879

 

Machinery and equipment

 

 

161,319

 

 

 

161,460

 

Construction-in-progress

 

 

26,441

 

 

 

61,935

 

 Property and equipment, gross

 

 

438,461

 

 

 

454,991

 

Accumulated depreciation and amortization

 

 

(172,070

)

 

 

(154,999

)

Property and equipment, net

 

$

266,391

 

 

$

299,992

 
Schedule of Accrued Liabilities

Accrued liabilities as of June 30, 2025 and December 31, 2024 consisted of the following (amounts in thousands):

 

 

June 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

Accrued property and equipment

 

$

5,396

 

 

$

975

 

Litigation-related accrual

 

 

2,900

 

 

 

11,950

 

Other

 

 

10,132

 

 

 

4,522

 

Accrued liabilities

 

$

18,428

 

 

$

17,447

 
Schedule Of Other Liabilities

Other liabilities as of June 30, 2025 and December 31, 2024 consisted of the following (amounts in thousands):

 

 

June 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

Long-term advance payments

 

$

915

 

 

$

2,515

 

Asset retirement obligation

 

 

13,409

 

 

 

12,371

 

Other liabilities

 

$

14,324

 

 

$

14,886

 
v3.25.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Summary of Lease Related Expense

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

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

Lease costs

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Finance lease costs:

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of right-of-use assets

 

$

719

 

 

$

719

 

 

$

1,437

 

 

$

1,437

 

Interest on lease liabilities

 

 

516

 

 

 

562

 

 

 

1,044

 

 

 

1,134

 

Operating lease costs

 

 

2,256

 

 

 

2,243

 

 

 

4,506

 

 

 

4,492

 

Variable lease costs

 

 

1,021

 

 

 

800

 

 

 

2,298

 

 

 

1,656

 

Total lease expense

 

$

4,512

 

 

$

4,324

 

 

$

9,285

 

 

$

8,719

 
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):

 

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

Operating outgoing cash flows - finance lease

 

$

1,044

 

 

$

1,134

 

Financing outgoing cash flows - finance lease

 

 

1,580

 

 

 

1,420

 

Operating outgoing cash flows - operating lease

 

 

4,519

 

 

 

4,388

 

Right-of-use assets obtained in exchange for new operating lease liabilities

 

 

—

 

 

 

777

 

 

 
Summary of Additional Information for Leases

The table below displays additional information for leases as of June 30, 2025 and December 31, 2024:

 

 

 

June 30, 2025

 

 

December 31, 2024

 

Finance lease

 

 

 

 

 

 

Weighted-average remaining lease term - finance lease (in years)

 

 

7.3

 

 

 

7.8

 

Weighted-average discount rate - finance lease

 

 

6.06

%

 

 

6.06

%

Operating lease

 

 

 

 

 

 

Weighted-average remaining lease term - operating lease (in years)

 

 

7.2

 

 

 

7.7

 

Weighted-average discount rate - operating lease

 

 

6.34

%

 

 

6.34

%

 
Summary of Future Minimum Payments

As of June 30, 2025, future minimum payments during the next five years and thereafter are as follows (amounts in thousands):

 

Fiscal Year

 

Operating Leases

 

 

Finance Lease

 

2025 (remaining six months)

 

$

4,582

 

 

$

2,647

 

2026

 

 

9,365

 

 

 

5,417

 

2027

 

 

9,592

 

 

 

5,566

 

2028

 

 

9,569

 

 

 

5,719

 

2029

 

 

9,686

 

 

 

5,876

 

2030

 

 

9,977

 

 

 

6,038

 

Thereafter

 

 

17,302

 

 

 

10,433

 

Total

 

 

70,073

 

 

 

41,696

 

Less present value discount

 

 

(14,228

)

 

 

(8,178

)

Lease liabilities

 

$

55,845

 

 

$

33,518

 

 
v3.25.2
Commitments and Contingencies (Tables)
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Minimum Purchase Commitments

