Stock-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Stock Option Activity |
The following table summarizes stock option activity during the six months ended June 30, 2026 (in thousands, except share and per share data): | | | | | | | | | | | | | | | | | | | | | | | | | Number of Awards | | Weighted- Average Exercise Price | | Weighted- Average Remaining Contractual Life (in Years) | | Aggregate Intrinsic Value | | Outstanding as of December 31, 2025 | 8,958,491 | | $ | 25.41 | | | 6.5 | | $ | 479,984 | | | Granted | 903,989 | | $ | 100.66 | | | | | | | Exercised | (889,942) | | $ | 24.09 | | | | | | | Canceled and forfeited | (100,784) | | $ | 51.08 | | | | | | | Outstanding as of June 30, 2026 | 8,871,754 | | $ | 32.92 | | | 6.4 | | $ | 746,555 | | | Vested and exercisable as of June 30, 2026 | 5,889,327 | | $ | 20.15 | | | 5.3 | | $ | 570,796 | |
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| Schedule of Assumptions Used to Estimate Fair Value of Stock Option Awards Granted |
The following assumptions were used to estimate the fair value of stock option awards granted during the following periods: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Expected term (in years) | 5.50-6.08 | | 5.50-6.08 | | 5.50-6.08 | | 5.50-6.08 | | Expected volatility | 52.68%-56.81% | | 69.68%-70.37% | | 52.68%-67.69% | | 69.68%-71.31% | | Risk-free interest rate | 4.04%-4.36% | | 4.05%-4.18% | | 3.68%-4.36% | | 4.05%-4.65% | | Expected dividend yield | — | | — | | — | | — |
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| Schedule of RSU Activity |
The following table summarizes the activity under the Company’s restricted stock units for the six months ended June 30, 2026: | | | | | | | | | | | | | Number of
Awards | | Weighted-Average Grant Date
Fair Value per Award | | Unvested and outstanding as of December 31, 2025 | 1,415,919 | | $ | 39.08 | | | Granted | 966,258 | | $ | 100.61 | | | Vested | (544,154) | | $ | 34.06 | | | Canceled and forfeited | (56,443) | | $ | 64.44 | | | Unvested and outstanding as of June 30, 2026 | 1,781,580 | | $ | 73.19 | |
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| Schedule of PSU Activity |
The following table summarizes the activity under the Company’s performance stock units for the six months ended June 30, 2026: | | | | | | | | | | | | | Number of
Awards | | Weighted-Average Grant Date
Fair Value per Award | | Unvested and outstanding as of December 31, 2025 | 353,743 | | $ | 34.91 | | | Granted | 388,034 | | $ | 73.31 | | | Vested | (254,279) | | $ | 25.75 | | | Canceled and forfeited | (4,970) | | $ | 100.85 | | | Unvested and outstanding as of June 30, 2026 | 482,528 | | $ | 69.94 | |
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| Schedule of Stock-based Compensation Reflected in Unaudited Condensed Consolidated Statements of Operations |
Total stock-based compensation is reflected in the accompanying unaudited condensed consolidated statements of operations as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Selling, general and administrative | $ | 15,887 | | | $ | 10,606 | | | $ | 48,824 | | | $ | 20,849 | | | Research and development | 14,227 | | | 7,624 | | | 38,416 | | | 12,853 | | | Cost of sales | 461 | | | 238 | | | 809 | | | 569 | | | Total | $ | 30,575 | | | $ | 18,468 | | | $ | 88,049 | | | $ | 34,271 | |
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