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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2025
Stock-Based Compensation |
Stock-Based Compensation | 9. Stock-Based Compensation Stock-Based Compensation Expense The following table presents stock-based compensation expense recorded for equity-classified awards in the three and six months ended June 30, 2025 and 2024.
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended June 30,
​ | ​ | ​ | 2025 | ​ | ​ | 2024
​ | ​ | (in thousands)
Cost of revenues | ​ | $ | 6,196 | ​ | $ | 4,046
Research and development | ​ |  | 30,772 | ​ |  | 21,957
Selling, general and administrative | ​ |  | 56,390 | ​ |  | 41,408
Total | ​ | $ | 93,358 | ​ | $ | 67,411
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six months ended June 30, |
​ |  | ​ | 2025 |  | ​ | 2024 |
​ |  | (in thousands) | ​
Cost of revenues | ​ | $ | 11,466 | ​ | $ | 7,823 | ​
Research and development | ​ |  | 57,283 | ​ |  | 42,606 | ​
Selling, general and administrative | ​ |  | 102,436 | ​ |  | 81,429 | ​
Total | ​ | $ | 171,185 | ​ | $ | 131,858 | ​
​ Stock Options The following table summarizes option activity for the six months ended June 30, 2025: ​
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Weighted-
​ | Number of | ​ | Average
​ | Shares | ​ | Exercise
​ | Outstanding | ​ | Price
​ | (in thousands, except for per share data)
December 31, 2024 | 3,875 | ​ | $ | 30.22
Options exercised | (69) | ​ | $ | 13.01
Options forfeited/cancelled | (2) | ​ | $ | 3.78
June 30, 2025 | 3,804 | ​ | $ | 30.54
​ Restricted Stock Units and Performance-Based Awards ​ The following table summarizes unvested RSU and PSU activity during the six months ended June 30, 2025: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted-
​ | ​ | ​ | ​ | Average
​ | ​ | ​ | ​ | Grant Date
​ | ​ | Shares | ​ | Fair Value
​ | ​ | (in thousands, except for per share data)
Balance at December 31, 2024 | ​ | 10,593 | ​ | $ | 61.28
Awards granted | ​ | 3,009 | ​ | $ | 170.07
Awards vested | ​ | (3,926) | ​ | $ | 59.65
Awards forfeited/cancelled | ​ | (178) | ​ | $ | 81.90
Balance at June 30, 2025 | ​ | 9,498 | ​ | $ | 90.89
​ The above table of unvested RSU and PSU activity reflects unvested PSUs at 100% of their target vesting amount; however, the number of shares that are ultimately granted can be up to 200% of target, and 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 that 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, 2025 and 2024, the Company granted 0.4 million and 0.8 million performance-based awards with an aggregate grant date fair value of $64.9 million and $55.0 million, respectively. Stock-based compensation for these performance-based awards milestones are assessed to be 200% of the grant value. As of June 30, 2025, the Company expects to recognize remaining stock-based compensation expense of $178.3 million over the requisite performance period for all outstanding performance-based awards, which includes up to 200% of grant date fair value based on the achievement of certain targets. The Company has recognized total performance-based stock compensation of $29.8 million and $48.5 million for the three and six months ended June 30, 2025, respectively, which includes a $9.2 million change in estimate related to expectations for certain performance targets that increased from 100% to 200% as of June 30, 2025. The Company has recognized total performance-based stock compensation of $22.1 million and $42.8 million for the three and six months ended June 30, 2024, respectively.

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