As of June 30, 2025, future minimum purchase commitments in aggregate during the next five years and thereafter are as follows (amounts in thousands):

 

Fiscal Year

 

Minimum Purchase Commitments

 

2025 (remaining six months)

 

$

2,382

 

2026

 

 

2,450

 

2027

 

 

1,727

 

2028

 

 

128

 

Thereafter

 

 

—

 

Total

 

$

6,687

 
v3.25.2
Stockholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Stock Option Activity

Stock option activity under the Plans, including the EPA Program discussed below, is as follows:

 

 

 

Number of
Shares
Outstanding
(in thousands)

 

 

Weighted
Average
Exercise Price

 

 

Weighted
Average
Remaining
Contractual
Term
(Years)

 

 

Intrinsic value
(in thousands)

 

Balance as of December 31, 2024(1)

 

 

24,043

 

 

$

7.36

 

 

 

4.21

 

 

 

 

Cancelled and forfeited(2)

 

 

(4,829

)

 

 

23.04

 

 

 

—

 

 

 

 

Expired

 

 

(35

)

 

 

6.13

 

 

 

—

 

 

 

 

Exercised

 

 

(9,343

)

 

 

1.46

 

 

 

—

 

 

 

 

Balance as of June 30, 2025

 

 

9,836

 

 

$

5.27

 

 

 

4.07

 

 

$

31,347

 

Vested and expected to vest as of June 30, 2025(3)

 

 

9,205

 

 

$

4.06

 

 

 

3.91

 

 

$

31,347

 

Vested and exercisable as of June 30, 2025

 

 

8,715

 

 

$

3.13

 

 

 

3.78

 

 

$

31,312

 

(1) This includes 5.9 million options granted and outstanding as of December 31, 2024 pursuant to the EPA Program.

(2) This represents options cancelled and forfeited under the EPA Program.

(3) This includes 0.4 million options granted pursuant to the EPA Program that are expected to vest as of June 30, 2025. None of the options granted pursuant to the EPA Program were vested and exercisable as of June 30, 2025.
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, 2024

 

 

26,875

 

 

$

7.51

 

 

 

6,575

 

 

$

6.92

 

Granted

 

 

20,411

 

 

 

3.59

 

 

 

9,582

 

 

 

4.08

 

Vested

 

 

(5,606

)

 

 

8.77

 

 

 

(6,995

)

 

 

5.65

 

Forfeited

 

 

(4,578

)

 

 

6.37

 

 

 

(755

)

 

 

5.30

 

Balance as of June 30, 2025

 

 

37,102

 

 

$

5.31

 

 

 

8,407

 

 

$

4.88

 

 

 

 

 

 

 

 

 

 

 

 

 

 
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 June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Research and development

 

$

17,169

 

 

$

28,170

 

 

$

42,907

 

 

$

48,818

 

General and administrative

 

 

9,086

 

 

 

19,655

 

 

 

23,987

 

 

 

18,294

 

Total stock-based compensation expense

 

$

26,255

 

 

$

47,825

 

 

$

66,894

 

 

$

67,112

 

 
v3.25.2
Earnings (Loss) Per Share (Tables)
 6 Months Ended
Jun. 30, 2025
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 Class A Common Stock and Class B Common Stock (amounts in thousands, except per share amounts):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to common stockholders

 

$

(114,698

)

 

$

(122,975

)

 

$

(229,121

)

 

$

(243,623

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average Class A and Class B Common Stock outstanding - Basic and Diluted

 

 

561,698

 

 

 

501,232

 

 

 

554,890

 

 

 

498,688

 

Net loss per share attributable to Class A and Class B Common stockholders - Basic and Diluted

 

$

(0.20

)

 

$

(0.25

)

 

$

(0.41

)

 

$

(0.49

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

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 June 30,

 

 

 

2025

 

 

2024

 

Options

 

 

9,836

 

 

 

30,969

 

RSUs

 

 

37,102

 

 

 

31,668

 

PSUs

 

 

9,734

 

 

 

15,172

 

Total

 

