| Share-Based Payments |
Share-Based PaymentsShare-based compensation expense is as follows (dollars in thousands): | | | | | | | | | | | | | Three Months Ended
March 31, | | 2026 | | 2025 | | (unaudited) | | Research and development | $ | 1,535 | | | $ | 1,412 | | | Selling, general and administrative | 6,945 | | | 6,656 | | | Total | $ | 8,480 | | | $ | 8,068 | |
The Company has $12.3 million of unrecognized compensation expense related to CVRs granted to holders of the accelerated Sage equity awards as of March 31, 2026. This unrecognized compensation expense will be recognized if and when the milestones associated with the CVRs become probable of achievement. Stock Options The following table summarizes stock option activities: | | | | | | | | | | | | | | | | | | | Number of
Options | | Weighted
Average
Exercise Price | | Weighted
Average
Remaining
Contractual
Term (in years) | | Outstanding, December 31, 2025 | 6,343,009 | | | $ | 32.63 | | | 6.3 | | Granted | 892,392 | | | $ | 50.20 | | | | | Exercised | (443,350) | | | $ | 30.83 | | | | | Forfeited | (19,508) | | | $ | 39.90 | | | | | Outstanding, March 31, 2026 (unaudited) | 6,772,543 | | | $ | 35.04 | | | 6.7 | | | | | | | | As of March 31, 2026 (unaudited): | | | | | | | Vested and expected to vest | 6,772,543 | | | $ | 35.04 | | | 6.7 | | Exercisable | 4,125,746 | | | $ | 32.44 | | | 5.3 | | | | | | | | As of December 31, 2025: | | | | | | | Vested and expected to vest | 6,343,009 | | | $ | 32.63 | | | 6.3 | | Exercisable | 3,636,073 | | | $ | 32.08 | | | 4.8 |
Restricted Stock Units The following table summarizes restricted stock unit (RSU) activities: | | | | | | | | | | | | | Number of
RSUs | | Weighted Average
Grant Date Fair Value per Share | | Nonvested, December 31, 2025 | 396,693 | | | $ | 32.98 | | | Granted | 122,609 | | | $ | 50.20 | | | Vested | (163,690) | | | $ | 33.46 | | | Forfeited | (135) | | | $ | 50.20 | | | Nonvested, March 31, 2026 (unaudited) | 355,477 | | | $ | 38.70 | |
Performance Share Units The following table summarizes performance share unit (PSU) activities: | | | | | | | | | | | | | Performance-Based Units | | Number of PSUs | | Weighted
Average
Grant Date Fair Value per Share | | Nonvested, December 31, 2025 | 390,496 | | | $ | 30.80 | | | Granted | — | | | $ | — | | | Vested | (62,590) | | | $ | 27.33 | | | Forfeited | (55,840) | | | $ | 28.19 | | | Nonvested, March 31, 2026 (unaudited) | 272,066 | | $ | 32.13 | |
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