Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Stock-Based Compensation

Summary of stock-based compensation expenses

The following table presents stock-based compensation expense recorded for equity-classified awards in the three and nine months ended September 30, 2025 and 2024.

	Three months ended September 30,
		2025		2024
	(in thousands)
Cost of revenues	$	6,158	$	4,174
Research and development		30,797		22,549
Selling, general and administrative		53,682		43,921
Total	$	90,637	$	70,644

	Nine months ended September 30,
		2025		2024
	(in thousands)
Cost of revenues	$	17,623	$	11,997
Research and development		88,080		65,155
Selling, general and administrative		156,119		125,350
Total	$	261,822	$	202,502

Summary of stock option activity

		Weighted-
	Number of	Average
	Shares	Exercise
	Outstanding	Price
	(in thousands, except for per share data)
December 31, 2024	3,875	$	30.22
Options exercised	(134)	$	21.26
Options forfeited/cancelled	(2)	$	3.78
September 30, 2025	3,739	$	30.55

RSU and performance-based awards

		Weighted-
		Average
		Grant Date
	Shares	Fair Value
	(in thousands, except for per share data)
Balance at December 31, 2024	10,593	$	61.28
Awards granted	3,280	$	169.06
Awards vested	(4,637)	$	60.46
Awards forfeited/cancelled	(343)	$	85.77
Balance at September 30, 2025	8,893	$	94.92