 

56,672

 

 

 

77,809

 
v3.25.2
Summary of Significant Accounting Policies - Additional Information (Details)
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
shares
Mar. 31, 2025
USD ($)
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Jun. 30, 2025
USD ($)
Segment
shares
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Summary Of Significant Accounting Policies [Line Items]              
Percentage of related party voting interest         26.00%   24.00%
Restricted cash $ 18,000,000       $ 18,000,000   $ 18,000,000
Number of reportable segment | Segment         1    
Personnel costs 34,600,000   $ 39,700,000   $ 72,600,000 $ 77,800,000  
Depreciation and amortization 19,500,000   12,900,000   37,805,000 24,852,000  
Write-off of property and equipment 14,800,000   1,100,000   14,888,000 1,250,000  
Stock-based compensation expense 26,300,000   47,800,000   66,894,000 67,112,000  
Professional services and legal contingency 3,600,000   7,900,000   $ 6,900,000 48,400,000  
Number of operating segment | Segment         1    
Vesting period         4 years    
Provision for income taxes $ 0   $ 0   $ 0 0  
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 616,678       616,678    
Class A Common Stock | 2020 Equity Employee Stock Purchase Plan              
Summary Of Significant Accounting Policies [Line Items]              
Common stock reserved for future issuance | shares 8,700,000       8,700,000    
US Government Money Market Fund and Marketable Securities              
Summary Of Significant Accounting Policies [Line Items]              
Investment securities $ 114,300,000       $ 114,300,000   78,700,000
U.S. Government and Agency Securities              
Summary Of Significant Accounting Policies [Line Items]              
Investment securities $ 595,800,000       $ 595,800,000   $ 695,500,000
v3.25.2
Summary of Significant Accounting Policies - Summary of Property and Equipment and Their Estimated Useful Lives (Details)
 6 Months Ended
Jun. 30, 2025
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
v3.25.2
Recent Accounting Pronouncements - Additional Information (Details) - ASU 2023-05
Jun. 30, 2025
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]  
Change in accounting principle, accounting standards update, adopted true
Change in accounting principle, accounting standards update, adoption date Jun. 30, 2025
Change in accounting principle, accounting standards update, immaterial effect true
v3.25.2
Fair Value Measurement - Summary of Financial Assets Subject to Fair Value Measurements on Recurring Basis (Details) - Recurring - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total fair value assets $ 778,092 $ 890,781
Money Market Funds    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total fair value assets [1] 114,289 78,736
Commercial Paper    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total fair value assets [2] 47,208 61,926
U.S. Government and Agency Securities    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total fair value assets [2] 595,755 695,504
Corporate Notes and Bonds    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total fair value assets [2] 20,840 54,615
Level 1    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total fair value assets 114,289 78,736
Level 1 | Money Market Funds    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total fair value assets [1] 114,289 78,736
Level 2    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total fair value assets 663,803 812,045
Level 2 | Commercial Paper    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total fair value assets [2] 47,208 61,926
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] 595,755 695,504
Level 2 | Corporate Notes and Bonds    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total fair value assets [2] $ 20,840 $ 54,615
[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 June 30, 2025 and December 31, 2024, marketable securities with original maturities of three months or less of $38.8 million and $42.1 million, respectively, are included in cash and cash equivalents on the Condensed Consolidated Balance Sheets.
v3.25.2
Fair Value Measurement - Summary of Financial Assets Subject to Fair Value Measurements on Recurring Basis (Parenthetical) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Fair Value Disclosures [Abstract]    
Marketable securities $ 38.8 $ 42.1
v3.25.2
