XML 29 R17.htm IDEA: XBRL DOCUMENT v3.26.1
Stock-Based Compensation
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Stock-Based Compensation Expense
The following table presents stock-based compensation expense recorded in the three months ended March 31, 2026 and 2025.
Three months ended March 31,
20262025
(in thousands)
Cost of revenues$6,625 $5,270 
Research and development33,409 26,511 
Selling, general and administrative55,073 46,046 
Total$95,107 $77,827 
The stock-based compensation expense presented above includes $1.4 million of liability-classified awards (including $1.1 million related to Foresight contingent consideration) for the three months ended March 31, 2026. There was no such expense for the three months ended March 31, 2025.

Stock Options

The following table summarizes option activity for the three months ended March 31, 2026:
Number of
Shares
Outstanding
Weighted-
Average
Exercise
Price
(in thousands, except for per share data)
December 31, 20253,591 $27.03 
Options exercised(346)$10.96 
Options forfeited/cancelled(3)$33.12 
March 31, 20263,242 $28.77 
Restricted Stock Units and Performance-Based Awards
The following table summarizes unvested RSU and PSU activity during the three months ended March 31, 2026:
Shares
Weighted-
Average
Grant Date
Fair Value
(in thousands, except for per share data)
Balance at December 31, 20258,323 $100.44 
Awards granted2,457 $215.12 
Awards vested(2,686)$81.18 
Awards forfeited/cancelled(145)$103.52 
Balance at March 31, 20267,949 $128.11 
The above table of unvested RSU and PSU activity reflects unvested PSUs at 100% of their target vesting amount; however, vesting can vary from 0% to 200% of target, depending on the level of achievement of performance criteria.
The Company grants certain senior-level executives performance stock units which vest based on performance and time-based service conditions, which are referred to herein as performance-based awards. During the three months ended March 31, 2026 and 2025, the Company granted 0.2 million and 0.4 million performance-based awards with an aggregate grant date fair value at 100% of their target vesting of $42.4 million and $64.9 million, respectively. Stock-based compensation for these performance-based awards milestones are assessed to be 200% of the grant value for 2025 and prior unvested awards and 100% of grant value for 2026 awards.
The Company has recognized $21.9 million and $18.7 million for performance-based awards for the three months ended March 31, 2026 and 2025, respectively.