Shareholders' Equity and Equity Incentive Plan (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Unvested Restricted Stock Units Roll Forward

RSU activities for the six months ended June 30, 2026 for RSUs granted under the 2023 Plan were as follows:


	Number of Shares	Weighted-Average Grant Date Fair Value Per Share
Unvested as of December 31, 2025	1,102,282	$	43.90
Granted	2,637,219	$	111.24
Vested	(1,098,084)	$	43.99
Cancelled/Forfeited	(45,025)	$	96.10
Unvested as of June 30, 2026	2,596,392	$	111.36

Schedule Of Share-Based Payment Arrangement, Expensed and Capitalized, Amount

The share-based compensation by line item in the accompanying condensed consolidated statements of income is summarized as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

	(in thousands)
Research and development	$	7,590	$	1,867	$	11,956	$	4,776
Sales and marketing	12,597		4,634		19,268		7,172
General and administrative	27,027		4,427		46,299		10,530
Total share-based compensation	$	47,214	$	10,928	$	77,523	$	22,478

Schedule of Share-Based Payment Award, Restricted Stock, Valuation Assumptions

The Company estimated the fair value for the RSUs with a market condition using the Monte Carlo simulation model on the date of grant. Shares issued upon vesting are subject to a mandatory 12-month post-vesting lock-up period that may not be waived under any circumstance. A discount for lack of marketability was applied using the Finnerty (2012) average-strike put option model. The weighted-average grant date fair value of the RSUs with a market condition granted for the six months ended June 30, 2026 was $84.24, using the following assumptions:


Share price at valuation date	$	113.85
Expected volatility	46.18		%
Risk-free interest rate	3.70		%
Expected dividends	0		%
Expected term (in years)	4.99
Discount for illiquidity	11.68		%