Fair Value Measurement - Additional Information (Details)
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
Security
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Security
Class of Stock [Line Items]          
Financial liabilities subject to fair value measurements on recurring basis $ 0   $ 0   $ 0
Proceeds from sale of available-for sale marketable securities 0 $ 0 0 $ 1,200,000  
Allowance for credit losses $ 0   $ 0   $ 0
Number of marketable securities in an unrealized loss position | Security     32   17
v3.25.2
Fair Value Measurement - Summary of Major Security Type Assets That Measured at Fair Value on Recurring Basis (Details) - Recurring - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Schedule of Available for Sale Securities [Line Items]    
Amortized Cost $ 778,205 $ 890,353
Gross Unrealized Gain 42 464
Gross Unrealized Loss (155) (36)
Fair Value 778,092 890,781
Level 1 | Money Market Funds    
Schedule of Available for Sale Securities [Line Items]    
Amortized Cost 114,289 78,736
Fair Value 114,289 78,736
Level 2 | Commercial Paper    
Schedule of Available for Sale Securities [Line Items]    
Amortized Cost 47,208 61,926
Fair Value 47,208 61,926
Level 2 | U.S. Government and Agency Securities    
Schedule of Available for Sale Securities [Line Items]    
Amortized Cost 595,858 695,082
Gross Unrealized Gain 39 436
Gross Unrealized Loss (142) (14)
Fair Value 595,755 695,504
Level 2 | Corporate Notes and Bonds    
Schedule of Available for Sale Securities [Line Items]    
Amortized Cost 20,850 54,609
Gross Unrealized Gain 3 28
Gross Unrealized Loss (13) (22)
Fair Value $ 20,840 $ 54,615
v3.25.2
Fair Value Measurement - Summary of Gross Unrealized Losses and Fair Value for Marketable Securities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]    
Gross unrealized loss less than 12 consecutive months $ (155) $ (33)
Fair value less than 12 consecutive months 451,868 130,099
Gross unrealized loss 12 consecutive months or longer   (3)
Fair value 12 consecutive months or longer   1,063
Total gross unrealized loss (155) (36)
Total fair value 451,868 131,162
U.S. Government and Agency Securities    
Debt Securities, Available-for-Sale [Line Items]    
Gross unrealized loss less than 12 consecutive months (142) (14)
Fair value less than 12 consecutive months 438,494 96,988
Total gross unrealized loss (142) (14)
Total fair value 438,494 96,988
Corporate Notes and Bonds    
Debt Securities, Available-for-Sale [Line Items]    
Gross unrealized loss less than 12 consecutive months (13) (19)
Fair value less than 12 consecutive months 13,374 33,111
Gross unrealized loss 12 consecutive months or longer   (3)
Fair value 12 consecutive months or longer   1,063
Total gross unrealized loss (13) (22)
Total fair value $ 13,374 $ 34,174
v3.25.2
Fair Value Measurement - Summary of Estimated Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturity (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost, Due within one year $ 778,205
Total Amortized Cost 778,205
Fair Value, Due within one year 778,092
Total Fair Value $ 778,092
v3.25.2
Balance Sheet Components - Schedule of Property and Equipment (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Property Plant And Equipment [Line Items]    
Property and equipment, gross $ 438,461 $ 454,991
Accumulated depreciation and amortization (172,070) (154,999)
Property and equipment, net 266,391 299,992
Computer Equipment, Hardware, and Software    
Property Plant And Equipment [Line Items]    
Property and equipment, gross 7,843 7,831
Furniture and Fixtures    
Property Plant And Equipment [Line Items]    
Property and equipment, gross 123,716 107,886
Leasehold Improvements    
Property Plant And Equipment [Line Items]    
Property and equipment, gross 119,142 115,879
Machinery and Equipment    
Property Plant And Equipment [Line Items]    
Property and equipment, gross 161,319 161,460
Construction in Progress    
Property Plant And Equipment [Line Items]    
Property and equipment, gross $ 26,441 $ 61,935
v3.25.2
Balance Sheet Components - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Property, Plant and Equipment [Abstract]        
Depreciation and amortization expense related to property and equipment $ 19.2 $ 12.7 $ 37.4 $ 24.5
v3.25.2
Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Accrued Liabilities, Current [Abstract]    
Accrued property and equipment $ 5,396 $ 975
