v3.25.1
Stock-based Compensation (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
The following table summarizes stock option activity during the three months ended March 31, 2025:
 
Shares
Weighted
average exercise
price
Outstanding at December 31, 20241,528,143$93.57 
Options granted99,202342.11 
Options exercised(100,277)88.83 
Options cancelled(1,050)87.09 
Outstanding at March 31, 20251,526,018$110.04 
Exercisable at March 31, 20251,150,985$78.44 
Stock-based compensation expense during the three months ended March 31, 2025 and 2024 was as follows (in thousands):
Three Months Ended March 31,
20252024
Stock-based compensation expense by type of award:
Stock options$5,439 $6,886 
Restricted stock units11,788 8,625 
Performance-based restricted stock units3,704 4,391 
Total stock-based compensation expense$20,931 $19,902 
Effect of stock-based compensation expense by line item:
Research and development$5,215 $5,907 
Selling, general and administrative15,716 13,995 
Total stock-based compensation expense included in net loss$20,931 $19,902 
Schedule of RSU Activity
The following table summarizes RSU activity, excluding performance-based RSUs, during the three months ended March 31, 2025:
Shares
Weighted average grant date fair value
Outstanding at December 31, 2024499,559$237.07 
RSUs granted
285,451345.21
RSUs vested
(81,564)257.46
RSUs forfeited
(8,451)262.40
Outstanding at March 31, 2025694,995$278.75 
Schedule of PSU Activity
The following table summarizes PSU activity during the three months ended March 31, 2025:
PSUsEligible to Earn PSUsWeighted average grant date fair value
Outstanding PSUs at December 31, 202492,760 235,520 $257.77 
PSUs granted53,725 107,450 593.49
PSUs attained(50,000)(50,000)146.37 
PSUs forfeited— — — 
Outstanding at March 31, 202596,485 292,970 $502.43