| Schedule of Stock Option Activity |
The following table summarizes the Company’s stock option activity for the three months ended March 31, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | | 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, 2025 | 2,030,417 | | | $ | 99.45 | | | 6.8 | | $ | 298,662 | | | | Granted | 275,500 | | | $ | 275.37 | | | | | | | | Exercised | (145,130) | | | $ | 44.79 | | | | | | | | Cancelled or forfeited | (53,605) | | | $ | 156.67 | | | | | | | | | | | | | | | | Outstanding as of March 31, 2026 | 2,107,182 | | | $ | 124.76 | | | 7.0 | | $ | 286,111 | | | Exercisable as of March 31, 2026 | 1,268,779 | | | $ | 82.98 | | | 5.8 | | $ | 222,474 | | |
(1)Aggregate intrinsic value represents the difference between the closing stock price of our common stock on December 31, 2025 and March 31, 2026 and the exercise price of outstanding in-the-money options on the respective date. 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 on the respective date.
|
| Schedule of Restricted Stock Awards and Restricted Stock Units |
The following table summarizes the Company’s RSU activity: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | 2026 | | 2025 | | Number of Shares | | Weighted-Average Grant Date Fair Value | | Number of Shares | | Weighted-Average Grant Date Fair Value | Non-vested RSUs, beginning of period | 331,574 | | | $ | 152.97 | | | 308,096 | | | $ | 135.22 | | | Granted | 96,322 | | | $ | 275.64 | | | 130,556 | | | $ | 179.25 | | | Vested | (105,767) | | | $ | 143.50 | | | (84,097) | | | $ | 129.56 | | Forfeited | (11,945) | | | $ | 156.52 | | | (5,798) | | | $ | 154.56 | | Non-vested RSUs, end of period | 310,184 | | | $ | 194.16 | | | 348,757 | | | $ | 152.75 | |
|
| Schedule of PSU Activity |
The following table summarizes the Company’s PSU activity: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | 2026 | | 2025 | | Number of Shares | | Weighted-Average Grant Date Fair Value | | Number of Shares | | Weighted-Average Grant Date Fair Value | Non-vested PSUs, beginning of period | 56,250 | | | $ | 159.47 | | | 137,500 | | | $ | 145.37 | | | Granted | 43,536 | | | $ | 275.64 | | | — | | | $ | — | | | Vested | (56,250) | | | $ | 159.47 | | | (81,250) | | | $ | 135.61 | | | | | | | | | | Forfeited | — | | | $ | — | | | — | | | $ | — | | Non-vested PSUs, end of period | 43,536 | | | $ | 275.64 | | | 56,250 | | | $ | 159.47 | |
|
| 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 months ended March 31, 2026 and 2025 as follows: | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | (in thousands) | | | | | 2026 | | 2025 | | Research and development | | | | | 2,177 | | | 2,469 | | | Selling, general and administrative | | | | | 11,432 | | | 11,009 | | | Total stock-based compensation | | | | | $ | 13,609 | | | $ | 13,478 | |
|