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Stock-based Compensation Expense (Tables)

9 Months Ended

Sep. 30, 2025

Stock-based Compensation Expense [Abstract]

Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense for the three and nine months ended September 30, 2025 and 2024 (in thousands):

	Three Months Ended								Nine Months Ended
	September 30,								September 30,
		2025				2024				2025				2024
Cost of sales	$	145			$	159			$	855			$	609
Research, development and patent expense		20,757				22,120				60,597				67,111
Selling, general and administrative expense		10,244				9,705				29,102				26,332
Stock-based compensation expense, net of amounts capitalized		31,146				31,984				90,554				94,052
Capitalized stock-based compensation expense		435				506				1,435				506
Total stock-based compensation expense	$	31,581			$	32,490			$	91,989			$	94,558

Weighted-Average Assumptions for Stock Options

Employee Stock Options:

	Nine Months Ended
	September 30,
		2025				2024
Risk-free interest rate		4.4	%			4.1	%
Dividend yield		0.0	%			0.0	%
Volatility		42.1	%			43.8	%
Expected life		6.3 years				6.3 years

Board of Director Stock Options:

	Nine Months Ended
	September 30,
		2025				2024
Risk-free interest rate		4.0	%			4.5	%
Dividend yield		0.0	%			0.0	%
Volatility		43.0	%			49.8	%
Expected life		7.4 years				7.5 years

Weighted-Average Assumptions for ESPP

ESPP:

	Nine Months Ended
	September 30,
		2025				2024
Risk-free interest rate		4.2	%			5.2	%
Dividend yield		0.0	%			0.0	%
Volatility		48.2	%			37.8	%
Expected life		6 months				6 months

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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.

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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
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- Definition

Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

+ References

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-Topic 718
-SubTopic 50
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-Publisher FASB
-URI https://asc.fasb.org/718-50/tableOfContent

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

+ References

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-Topic 718
-SubTopic 10
-Subparagraph (f)(2)
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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