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Share-based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity (in thousands, except per share data and years) for the nine months ended September 30, 2025:
|  | Stock Options Outstanding |
|  |  |  |  | Weighted Average |  |  | Aggregate |  |  | Weighted Average |
|  |  |  |  | Exercise Price |  |  | Intrinsic |  |  | Remaining Contractual |
|  | Shares |  |  | Per Share |  |  | Value |  |  | Term (Years) |
Balance as of January 1, 2025 |  |  | 4,956 |  |  | $ | 38.56 |  |  |  |  |  |  |
Granted |  |  | 54 |  |  | $ | 301.19 |  |  |  |  |  |  |
Exercised |  |  | (1,016 | ) |  | $ | 36.84 |  |  | $ | 331,793 |  |  |  |
Forfeited/Expired |  |  | (238 | ) |  | $ | 45.81 |  |  |  |  |  |  |
Balance as of September 30, 2025 |  |  | 3,757 |  |  | $ | 42.36 |  |  |  |  |  |  |
Exercisable as of September 30, 2025 |  |  | 2,780 |  |  | $ | 38.26 |  |  | $ | 789,282 |  |  |  | 5.5 |
Expected to vest as of September 30, 2025 |  |  | 977 |  |  | $ | 54.05 |  |  | $ | 262,887 |  |  |  | 7.1 |
Total |  |  | 3,757 |  |  | $ | 42.36 |  |  | $ | 1,052,169 |  |  |  | 5.9 |
Schedule of Range of Exercise Prices per Share | Stock options outstanding as of September 30, 2025 are comprised of the following range of exercise prices per share (in thousands, except per share data and years):
|  | Stock Options Outstanding at September 30, 2025 |
|  |  |  |  | Weighted Average |  |  | Weighted Average |
|  |  |  |  | Exercise Price |  |  | Remaining Contractual |
Range of Exercise Prices per Share |  | Shares |  |  | Per Share |  |  | Term (Years) |
$12.45 - $20.00 |  |  | 988 |  |  | $ | 15.53 |  |  |  | 4.3 |
$20.01 - $30.00 |  |  | 868 |  |  | $ | 24.48 |  |  |  | 7.1 |
$30.01 - $40.00 |  |  | 15 |  |  | $ | 30.16 |  |  |  | 7.7 |
$40.01 - $50.00 |  |  | 1,005 |  |  | $ | 41.11 |  |  |  | 6.3 |
$50.01 - $70.00 |  |  | 748 |  |  | $ | 69.12 |  |  |  | 5.4 |
$70.01 - $220.00 |  |  | 74 |  |  | $ | 159.65 |  |  |  | 8.5 |
$220.01 - $300.00 |  |  | 41 |  |  | $ | 261.29 |  |  |  | 9.4 |
$300.01 - $364.20 |  |  | 11 |  |  | $ | 364.20 |  |  |  | 9.2 |
$364.21 and over |  |  | 7 |  |  | $ | 371.27 |  |  |  | 9.7 |
Total |  |  | 3,757 |  |  | $ | 42.36 |  |  |  | 5.9 |
Assumptions Used in Pricing Model | The weighted average grant date fair value of stock option awards using the Black-Scholes valuation model was $301.19 and $111.23 for each share subject to a stock option granted during the nine months ended September 30, 2025 and 2024, respectively, based on the following assumptions:
|  | Nine Months Ended
|  | September 30,
|  | 2025 |  | 2024
Expected term of awards in years |  | 5.5 - 6.3 |  | 5.5 - 6.3
Expected volatility |  | 83.8% - 91.5% |  | 75.1% - 82.8%
Risk-free interest rate |  | 3.9% - 4.4% |  | 4.2% - 4.5%
Expected dividend yield |  | 0.0% |  | 0.0%
Summary of Share-Settled Restricted Stock Unit Activity | The following table summarizes the Company’s share-settled restricted stock unit activity (in thousands) for the periods indicated:
|  | Share-Settled Restricted Stock Units Outstanding |
|  |  |  |  | Aggregate |
|  | Units |  |  | Intrinsic Value |
Balance as of January 1, 2025 |  |  | 1,231 |  |  |  |
Granted |  |  | 149 |  |  |  |
Vested |  |  | (371 | ) |  | $ | 133,619 |
Forfeited |  |  | (200 | ) |  |  |
Balance as of September 30, 2025 |  |  | 809 |  |  |  |
Expected to vest as of September 30, 2025 |  |  | 809 |  |  | $ | 260,813 |
Summary of Share-Settled Performance Stock Unit Activity | As of September 30, 2025, there were 279,264 performance stock units outstanding under the 2023 Equity Plan. The following table summarizes the Company’s performance stock unit activity (in thousands) for the periods indicated:
|  | Share-Settled Performance Stock Units Outstanding |
|  |  |  |  | Aggregate |
|  | Units |  |  | Intrinsic Value |
Balance as of January 1, 2025 |  |  | 307 |  |  |  |
Granted |  |  | 24 |  |  |  |
Vested |  |  | 0 |  |  | $ | 0 |
Forfeited |  |  | (52 | ) |  |  |
Balance as of September 30, 2025 |  |  | 279 |  |  |  |
Expected to vest as of September 30, 2025 |  |  | 279 |  |  | $ | 179,963 |
Share-settled Performance Stock Units |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Assumptions Used in Pricing Model | The weighted average grant date fair value of performance stock units using the Monte-Carlo simulation model was $445.66 and $307.13 for each performance stock unit granted during the nine months ended September 30, 2025 and 2024, respectively, based on the following assumptions:
|  | Nine Months Ended |
|  | September 30, |
|  | 2025 |  |  | 2024 |
Expected term of awards in years |  |  | 3.0 |  |  |  | 3.0 |
Expected volatility |  |  | 99.2 | % |  |  | 92.7 | %
Risk-free interest rate |  |  | 3.9 | % |  |  | 4.4 | %
Expected dividend yield |  |  | 0.0 | % |  |  | 0.0 | %

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