Litigation-related accrual 2,900 11,950
Other 10,132 4,522
Accrued liabilities $ 18,428 $ 17,447
v3.25.2
Balance Sheet Components - Schedule of Other Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]    
Long-term advance payments $ 915 $ 2,515
Asset retirement obligation 13,409 12,371
Other liabilities $ 14,324 $ 14,886
v3.25.2
Leases - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
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    
Finance lease, existence of option to extend     true    
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 $ 13,400   $ 13,400   $ 12,400
Net loss $ (114,698) $ (122,953) $ (229,121) $ (243,581)  
v3.25.2
Leases - Summary of Lease Related Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Finance lease costs:        
Amortization of right-of-use assets- finance lease $ 719 $ 719 $ 1,437 $ 1,437
Interest on lease liabilities 516 562 1,044 1,134
Operating lease costs 2,256 2,243 4,506 4,492
Variable lease costs 1,021 800 2,298 1,656
Total lease expense $ 4,512 $ 4,324 $ 9,285 $ 8,719
v3.25.2
Leases - Summary of Supplemental Cash Flow Information Related to Leases (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Leases [Abstract]    
Operating outgoing cash flows - finance lease $ 1,044 $ 1,134
Financing outgoing cash flows - finance lease 1,580 1,420
Operating outgoing cash flows - operating lease $ 4,519 4,388
Right-of-use assets obtained in exchange for new operating lease liabilities   $ 777
v3.25.2
Leases - Summary of Additional Information for Lease (Details)
Jun. 30, 2025
Dec. 31, 2024
Finance lease    
Weighted-average remaining lease term - finance lease (in years) 7 years 3 months 18 days 7 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) 7 years 2 months 12 days 7 years 8 months 12 days
Weighted-average discount rate - operating lease 6.34% 6.34%
v3.25.2
Leases - Summary of Future Minimum Payments (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Leases [Abstract]  
2025 (remaining six months) $ 4,582
2026 9,365
2027 9,592
2028 9,569
2029 9,686
2030 9,977
Thereafter 17,302
Total 70,073
Less present value discount (14,228)
Lease liabilities 55,845
2025 (remaining nine months) 2,647
2026 5,417
2027 5,566
2028 5,719
2029 5,876
2030 6,038
Thereafter 10,433
Total 41,696
Less present value discount (8,178)
Lease liabilities $ 33,518
v3.25.2
Commitments and Contingencies - Additional Information (Details)
 1 Months Ended 3 Months Ended 6 Months Ended
Feb. 28, 2021
OfficerDirector
Suit
Aug. 31, 2022
Suit
Jun. 30, 2025
USD ($)
Suit
Dec. 31, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]        
Litigation settlement, outstanding liability amount | $     $ 0  
Number of shareholder derivative suit filed | Suit 2 4    
Number of additional shareholder derivative actions filed | Suit     2  
Number of officers and directors in shareholder derivative suit | OfficerDirector 11      
Litigation amount accrued | $     $ 3,000,000 $ 12,000,000
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.  
v3.25.2
Commitments and Contingencies - Schedule of Future Minimum Purchase Commitments (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Minimum purchase commitments, 2025 (remaining six months) $ 2,382
Minimum purchase commitments, 2026 2,450
Minimum purchase commitments, 2027 1,727
Minimum purchase commitments, 2028 128
Minimum purchase commitments, Total $ 6,687
v3.25.2
Stockholders' Equity - Additional Information (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Feb. 28, 2025
USD ($)
shares
Aug. 31, 2023
USD ($)
shares
Dec. 31, 2021
Tranche
Jun. 30, 2025
USD ($)
$ / shares
shares
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Jun. 30, 2025
USD ($)
Tranche
$ / shares
shares
Jun. 30, 2024
USD ($)
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
shares
Dec. 31, 2022
shares
Dec. 31, 2021
shares
Feb. 28, 2023
USD ($)
Class of Stock [Line Items]                          
Shares authorized | shares       1,350,000,000     1,350,000,000   1,350,000,000        
Common stock, authorized | shares       1,250,000,000     1,250,000,000   1,250,000,000        
Preferred stock, authorized | shares       100,000,000     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.            
Stock issuance costs             $ 227            
Proceeds from common stock             $ 1,033            
Options vesting period             4 years            
Granted stock option | shares             0 0          
