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Share-based Compensation (Tables)

12 Months Ended

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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