v3.25.3
Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 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 nine months ended September 30, 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 
Granted385,403 $166.80 
Exercised(102,468)$68.04 
Cancelled or forfeited(95,851)$107.43 
Outstanding as of September 30, 2025
2,236,147 $96.80 7.0$180,418 
Exercisable as of September 30, 2025
1,307,004 $72.71 6.1$136,219 
(1)Aggregate intrinsic value represents the difference between the closing stock price of our Common Stock on December 31, 2024 and September 30, 2025 and the exercise price of outstanding in-the-money options.
The following table summarizes the Company’s stock option activity for the nine months ended September 30, 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 
Granted297,202 $168.54 
Exercised(489,152)$61.27 
Cancelled or forfeited(335,449)$70.52 
Outstanding as of September 30, 2024
2,079,193 $81.53 7.5$209,854 
Exercisable as of September 30, 2024
867,025 $63.68 6.7$102,627 
(1)Aggregate intrinsic value represents the difference between the closing stock price of our Common Stock on December 31, 2023 and September 30, 2024 and the exercise price of outstanding in-the-money options.
Schedule of Share-Based Payment Arrangement, Restricted Stock Awards and Restricted Stock Units, Activity
The following table summarizes the Company’s RSA activity:
Nine Months Ended September 30,
20252024
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:
Nine Months Ended September 30,
20252024
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 
Granted136,756 $177.91 225,290 $159.63 
Vested(84,254)$129.66 (40,075)$81.91 
Forfeited
(30,506)$153.81 (36,562)$110.11 
Non-vested RSUs, end of period
330,092 $152.61 309,553 $135.14 
Schedule of Share-Based Payment Arrangement, Performance-Based Restricted Stock Units, Activity
The following table summarizes the Company’s PSU activity:
Nine Months Ended September 30,
20252024
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 
Schedule of Stock-Based Compensation Expense, Net
The Company recorded stock-based compensation expense, net related to its stock options and restricted stock in the condensed consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2025 and 2024 as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2025202420252024
Research and development$2,583 $2,267 7,679 6,907 
Selling, general and administrative10,570 11,049 33,071 28,864 
Total stock-based compensation$13,153 $13,316 $40,750 $35,771