Aggregate intrinsic value             $ 29,700 $ 10,800          
Stock-based compensation unvested stock options not yet recognized       $ 200     $ 200            
Expected to be recognized estimated weighted average period             2 months 12 days            
Remaining number of shares outstanding | shares       9,836,000     9,836,000   24,043,000 [1]        
Stock-based compensation expense       $ 26,255 $ 47,825   $ 66,894 67,112          
Additional paid-in-capital       4,612,488     $ 4,612,488   $ 4,515,879        
Management Team and Certain Other Employees                          
Class of Stock [Line Items]                          
Stock units granted | shares             5,300,000            
EPA                          
Class of Stock [Line Items]                          
Granted stock option | shares                 5,900,000        
Expected to be recognized estimated weighted average period             1 year 8 months 12 days            
Unrecognized stock-based compensation expense       $ 1,000     $ 1,000            
Number of tranches | Tranche     5                    
Number of tranches achieved business milestone | Tranche             1            
Number of tranches considered probable | Tranche             1            
Remaining number of shares outstanding | shares       1,000,000     1,000,000            
Stock-based compensation expense       $ 800   $ 14,800 $ 5,200 14,800          
Stock-based compensation award cancelled             5,700            
EPA | Milestones Currently, Not Probable of Achievement                          
Class of Stock [Line Items]                          
Unrecognized stock-based compensation expense       7,000     $ 7,000            
RSUs                          
Class of Stock [Line Items]                          
Expected to be recognized estimated weighted average period             2 years 9 months 18 days            
Fair value of stock units vested             $ 27,400 29,700          
Unrecognized stock-based compensation expense       180,500     $ 180,500            
Stock units granted | shares             20,411,000            
PSUs                          
Class of Stock [Line Items]                          
Expected to be recognized estimated weighted average period             1 year 6 months            
Unrecognized stock-based compensation expense       21,800     $ 21,800            
Stock units granted | shares             9,582,000   4,200,000 4,400,000      
Stock-based compensation expense       3,000 9,900   $ 6,800 15,200          
2020 Equity Incentive Award Plan                          
Class of Stock [Line Items]                          
Business combination exchange ratio             4.0217501492            
2023 Bonus Plan | PSUs                          
Class of Stock [Line Items]                          
Fair value of stock units vested               20,300          
2024 Bonus Plan                          
Class of Stock [Line Items]                          
Restricted stock units granted and vested | shares 4,300,000                        
Stock-based compensation expense               $ 10,900          
Additional paid-in-capital $ 20,200                        
2024 Bonus Plan | PSUs                          
Class of Stock [Line Items]                          
Fair value of stock units vested             $ 32,900            
2025 Bonus Plan                          
Class of Stock [Line Items]                          
Stock units granted | shares             0            
Stock-based compensation expense             $ 7,100            
Immaterial credit and expense       $ 8,000 $ 8,000                
Maximum | RSUs                          
Class of Stock [Line Items]                          
Options vesting period             4 years            
ATM offering                          
Class of Stock [Line Items]                          
Aggregate offering price                         $ 400,000
Class A Common Stock                          
Class of Stock [Line Items]                          
Common stock, authorized | shares       1,000,000,000     1,000,000,000   1,000,000,000        
Common stock, par value | $ / shares       $ 0.0001     $ 0.0001   $ 0.0001        
Common stock, issued | shares       522,075,000     522,075,000   487,883,000        
Class A Common Stock | EPA                          
Class of Stock [Line Items]                          
