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SHARE-BASED COMPENSATION
 9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
SHARE-BASED COMPENSATION SHARE-BASED COMPENSATION
Stock Options
The following table summarizes stock option activity during the nine months ended September 30, 2026:
Weighted Average
Shares Underlying OptionsExercise
Price		Remaining Contractual Term (years)Aggregate
Intrinsic Value
(in thousands)
Outstanding at December 31, 20258,241,429 $19.91 5.89$150,796 
Granted1,371,230 $34.26 
Exercised(2,933,914)$20.61 $90,724 
Forfeited/canceled(103,494)$22.41 
Outstanding at September 30, 20266,575,251 $22.56 6.88$238,842 
Vested and expected to vest at September 30, 20266,575,251 $22.56 6.88$238,842 
Exercisable at September 30, 20264,011,269 $20.37 5.74$154,459 
As of September 30, 2026, excluding amounts associated with the CEO transition discussed below, unrecognized share-based compensation for stock options was $28.8 million, which is expected to be recognized over a remaining weighted-average period of 2.6 years.
Restricted Stock Units
Service Based Restricted Stock Units
The following table summarizes the Company’s service based restricted stock unit activity during the nine months ended September 30, 2026:
Number of Restricted Stock UnitsWeighted Average Grant Date Fair Value
Unvested at December 31, 20254,567,367 $18.02 
Granted2,447,920 $34.98 
Vested(1,508,401)$18.43 
Forfeited/canceled(254,245)$22.95 
Unvested at September 30, 20265,252,641 $25.57 
As of September 30, 2026, excluding amounts associated with the CEO transition discussed below, unrecognized share-based compensation for service based restricted stock units was $95.6 million, which is expected to be recognized over a remaining weighted-average period of 2.4 years.
Performance Based Restricted Stock Units
The following table summarizes the Company’s performance based restricted stock unit activity during the nine months ended September 30, 2026:
Number of Restricted Stock UnitsWeighted Average Grant Date Fair Value
Unvested at December 31, 2025233,604 $16.35 
Granted215,730 $24.94 
Vested(229,500)17.77 
Forfeited/canceled— — 
Unvested at September 30, 2026219,834 $23.30 
As of September 30, 2026, excluding amounts associated with the CEO transition discussed below, unrecognized share-based compensation for performance based restricted stock units was $0.9 million, which is expected to be recognized over a weighted-average period of 1.1 years.
Share-Based Compensation
The following table sets forth share-based compensation for continuing operations for the three and nine months ended September 30, 2026 and 2025 (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Research and development$7,121 $4,101 $19,553 $12,817 
Selling, general and administrative16,316 7,162 41,819 20,587 
Total share-based compensation$23,437 $11,263 $61,372 $33,404 
During the three months ended September 30, 2026 the Company announced the planned transition of its President and Chief Executive Officer, Dr. Eric Dube. In connection with his planned transition, the Company and Dr. Dube entered into a Transition and Separation Agreement addressing, among other matters, transition services to be provided by Dr. Dube following the CEO transition. Certain terms of the agreement resulted in modification accounting of the stock options and restricted stock units held by Dr. Dube. These modifications resulted in incremental stock-based compensation expense of $31.3 million, which is being recognized over Dr. Dube's remaining CEO service period from September 21, 2026 to December 1, 2026. The Company recognized $4.4 million during the three and nine months ended September 30, 2026 and expects to recognize the remaining $26.9 million during the fourth quarter of 2026.