Our share-based compensation consists of stock options, restricted stock units (“RSU”), and performance stock units (“PSU”), and is used to compensate certain employees and non-employee directors. We also offer an employee stock purchase plan to eligible employees.

As of June 30, 2025, there were 11.8 million stock options, RSUs, and PSUs outstanding and 7.3 million shares available for grant under approved equity compensation plans.

Total share-based compensation expense was $48.4 million and $40.8 million for the three months ended June 30, 2025, and 2024, respectively, and $94.3 million and $78.8 million for the six months ended June 30, 2025, and 2024, respectively. As of June 30, 2025, there was $270.8 million of share-based compensation expense related to unvested share-based equity awards not yet recognized, which is expected to be recognized over a weighted average period of 2.0 years.


	Shares			Weighted Average Exercise Price (per share)			Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in millions)
Outstanding at December 31, 2024		1,729,781		$	65.26			5.4	$	12.8
Granted		—			—			—		—
Exercised		—			—			—		—
Forfeited or expired		(750,000	)		(65.26	)		—		—
Outstanding at June 30, 2025		979,781		$	65.26			4.9	$	—
Exercisable at June 30, 2025		979,781		$	65.26			4.9	$	—


	Shares
Outstanding at December 31, 2024		1,091,885
Granted		576,401
Vested and released		(450,957	)
Forfeited or canceled		(66,021	)
Outstanding at June 30, 2025		1,151,308


	Shares			Weighted Average Exercise Price (per share)			Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in millions)
Outstanding at December 31, 2024		4,477,645		$	56.53			4.7	$	79.7
Granted		—			—			—		—
Exercised		(45,903	)		(40.18	)		—		—
Forfeited or expired		(28,640	)		(64.00	)		—		—
Outstanding at June 30, 2025		4,403,102		$	56.66			4.3	$	24.4
Exercisable at June 30, 2025		4,401,511		$	56.65			4.3	$	24.4

For most term-based stock options, we estimated an expected term of 7.0 years, based on the vesting period and contractual life.


	Shares
Outstanding at December 31, 2024		4,110,131
Granted		2,618,637
Vested and released		(1,358,035	)
Forfeited or canceled		(153,021	)
Outstanding at June 30, 2025		5,217,712


Period Ended	Shares Issued		Purchase Price (per share)
March 31, 2025		69,467	$	49.58
June 30, 2025		67,285	$	47.08

A total of 1.0 million shares of common stock were available for future issuances under the plan as of June 30, 2025.