Stock-based Compensation Expense (Tables)

3 Months Ended

Mar. 31, 2025

Stock-based Compensation Expense [Abstract]

Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense for the three months ended March 31, 2025 and 2024 (in thousands):

	Three Months Ended March 31,
	2025		2024
Cost of sales	$	100	$	204
Research, development and patent expense		20,298		22,225
Selling, general and administrative expense		9,320		8,911
Stock-based compensation expense, net of amounts capitalized		29,718		31,340
Capitalized stock-based compensation expense		491		—
Total stock-based compensation expense	$	30,209	$	31,340

Weighted-Average Assumptions for Stock Options

Employee Stock Options:

	Three Months Ended March 31,
	2025			2024
Risk-free interest rate		4.5	%		4.0	%
Dividend yield		0.0	%		0.0	%
Volatility		41.9	%		44.0	%
Expected life	6.3 years			6.3 years

Weighted-Average Assumptions for ESPP

ESPP:

	Three Months Ended March 31,
	2025			2024
Risk-free interest rate		4.3	%		5.3	%
Dividend yield		0.0	%		0.0	%
Volatility		41.3	%		38.4	%
Expected life	6 months			6 months