The following table presents stock-based compensation expense recorded in the three and six months ended June 30, 2026 and 2025.


	Three months ended June 30,
	2026		2025
	(in thousands)
Cost of revenues	$	7,303	$	6,196
Research and development	37,564		30,772
Selling, general and administrative	58,230		56,390
Total	$	103,097	$	93,358


	Six months ended June 30,
	2026		2025
	(in thousands)
Cost of revenues	$	13,928	$	11,466
Research and development	70,971		57,283
Selling, general and administrative	113,305		102,436
Total	$	198,204	$	171,185

The stock-based compensation expense presented above includes $1.6 million and $3.0 million of liability-classified awards (including $0.5 million and $1.6 million related to Foresight contingent consideration) for the three and six months ended June 30, 2026, respectively. There was no such expense for the three and six months ended June 30, 2025.

The following table summarizes option activity for the six months ended June 30, 2026:


	Number of Shares Outstanding	Weighted- Average Exercise Price
	(in thousands, except for per share data)
December 31, 2025	3,591	$	27.03
Options exercised	(454)	$	11.68
Options forfeited/cancelled	(5)	$	29.12
June 30, 2026	3,132	$	29.28

The following table summarizes unvested RSU and PSU activity during the six months ended June 30, 2026:


	Shares	Weighted- Average Grant Date Fair Value
	(in thousands, except for per share data)
Balance at December 31, 2025	8,323	$	100.44
Awards granted	2,625	$	216.23
Awards vested	(3,387)	$	82.35
Awards forfeited/cancelled	(240)	$	118.34
Balance at June 30, 2026	7,321	$	134.23

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 six months ended

June 30, 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 $24.5 million and $46.4 million for performance-based awards for the three and six months ended June 30, 2026, respectively. The Company has recognized $29.8 million and $48.5 million for performance-based awards for the three and six months ended June 30, 2025, respectively.