Granted stock option | shares                     2,100,000 14,700,000  
Number of shares waived stock options | shares 3,989,584                        
Class A Common Stock | 2020 Equity Incentive Award Plan                          
Class of Stock [Line Items]                          
Common stock authorized for issuance | shares       136,592,934     136,592,934            
Class A Common Stock | Maximum | 2020 Equity Incentive Award Plan                          
Class of Stock [Line Items]                          
Common stock authorized for issuance | shares       69,846,580     69,846,580            
Class A Common Stock | ATM offering                          
Class of Stock [Line Items]                          
Proceeds from common stock             $ 900   $ 128,500        
Number of shares sold during period | shares       0     200,000   24,900,000        
Class A Common Stock | August 2023 Public Offering                          
Class of Stock [Line Items]                          
Stock issuance costs   $ 11,800                      
Common stock, issued | shares   37,500,000                      
Proceeds from common stock   $ 288,200                      
Class B Common Stock                          
Class of Stock [Line Items]                          
Common stock, authorized | shares       250,000,000     250,000,000   250,000,000        
Common stock, par value | $ / shares       $ 0.0001     $ 0.0001   $ 0.0001        
Common stock, issued | shares       43,241,000     43,241,000   54,666,000        
[1] This includes 5.9 million options granted and outstanding as of December 31, 2024 pursuant to the EPA Program.
v3.25.2
Stockholders' Equity - Schedule of Stock Option Activity (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
 [1]
Stockholders' Equity Note [Abstract]    
Outstanding at the beginning of the period (in shares) [1] 24,043  
Cancelled and forfeited (in shares) [2] (4,829)  
Expired (in shares) (35)  
Exercised (in shares) (9,343)  
Outstanding at the end of the period (in shares) 9,836 24,043
Vested and expected to vest at the end of the period (in shares) [3] 9,205  
Vested and exercisable at the end of the period (in shares) 8,715  
Outstanding at the beginning of the period (in dollars per share) [1] $ 7.36  
Cancelled and forfeited (in dollars per share) [2] 23.04  
Expired (in dollars per share) 6.13  
Exercised (in dollars per share) 1.46  
Outstanding at the end of the period (in dollars per share) 5.27 $ 7.36
Vested and expected to vest (in dollars per share) [3] 4.06  
Vested and exercisable (in dollars per share) $ 3.13  
Weighted Average Remaining Contractual Term (Years) 4 years 25 days 4 years 2 months 15 days
Weighted Average Remaining Contractual Term (Years), vested and expected to vest [3] 3 years 10 months 28 days  
Weighted Average Remaining Contractual Term (Years), vested and exercisable 3 years 9 months 10 days  
Intrinsic value, balance at end of period $ 31,347  
Intrinsic value, vested and expected to vest at end of period [3] 31,347  
Intrinsic value, vested and exercisable at end of period $ 31,312  
[1] This includes 5.9 million options granted and outstanding as of December 31, 2024 pursuant to the EPA Program.
[2] This represents options cancelled and forfeited under the EPA Program.
[3] This includes 0.4 million options granted pursuant to the EPA Program that are expected to vest as of June 30, 2025. None of the options granted pursuant to the EPA Program were vested and exercisable as of June 30, 2025.
v3.25.2
Stockholders' Equity - Schedule of Stock Option Activity (Parenthetical) (Details) - shares
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Class of Stock [Line Items]      
Granted stock option 0 0  
Options forfeited [1] 4,829,000    
Vested and expected to vest at the end of the period (in shares) [2] 9,205,000    
EPA      
Class of Stock [Line Items]      
Granted stock option     5,900,000
Vested and expected to vest at the end of the period (in shares) 400,000    
[1] This represents options cancelled and forfeited under the EPA Program.
[2] This includes 0.4 million options granted pursuant to the EPA Program that are expected to vest as of June 30, 2025. None of the options granted pursuant to the EPA Program were vested and exercisable as of June 30, 2025.
v3.25.2
Stockholders' Equity - Schedule of Restricted Stock Units with Service Condition and Performance Stock Unit Activities (Details) - $ / shares
