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Stock-Based Compensation
 9 Months Ended
Sep. 30, 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 and nine months ended September 30, 2026 and 2025.
Three months ended September 30,
20262025
(in thousands)
Cost of revenues$7,572 $6,158 
Research and development38,101 30,797 
Selling, general and administrative60,432 53,682 
Total$106,105 $90,637 
Nine months ended September 30,
20262025
(in thousands)
Cost of revenues$21,500 $17,623 
Research and development109,072 88,080 
Selling, general and administrative173,737 156,119 
Total$304,309 $261,822 
The stock-based compensation expense presented above includes $(0.4) million and $2.6 million of liability-classified awards, including $0.9 million and $2.5 million related to Foresight contingent consideration, for the three and nine months ended September 30, 2026, respectively. There was no such expense for the three and nine months ended September 30, 2025.

Stock Options

The following table summarizes option activity for the nine months ended September 30, 2026:
Number of
Shares
Outstanding
Weighted-
Average
Exercise
Price
(in thousands, except for per share data)
December 31, 20253,591 $27.03 
Options exercised(479)$13.01 
Options forfeited/cancelled(4)$29.12 
September 30, 20263,108 $29.22 
Restricted Stock Units and Performance-Based Awards
The following table summarizes unvested RSU and PSU activity during the nine months ended September 30, 2026:
Shares
Weighted-
Average
Grant Date
Fair Value
(in thousands, except for per share data)
Balance at December 31, 20258,323 $100.44 
Awards granted2,789 $221.58 
Awards vested(4,095)$83.52 
Awards forfeited/cancelled(344)$144.71 
Balance at September 30, 20266,673 $143.09 
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 nine months ended September 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 $45.4 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 $25.0 million and $71.4 million for performance-based awards for the three and nine months ended September 30, 2026, respectively. The Company has recognized $25.5 million and $74.0 million for performance-based awards for the three and nine months ended September 30, 2025, respectively.