As of June 30, 2026, the Align Technology, Inc. 2005 Incentive Plan, as amended, has a total reserve of 34,668,895 shares, of which 2,888,952 shares are available for issuance.

Stock-based compensation related to our stock-based awards and employee stock purchase plan for the three and six months ended June 30, 2026 and 2025 is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cost of net revenues	$	1,846	$	1,636	$	3,466	$	3,174
Selling, general and administrative	33,011		33,485		62,003		64,351
Research and development	10,703		13,087		21,015		25,680
Total stock-based compensation	$	45,560	$	48,208	$	86,484	$	93,205


	Number of Shares Underlying RSUs (in thousands)	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Unvested as of December 31, 2025	1,250	$	256.80
Granted	798	189.19
Vested and released	(452)	283.14
Forfeited	(64)	229.45
Unvested as of June 30, 2026	1,532	$	214.93	1.75	$	258,338

As of June 30, 2026, we expect to recognize $257.8 million of total unamortized compensation costs, net of estimated forfeitures, related to RSUs over a weighted average period of 2.9 years.

We grant MSUs to members of senior management. Each MSU represents the right to one share of our common stock. The actual number of MSUs which will be eligible to vest will be based on the performance of our stock price relative to the performance of a stock market index over the vesting period. The fair value of MSUs was estimated using a Monte Carlo model. Because the awards contain a market condition, the related compensation expense is recognized over the service period regardless of whether the market condition is ultimately achieved, provided the service condition is satisfied. MSUs vest over a period of three years and the maximum number of shares eligible to vest is 250% of the number of MSUs initially granted.


	Number of Shares Underlying MSUs (in thousands)	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Unvested as of December 31, 2025	263	$	507.88
Granted	149	378.44
Vested and released1	(63)	622.37
Forfeited	(37)	532.75
Unvested as of June 30, 2026	312	$	419.99	1.92	$	52,623

1 Includes MSUs vested during the period below 100% of the original grant as actual shares released are based on our stock performance relative to a market index over the vesting period.

As of June 30, 2026, we expect to recognize $69.0 million of total unamortized compensation costs, net of estimated forfeitures, related to MSUs over a weighted average period of 1.92 years.

As of June 30, 2026, we have 1,626,275 shares available for future issuance under the Align Technology, Inc. 2010 Employee Stock Purchase Plan (as amended and restated, the “2010 Purchase Plan”).

The fair value of the option component of the 2010 Purchase Plan shares was estimated at the grant date using the Black-Scholes option pricing model with the following weighted average assumptions:


	Six Months Ended June 30,
		2026			2025
Expected term (in years)		0.9			1.1
Expected volatility		41.4		%	40.9		%
Risk-free interest rate		3.6		%	4.2		%
Expected dividends		—			—
Weighted average fair value at grant date		$	51.66		$	70.62

As of June 30, 2026, we expect to recognize $5.6 million of total unamortized compensation costs related to future employee stock purchases over a weighted average period of 0.5 years.