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STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Schedule of Share-based Payment Arrangement, Option, Activity | A summary of stock option activity under the Plans was as follows:
(In thousands, except prices and years) | Number of options |  | Weighted- average exercise price |  | Weighted- average remaining contractual life (years) |  | Aggregate intrinsic value
Options outstanding at January 1, 2024 | 2,985 |  |  | $ | 16.04 |  |  | 5.60 |  | $ | 629,865 |
Granted (1) | — |  |  |  |  |  |  |
Exercised | (1,462) |  |  | 13.24 |  |  |  |  |
Forfeited and expired (2) | — |  |  | 20.75 |  |  |  |  |
Options outstanding at December 31, 2024 | 1,523 |  |  | $ | 18.73 |  |  | 4.67 |  | $ | 465,985 |
Options exercisable at December 31, 2024 | 1,523 |  |  | $ | 18.65 |  |  | 4.67 |  | $ | 465,654 |
________________ (1) There were no stock options granted during the year ended December 31, 2024. (2) There was a nominal amount of forfeitures and expirations during the year ended December 31, 2024.
Schedule of Share-based Payment Arrangement, RSU, Activity | A summary of RSU activity under the Plans was as follows:
(In thousands, except prices) | Restricted stock units |  | Weighted- average grant date fair value per share
Outstanding at January 1, 2024 | 2,027 |  |  | $ | 106.32 |
Granted | 719 |  |  | 199.82 |
Released | (821) |  |  | 103.81 |
Forfeited | (123) |  |  | 118.58 |
Outstanding at December 31, 2024 | 1,802 |  |  | $ | 143.96 |
Schedule of Share-based Payment Arrangement, Payment Award |
Tranche |  | Company Stock Price Hurdle |  | Number of RSUs Eligible to Vest
1 (1) |  | $ | 127.50 |  |  | 90 |
2 (1) |  | $ | 153.00 |  |  | 90 |
3 (2) |  | $ | 178.50 |  |  | 90 |
4 (3) |  | $ | 204.00 |  |  | 180 |
5 (4) |  | $ | 255.00 |  |  | 180 |
6 (5) |  | $ | 306.00 |  |  | 180 |
7 |  | $ | 357.00 |  |  | 180 |
8 |  | $ | 408.00 |  |  | 180 |
9 |  | $ | 612.00 |  |  | 270 |
10 |  | $ | 816.00 |  |  | 360 |
________________ (1) Stock price hurdle for the tranche was achieved in 2021, the service condition satisfied in 2022, and shares were released to CEO and CTO on August 14, 2023. Of the 180 shares underlying RSUs released, an aggregate of 96 shares were disbursed to the founders in a net-share settlement, and 84 shares were withheld by the Company to cover the founders’ tax withholding obligations. (2) Stock price hurdle and the service condition for the tranche was achieved as of November 22, 2023; the shares were released after the one-year holding requirement was satisfied on November 22, 2024. Of the 90 shares underlying RSUs released, an aggregate of 42 shares were disbursed to the founders in a net-share settlement, and 48 shares were withheld by the Company to cover the founders’ tax withholding obligations. (3) Stock price hurdle and the service condition for the tranche was achieved as of December 26, 2023; the shares were released after the one-year holding requirement was satisfied on December 26, 2024. Of the 180 shares underlying RSUs released, an aggregate of 85 shares were disbursed to the founders in a net-share settlement, and 95 shares were withheld by the Company to cover the founders’ tax withholding obligations. (4) Stock price hurdle and the service condition for the tranche was achieved as of October 18, 2024; the shares will be released after the one-year holding requirement has been satisfied. (5) Stock price hurdle and the service condition for the tranche was achieved as of November 26, 2024; the shares will be released after the one-year holding requirement has been satisfied. The weighted-average grant date fair value of the Founder Awards was estimated to be $61.56 per share using the below inputs.
Input | Assumption
Valuation Date | June 28, 2021
Risk-free interest rate | 1.48%
Expected life | 9.98
Expected volatility | 51.67%
Dividend yield | 0.00%
Fair value of common stock | $95.00
Schedule of Share-based Payment Arrangement, Expensed, Amount | Stock-based compensation expense is included in the Consolidated Statements of Operations and Comprehensive Income (Loss) as shown in the following table:
|  | Year Ended December 31,
(In thousands) |  |  |  | 2024 |  | 2023 |  | 2022
Cost of revenues |  |  |  | $ | 68 |  |  | $ | 55 |  |  | $ | 38 |
Research and development |  |  |  | 60,076 |  |  | 45,119 |  |  | 26,373 |
Sales and marketing |  |  |  | 4,912 |  |  | 3,908 |  |  | 2,540 |
General and administrative |  |  |  | 45,421 |  |  | 46,139 |  |  | 44,869 |
Total |  |  |  | $ | 110,477 |  |  | $ | 95,221 |  |  | $ | 73,820 |

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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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