Share-Based Payments

3 Months Ended

Mar. 31, 2025

Share-based compensation expense is as follows (dollars in thousands):


	Three Months Ended March 31,
	2025		2024
	(unaudited)
Research and development	$	1,412	$	1,365
Selling, general and administrative	6,656		4,532
Total	$	8,068	$	5,897

Stock Option

The following table summarizes stock option activities:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)
Outstanding, December 31, 2024	6,719,073	$	30.44	5.9
Granted	1,057,275	$	33.86
Exercised	(95,182)	$	21.46
Forfeited	(31,924)	$	31.72
Outstanding, March 31, 2025 (unaudited)	7,649,242	$	31.01	6.3

As of March 31, 2025 (unaudited):
Vested and expected to vest	7,649,242	$	31.01	6.3
Exercisable	4,893,002	$	30.13	4.8

As of December 31, 2024:
Vested and expected to vest	6,719,073	$	30.44	5.9
Exercisable	4,137,283	$	29.54	4.4

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, 2024	378,165	$	32.48
Granted	169,775	$	33.52
Vested	(136,673)	$	32.33
Forfeited	(3,400)	$	32.17
Nonvested, March 31, 2025 (unaudited)	407,867	$	32.97

Performance Share Units

The following table summarizes performance share unit (PSU) activities:


	Performance-Based Units			Market-Based Units			Total PSUs
	Number of PSUs	Weighted Average Grant Date Fair Value per Share		Number of PSUs	Weighted Average Grant Date Fair Value per Share		Number of PSUs	Weighted Average Grant Date Fair Value per Share
Nonvested, December 31, 2024	324,685	$	28.80	20,000	$	28.63	344,685	$	28.79
Granted	—	$	—	—	$	—	—	$	—
Vested	(111,065)	$	30.52	—	$	—	(111,065)	$	30.52
Forfeited	(35,900)	$	30.26	—	$	—	(35,900)	$	30.26
Nonvested, March 31, 2025 (unaudited)	177,720	$	27.43	20,000	$	28.63	197,720	$	27.55