Share-Based Payments (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Share-Based Compensation Expense |
Share-based compensation expense is as follows (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2026 | | 2025 | | 2026 | | 2025 | | (unaudited) | | (unaudited) | | Research and development | $ | 1,525 | | | $ | 1,446 | | | $ | 4,449 | | | $ | 4,337 | | Selling, general and administrative(a) | 7,408 | | | 29,299 | | | 21,604 | | | 41,983 | | | Total | $ | 8,933 | | | $ | 30,745 | | | $ | 26,053 | | | $ | 46,320 | |
(a) The prior period includes $22.9 million of compensation expense related to the acceleration of certain Sage equity awards in connection with the Sage Acquisition in July 2025.
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| Schedule of 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 | 988,592 | | | $ | 49.93 | | | | | Exercised | (565,366) | | | $ | 31.00 | | | | | Forfeited | (124,726) | | | $ | 39.06 | | | | | Outstanding, September 30, 2026 (unaudited) | 6,641,509 | | | $ | 35.22 | | | 6.2 | | | | | | | | As of September 30, 2026 (unaudited): | | | | | | | Vested and expected to vest | 6,641,509 | | | $ | 35.22 | | | 6.2 | | Exercisable | 4,053,054 | | | $ | 32.46 | | | 4.8 | | | | | | | | 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 |
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| Schedule of 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 | (165,678) | | | $ | 33.43 | | | Forfeited | (11,375) | | | $ | 37.89 | | | Nonvested, September 30, 2026 (unaudited) | 342,249 | | | $ | 38.77 | |
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| Schedule of Performance Stock Unit |
The following table summarizes performance share unit (PSU) activities: | | | | | | | | | | | | | Number of PSUs | | Weighted
Average
Grant Date Fair Value per Share | | Nonvested, December 31, 2025 | 390,496 | | | $ | 30.80 | | | Granted | 236,466 | | | $ | 47.73 | | | Vested | (103,989) | | | $ | 29.43 | | | Forfeited | (57,590) | | | $ | 28.33 | | | Nonvested, September 30, 2026 (unaudited) | 465,383 | | $ | 40.01 | |
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