v3.26.1
Stock-based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity and Stock-Based Compensation Expense
The following table summarizes stock option activity during the three months ended March 31, 2026:
 
Shares
Weighted
average exercise
price
Outstanding at December 31, 2025979,861$155.25 
Options granted102,652437.68 
Options exercised(58,815)39.84 
Options cancelled(5,353)231.67 
Outstanding at March 31, 20261,018,345$189.98 
Exercisable at March 31, 2026716,129$126.50 
Stock-based compensation expense during the three months ended March 31, 2026 and 2025 was as follows (in thousands):
Three Months Ended March 31,
20262025
Stock-based compensation expense by type of award:
Stock options$5,163 $5,439 
Restricted stock units24,490 11,788 
Performance-based restricted stock units4,365 3,704 
Total stock-based compensation expense$34,018 $20,931 
Effect of stock-based compensation expense by line item:
Cost of sales
$96 $— 
Research and development7,865 5,215 
Selling, general and administrative
26,057 15,716 
Total stock-based compensation expense included in net loss$34,018 $20,931 
Schedule of Restricted Stock Units Activity
The following table summarizes RSU activity, excluding performance-based RSUs, during the three months ended March 31, 2026:
Shares
Weighted average grant date fair value
Outstanding at December 31, 2025798,422$307.85 
RSUs granted
315,641439.07 
RSUs vested
(141,030)299.16 
RSUs forfeited
(12,135)304.20 
Outstanding at March 31, 2026960,898$352.28 
Schedule of Performance-Based Restricted Stock Units Activity
The following table summarizes PSU activity during the three months ended March 31, 2026:
PSUsEligible to Earn PSUsWeighted average grant date fair value
Outstanding PSUs at December 31, 2025103,244 256,488 $500.55 
PSUs granted38,803 77,606 616.19 
PSUs earned— — — 
PSUs forfeited(173)(346)593.93 
Outstanding at March 31, 2026141,874 333,748 $532.06