Stock-Based Compensation (Tables)
|
3 Months Ended |
Mar. 31, 2025 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Schedule of Company's Stock Option Activity |
The following table summarizes the Company’s stock option activity for the three months ended March 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | Stock Options Outstanding | | Weighted-Average Exercise Price | | Weighted-Average Remaining Contractual Life (in years) | | Aggregate Intrinsic Value(1) (in thousands) | | Outstanding as of December 31, 2024 | 2,049,063 | | | $ | 82.69 | | | 7.3 | | $ | 156,404 | | | | Granted | 255,773 | | | $ | 176.00 | | | | | | | | Exercised | (17,123) | | | $ | 85.39 | | | | | | | | Cancelled or forfeited | (25,240) | | | $ | 107.01 | | | | | | | | | | | | | | | | Outstanding as of March 31, 2025 | 2,262,473 | | | $ | 92.94 | | | 7.4 | | $ | 198,813 | | | Exercisable as of March 31, 2025 | 1,168,812 | | | $ | 69.13 | | | 6.4 | | $ | 130,018 | | |
(1)Aggregate intrinsic value represents the difference between the closing stock price of our Common Stock on December 31, 2024 and March 31, 2025 and the exercise price of outstanding in-the-money options. The following table summarizes the Company’s stock option activity for the three months ended March 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | Stock Options Outstanding | | Weighted-Average Exercise Price | | Weighted-Average Remaining Contractual Life (in years) | | Aggregate Intrinsic Value(1) (in thousands) | | Outstanding as of December 31, 2023 | 2,606,592 | | | $ | 66.39 | | | 7.9 | | $ | 150,405 | | | | Granted | 126,742 | | | $ | 155.82 | | | | | | | | Exercised | (259,581) | | | $ | 61.52 | | | | | | | | Cancelled or forfeited | (245,659) | | | $ | 67.89 | | | | | | | | | | | | | | | | Outstanding as of March 31, 2024 | 2,228,094 | | | $ | 71.88 | | | 7.7 | | $ | 236,279 | | | Exercisable as of March 31, 2024 | 854,224 | | | $ | 61.08 | | | 6.8 | | $ | 99,815 | | |
(1)Aggregate intrinsic value represents the difference between the closing stock price of our Common Stock on December 31, 2023 and March 31, 2024 and the exercise price of outstanding in-the-money options.
|
| Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity |
The following table summarizes the Company’s RSA activity: | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | 2025 | | 2024 | | | Number of Shares | | Weighted-Average Grant Date Fair Value | | Number of Shares | | Weighted-Average Grant Date Fair Value | | Non-vested RSAs, beginning of period | 22,200 | | | $ | 78.89 | | | 44,400 | | | $ | 78.89 | | | | Granted | — | | | | | — | | | | | | Vested | (11,925) | | | $ | 78.89 | | | (14,523) | | | $ | 78.89 | | | | Surrendered for taxes | (10,275) | | | $ | 78.89 | | | (7,677) | | | $ | 78.89 | | | Non-vested RSAs, end of period | — | | | $ | — | | | 22,200 | | | $ | 78.89 | | |
The following table summarizes the Company’s RSU activity: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | 2025 | | 2024 | | Number of Shares | | Weighted-Average Grant Date Fair Value | | Number of Shares | | Weighted-Average Grant Date Fair Value | Non-vested RSUs, beginning of period | 308,096 | | | $ | 135.22 | | | 160,900 | | | $ | 81.91 | | | Granted | 130,556 | | | $ | 179.25 | | | 223,890 | | | $ | 159.59 | | | Vested | (84,097) | | | $ | 129.56 | | | (40,075) | | | $ | 81.91 | | Forfeited | (5,798) | | | $ | 154.56 | | | (14,383) | | | $ | 86.27 | | Non-vested RSUs, end of period | 348,757 | | | $ | 152.75 | | | 330,332 | | | $ | 134.37 | |
|
| Share-Based Payment Arrangement, Performance Shares, Activity |
The following table summarizes the Company’s PSU activity: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | 2025 | | 2024 | | Number of Shares | | Weighted-Average Grant Date Fair Value | | Number of Shares | | Weighted-Average Grant Date Fair Value | Non-vested PSUs, beginning of period | 137,500 | | | $ | 145.37 | | | 50,000 | | | $ | 81.91 | | | Granted | — | | | $ | — | | | 112,500 | | | $ | 159.47 | | | Vested | (81,250) | | | $ | 135.61 | | | (25,000) | | | $ | 81.91 | | | | | | | | | | Forfeited | — | | | $ | — | | | — | | | $ | — | | Non-vested PSUs, end of period | 56,250 | | | $ | 159.47 | | | 137,500 | | | $ | 145.37 | |
|
| Summary of Stock Based Compensation Expense Related to Issuance of Stock Option Awards and Restricted Stock Awards |
The Company recorded stock-based compensation expense, net related to its stock options, RSAs, RSUs and PSUs in the condensed consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2025 and 2024 as follows: | | | | | | | | | | | | | Three Months Ended March 31, | | (in thousands) | 2025 | | 2024 | | Research and development | $ | 2,469 | | | $ | 1,868 | | | Selling, general and administrative | 11,009 | | | 7,431 | | | Total stock-based compensation | $ | 13,478 | | | $ | 9,299 | |
|