shares in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Dec. 31, 2023
RSUs      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Number of Units, Beginning Balance 26,875    
Number of Units, Granted 20,411    
Number of Units, Vested (5,606)    
Number of Units, Forfeited (4,578)    
Number of Units, Ending Balance 37,102 26,875  
Weighted Average grant date fair value, Beginning Balance $ 7.51    
Weighted Average grant date fair value, Granted 3.59    
Weighted Average grant date fair value, Vested 8.77    
Weighted Average grant date fair value, Forfeited 6.37    
Weighted Average grant date fair value, Ending Balance $ 5.31 $ 7.51  
PSUs      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Number of Units, Beginning Balance 6,575    
Number of Units, Granted 9,582 4,200 4,400
Number of Units, Vested (6,995)    
Number of Units, Forfeited (755)    
Number of Units, Ending Balance 8,407 6,575  
Weighted Average grant date fair value, Beginning Balance $ 6.92    
Weighted Average grant date fair value, Granted 4.08    
Weighted Average grant date fair value, Vested 5.65    
Weighted Average grant date fair value, Forfeited 5.3    
Weighted Average grant date fair value, Ending Balance $ 4.88 $ 6.92  
v3.25.2
Stockholders Equity - Schedule of Stock-based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Total stock-based compensation expense $ 26,255 $ 47,825 $ 66,894 $ 67,112
Research and Development        
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Total stock-based compensation expense 17,169 28,170 42,907 48,818
General and Administrative        
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Total stock-based compensation expense $ 9,086 $ 19,655 $ 23,987 $ 18,294
v3.25.2
Earnings (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 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Numerator:        
Net loss attributable to common stockholders $ (114,698) $ (122,975) $ (229,121) $ (243,623)
Denominator:        
Weighted average Class A and Class B Common Stock outstanding - Basic 561,698 501,232 554,890 498,688
Weighted average Class A and Class B Common Stock outstanding - Diluted 561,698 501,232 554,890 498,688
Net loss per share attributable to Class A and Class B Common stockholders - Basic $ (0.2) $ (0.25) $ (0.41) $ (0.49)
Net loss per share attributable to Class A and Class B Common stockholders - Diluted $ (0.2) $ (0.25) $ (0.41) $ (0.49)
Common Class A and Class B Shares        
Denominator:        
Weighted average Class A and Class B Common Stock outstanding - Basic 561,698 501,232 554,890 498,688
Weighted average Class A and Class B Common Stock outstanding - Diluted 561,698 501,232 554,890 498,688
Net loss per share attributable to Class A and Class B Common stockholders - Basic $ (0.2) $ (0.25) $ (0.41) $ (0.49)
Net loss per share attributable to Class A and Class B Common stockholders - Diluted $ (0.2) $ (0.25) $ (0.41) $ (0.49)
v3.25.2
Earnings (Loss) Per Share - Summary of Potential Common Stock Outstanding Excluded from Computation of Diluted Net Loss Per Share (Details) - shares
shares in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Antidilutive 56,672 77,809
Options    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Antidilutive 9,836 30,969
RSUs    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Antidilutive 37,102 31,668
PSUs    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Antidilutive 9,734 15,172
v3.25.2
Subsequent Events - Additional Information (Details)
 3 Months Ended 6 Months Ended
Jul. 08, 2025
SquareFeet
Sep. 30, 2025
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jul. 17, 2025
USD ($)
Subsequent Event [Line Items]              
Net loss     $ 114,698,000 $ 122,953,000 $ 229,121,000 $ 243,581,000  
Subsequent Event | Maximum | PowerCo              
Subsequent Event [Line Items]              
Potential funding contribution amount             $ 130,700,000
QuantumScape Battery, Inc. | Lease Termination Agreement | Forecast | Maximum              
Subsequent Event [Line Items]              
Net loss   $ 10,000,000          
QuantumScape Battery, Inc. | Lease Termination Agreement | Subsequent Event              
Subsequent Event [Line Items]              
Area of rentable space lease | SquareFeet 80,641            
Lease termination date Aug. 01, 2025            
Lease expiration date Sep. 30, 2032