v3.25.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity
The following table summarizes stock option activity during the three months ended March 31, 2025 (in thousands, except share and per share data):
 
Number of
Awards
Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual
Life
(in Years)
Aggregate
Intrinsic
Value
Outstanding as of December 31, 2024 10,031,486$18.12 6.5$233,161 
Granted1,416,911$47.76  
Exercised(555,867)$11.44  
Canceled and forfeited(55,494)$23.93  
Outstanding as of March 31, 2025 10,837,036$22.31 6.8$250,484 
Vested and exercisable as of March 31, 2025 6,772,788$15.46 5.5$200,429 
Schedule of Assumptions Used to Estimate Fair Value of Stock Option Awards Granted
The following assumptions were used to estimate the fair value of stock option awards granted during the following periods:
 Three Months Ended March 31,
 20252024
Expected term (in years)
6.08
6.08
Expected volatility
70.70%-71.31%
78.21%-80.36%
Risk-free interest rate
4.05%-4.65%
3.82%-4.16%
Expected dividend yield——
Summary of RSU Activity
The following table summarizes the activity under the Company’s restricted stock units for the three months ended March 31, 2025:
 Number of
Awards		Weighted-Average Grant Date
Fair Value per Award
Unvested and outstanding as of December 31, 2024 1,392,562$26.63 
Granted557,255$47.69 
Vested(409,397)$23.17 
Cancelled/Forfeited(18,291)$27.10 
Unvested and outstanding as of March 31, 2025 1,522,129$35.27 
Summary of PSU Activity
The following table summarizes the activity under the Company’s performance stock units for the three months ended March 31, 2025:
 Number of
Awards		Weighted-Average Grant Date
Fair Value per Award
Unvested and outstanding as of December 31, 2024 284,955$25.15 
Granted217,547$40.18 
Vested(147,675)$23.92 
Cancelled/Forfeited(1,084)$25.39 
Unvested and outstanding as of March 31, 2025 353,743$34.91 
Summary of Stock-based Compensation Reflected in Unaudited Condensed Consolidated Statements of Operations
Total stock-based compensation is reflected in the accompanying unaudited condensed consolidated statements of operations as follows (in thousands):
 Three Months Ended March 31,
 20252024
Selling, general and administrative$10,243 $7,589 
Research and development5,229 3,861 
Cost of sales331 — 
Total$15,803 $11,450