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Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity [Abstract]  
Stock Option Activity

The following table summarizes the stock option activity under our stock plans for the year ended December 31, 2024 (in thousands, except per share and contractual life data):

 
Number
of Shares
    
Weighted
Average Exercise
Price Per Share
    
Average
Remaining
Contractual Term
(Years)
    
Aggregate
Intrinsic
Value
  
Outstanding at December 31, 2023
    
14,091
    
$
48.43
              
Granted
    
2,729
    
$
49.77
              
Exercised
    
(399
)
  
$
39.55
              
Cancelled/forfeited/expired
    
(1,704
)
  
$
54.40
              
Outstanding at December 31, 2024
    
14,717
    
$
48.23
      
5.27
    
$
4,692
  
Exercisable at December 31, 2024
    
10,089
    
$
49.85
      
3.66
    
$
3,460
  
Restricted Stock Unit Activity

The following table summarizes the RSU activity for the year ended December 31, 2024 (in thousands, except per share data):

 
Number
of Shares
    
Weighted Average
Grant Date Fair
Value Per Share
  
Non-vested at December 31, 2023
    
3,239
    
$
43.40
  
Granted
    
2,005
    
$
50.92
  
Vested
    
(1,185
)
  
$
46.88
  
Cancelled/forfeited
    
(228
)
  
$
46.83
  
Non-vested at December 31, 2024
    
3,831
    
$
46.06
  
Performance Restricted Stock Unit Activity

The following table summarizes the PRSU activity for the year ended December 31, 2024 (in thousands, except per share data):

 
Number
of Shares
    
Weighted Average
Grant Date Fair
Value Per Share
  
Non-vested at December 31, 2023
    
226
    
$
56.04
  
Granted
    
179
    
$
78.41
  
Vested
    
(73
)
  
$
53.35
  
Cancelled/forfeited
    
(25
)
  
$
68.21
  
Non-vested at December 31, 2024
    
307
    
$
66.72
  
Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense for the years ended December 31, 2024, 2023 and 2022 (in thousands):

 
Year Ended December 31,
  
   
2024
    
2023
    
2022
  
Cost of sales
  
$
767
    
$
499
    
$
533
  
Research, development and patent
    
92,403
      
77,826
      
73,704
  
Selling, general and administrative
    
37,030
      
27,484
      
26,027
  
Stock-based compensation expense, net of amounts capitalized
  
$
130,200
    
$
105,809
    
$
100,264
  
Capitalized stock-based compensation expense
    
799
      
—
      
—
  
Total stock-based compensation expense
  
$
130,999
    
$
105,809
    
$
100,264
  
Weighted-Average Assumptions for Stock Options

Employee Stock Options:

 
Year Ended December 31,
  
   
2024
    
2023
    
2022
  
Risk-free interest rate
    
4.1
%
    
3.8
%
    
2.1
%
Dividend yield
    
0.0
%
    
0.0
%
    
0.0
%
Volatility
    
43.7
%
    
46.8
%
    
54.5
%
Expected life
  
6.3 years
    
6.3 years
    
6.3 years
  


Board of Director Stock Options:

 
Year Ended December 31,
  
   
2024
    
2023
    
2022
  
Risk-free interest rate
    
4.5
%
    
3.8
%
    
2.9
%
Dividend yield
    
0.0
%
    
0.0
%
    
0.0
%
Volatility
    
49.8
%
    
52.7
%
    
56.2
%
Expected life
  
7.5 years
    
7.7 years
    
7.4 years
  
Weighted-Average Assumptions for ESPP

ESPP:

 
Year Ended December 31,
  
   
2024
    
2023
    
2022
  
Risk-free interest rate
    
5.2
%
    
5.3
%
    
1.2
%
Dividend yield
    
0.0
%
    
0.0
%
    
0.0
%
Volatility
    
37.8
%
    
36.0
%
    
50.1
%
Expected life
  
6 months
    
6 months
    
6 months