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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2025
Stock-Based Compensation |
Summary of stock-based compensation expenses | 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 | ​
Summary of stock option activity | ​
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | 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
RSU and performance-based awards | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | 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

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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding restricted stock units that are fully vested and expected to vest. Includes, but is not limited to, unvested restricted stock units for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (e)(1) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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