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Share-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Share-Based Compensation Expense | The following table summarized share-based compensation expense included in our consolidated statements of income related to share-based awards (in thousands):
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Research and development |  | $ | 12,985 |  |  | $ | 13,345 |  |  | $ | 9,903 |
Selling, general and administrative |  | 30,400 |  |  | 23,275 |  |  | 14,494 |
Total share-based compensation expense |  | $ | 43,385 |  |  | $ | 36,620 |  |  | $ | 24,397 |
Schedule of Share-Based Compensation Expense by Type | Share-based compensation expense by type of share-based award was as follows (in thousands):
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Stock options |  | $ | 16,078 |  |  | $ | 16,351 |  |  | $ | 10,973 |
RSUs, PSUs and ESPP |  | 27,307 |  |  | 20,269 |  |  | 13,424 |
Total share-based compensation expense |  | $ | 43,385 |  |  | $ | 36,620 |  |  | $ | 24,397 |
Schedule of Total Unrecognized Estimated Compensation Cost by Type of Award and Weighted Average Remaining Requisite Service Period | Total unrecognized estimated compensation cost by type of award and the weighted-average remaining requisite service period over which such expense is expected to be recognized as of December 31, 2024 (in thousands, unless otherwise noted):
|  | December 31, 2024
|  | Unrecognized Expense |  | Remaining Weighted-Average Recognition Period ( in years)
Stock options |  | $ | 29,046 |  |  | 2.25
RSUs |  | 42,361 |  |  | 2.50
PSUs |  | 15,285 |  |  | 1.55
ESPP |  | 303 |  |  | 0.37
Schedule of Stock Option Award Activity | A summary of our stock option award activity as of and for the year ended December 31, 2024 is as follows:
|  | Shares Underlying Stock Options |  | Weighted Average Exercise Price per Share |  | Weighted Average Remaining Contractual Term ( in years) |  | Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2023 |  | 6,422,837 |  |  | $ | 30.50 |  |  |  |  |
Granted |  | 675,412 |  |  | 42.77 |  |  |  |  |
Exercised |  | (1,207,914) |  |  | 27.06 |  |  |  |  |
Canceled/forfeited |  | (414,129) |  |  | 42.86 |  |  |  |  |
Outstanding as of December 31, 2024 |  | 5,476,206 |  |  | 31.83 |  |  | 6.16 |  | $ | 90.5 |
Vested and expected to vest as of December 31, 2024 |  | 5,476,206 |  |  | 31.83 |  |  | 6.16 |  | 90.5 |
Exercisable as of December 31, 2024 |  | 3,592,590 |  |  | $ | 26.38 |  |  | 4.97 |  | $ | 78.1 |
Schedule of Valuation Assumptions | The assumptions used in the Black-Scholes Model were as follows:
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Expected volatility |  | 40.01 - 42.13% |  | 39.68 - 40.82% |  | 39.91 - 50.81%
Average expected term (in years) |  | 5.0 |  | 4.8 |  | 4.7
Risk-free interest rate |  | 3.65 - 4.70% |  | 3.37 - 4.72% |  | 1.37 - 4.27%
Expected dividend yield |  | — |  |  | — |  |  | — |
Schedule of RSU Activity | The following table summarizes our RSU activity during the year ended December 31, 2024:
|  | Number of Shares |  | Weighted Average Grant Date Fair Value |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2023 |  | 1,139,336 |  |  | $ | 41.38 |  |  |  |  |
Granted |  | 882,672 |  |  | 41.84 |  |  |  |  |
Vested |  | (408,025) |  |  | 37.92 |  |  |  |  |
Forfeited |  | (215,207) |  |  | 43.03 |  |  |  |  |
Outstanding as of December 31, 2024 |  | 1,398,776 |  |  | $ | 42.43 |  |  | 1.33 |  | $ | 66.9 |
Schedule of PSU Activity | The following table summarizes our PSU activity during the year ended December 31, 2024:
|  | Number of Shares |  | Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2023 |  | 242,555 |  |  | $ | 51.72 |
Granted |  | 332,400 |  |  | 45.06 |
Vested |  | (43,955) |  |  | 62.51 |
Forfeited |  | (48,597) |  |  | 46.82 |
Outstanding as of December 31, 2024 |  | 482,403 |  |  | $ | 46.64 |

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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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