v3.25.1
Stockholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2025
Stockholders' Equity Note [Abstract]  
Stock-based Compensation Expense
The stock-based compensation related to our stock-based awards and employee stock purchase plan for the three months ended March 31, 2025 and 2024 is as follows (in thousands):
 Three Months Ended
March 31,
 20252024
Cost of net revenues$1,538 $2,064 
Selling, general and administrative30,866 28,494 
Research and development12,593 8,230 
Total stock-based compensation$44,997 $38,788 
Summary Of Restricted Stock Units A summary for the three months ended March 31, 2025 is as follows:
Number of Shares
Underlying RSUs
(in thousands)
Weighted Average Grant Date Fair ValueWeighted Average Remaining
Contractual Term (in years)		Aggregate
Intrinsic Value
(in thousands)
Unvested as of December 31, 2024
1,019 $331.10 
Granted
650 197.93 
Vested and released(286)362.30 
Forfeited(32)318.19 
Unvested as of March 31, 2025
1,351 $260.72 2.0$214,594 
Summary of MSU Performance Activity
The following table summarizes the MSU performance activity for the three months ended March 31, 2025: 
Number of Shares
Underlying MSUs
(in thousands)
Weighted Average Grant Date Fair Value
Weighted Average
Remaining
Contractual Term (in years)
Aggregate
Intrinsic Value
(in thousands)
Unvested as of December 31, 2024
193 $679.14 
Granted127 362.98 
Vested and released 1
(26)915.22 
Forfeited(10)915.22 
Unvested as of March 31, 2025
284 $506.66 2.1$45,057 
1    Includes MSUs vested during the period below 100% of the original grant as actual shares released is based on Align’s stock performance relative to a market index over the vesting period.
Summary of PSU Performance Activity
The following table summarizes the PSU performance activity for the three months ended March 31, 2025:
Number of Shares
Underlying PSUs
(in thousands)		Weighted Average Grant Date Fair Value
Weighted Average
Remaining
Contractual Term (in years)
Aggregate
Intrinsic Value
(in thousands)
Unvested as of December 31, 2024
11 $204.33 
Granted— — 
Vested and released (5)201.63 
Forfeited— — 
Unvested as of March 31, 2025
6 $206.36 1.8$1,001 
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions
The fair value of the option component of the 2010 Purchase Plan shares was estimated at the grant date using the Black-Scholes option pricing model with the following weighted average assumptions:
 Three Months Ended
March 31,
 20252024
Expected term (in years)1.10.9
Expected volatility40.9 %56.0 %
Risk-free interest rate4.2 %4.8 %
Expected dividends— — 
Weighted average fair value at grant date$70.62 $100.10