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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Stockholders' Equity | Stockholders’ Equity Share-based Compensation The following table summarizes share-based compensation expense included in our condensed consolidated statements of income related to share-based awards (in thousands):
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Research and development |  | $ | 3,601 |  |  | $ | 3,598 |  |  | $ | 10,375 |  |  | $ | 9,511 |
Selling, general and administrative |  | 8,559 |  |  | 8,980 |  |  | 24,619 |  |  | 22,412 |
Total share-based compensation expense |  | $ | 12,160 |  |  | $ | 12,578 |  |  | $ | 34,994 |  |  | $ | 31,923 |
Share-based compensation expense by type of share-based award was as follows (in thousands):
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Stock options |  | $ | 3,734 |  |  | $ | 3,922 |  |  | $ | 11,316 |  |  | $ | 12,115 |
RSUs, PSUs and ESPP |  | 8,426 |  |  | 8,656 |  |  | 23,678 |  |  | 19,808 |
Total share-based compensation expense |  | $ | 12,160 |  |  | $ | 12,578 |  |  | $ | 34,994 |  |  | $ | 31,923 |
We granted stock options to purchase approximately 0.5 million and 0.6 million shares of common stock during the nine months ended September 30, 2025 and 2024, respectively. The exercise price of stock options granted is equal to the closing price of the common stock on the date of grant. The fair value of each option award is estimated on the date of grant using the Black-Scholes-Merton option pricing model (“Black-Scholes Model”). Expected volatility is based on historical volatility of our common stock. The expected term of options granted is based on analyses of historical employee termination rates and option exercises. The risk-free interest rate is based on the U.S. Treasury yield for a period consistent with the expected term of the option in effect at the time of the grant. The dividend yield assumption is based on the expectation of no future dividend payments. The assumptions used in the Black-Scholes Model were as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Expected volatility |  | 41.23 - 42.14% |  | 40.35 - 40.46% |  | 39.68 - 42.14% |  | 40.01 - 40.46%
Average expected term (in years) |  | 4.8 |  | 4.8 |  | 4.8 |  | 5.0
Risk-free interest rate |  | 3.74 - 3.84% |  | 3.65 - 4.44% |  | 3.74 - 4.34% |  | 3.65 - 4.70%
Expected dividend yield |  | — |  |  | — |  |  | — |  |  | — |
In February 2021, our Board of Directors approved our 2021 ESPP and our stockholders approved the plan in May 2021. The 2021 ESPP enables eligible employees to purchase shares of our common stock at the end of each offering period at a price equal to 85% of the fair market value of the shares on the first business day or the last business day of the offering period, whichever is lower. Share purchases are funded through payroll deduction of at least 1% and up to 15% of an employee’s compensation for each payroll period, and no employee may purchase shares under the 2021 ESPP that exceeds $25,000 worth of our common stock for a calendar year. As of September 30, 2025, 2.5 million shares were available for future purchase. The offering period is generally for a six-month period. Offering periods shall commence on or about the sixteenth day of June and December of each year and end on or about the fifteenth day of the next December and June, respectively, occurring thereafter. During the nine months ended September 30, 2025, 22,092 shares were issued pursuant to the ESPP. 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 was as follows (in thousands, unless otherwise noted):
|  | September 30, 2025
|  | Unrecognized Expense |  | Remaining Weighted-Average Recognition Period (in years)
Stock options |  | $ | 26,004 |  |  | 2.18
RSUs |  | 55,635 |  |  | 2.56
PSUs |  | 12,954 |  |  | 1.63
ESPP |  | 153 |  |  | 0.16
Share Repurchases In December 2021, our Board of Directors authorized a capital return program to repurchase up to $750.0 million of our outstanding common stock over a three-year period which we completed in June 2024. A total of 19.1 million shares were repurchased over the three-year period at an average price per share of $39.31. In February 2024, our Board of Directors authorized a new capital return program to repurchase up to $750.0 million of our outstanding common stock. In December 2024, we entered into an Accelerated Share Repurchase (“ASR”) agreement with Bank of America, N.A. to repurchase $250.0 million of our outstanding common stock. Pursuant to the agreement, at the inception of the ASR, we paid $250.0 million to Bank of America, N.A. and took initial delivery of 4.2 million shares, representing approximately 80 percent of the total shares to be repurchased under the ASR agreement measured based on the closing price of our common stock on the transaction trade date. In March 2025, we finalized the ASR transaction resulting in a total repurchase of 4.7 million shares at an average price of $53.95. In May 2025, we announced a second $250.0 million share repurchase under the $750.0 million approved program from February 2024. The second $250.0 million share repurchase was completed in June 2025, resulting in a total purchase of 4.8 million shares at an average price of $52.09 per share. In June 2025, we initiated the third $250.0 million share repurchase tranche under the $750.0 million approved program from February 2024. As of September 30, 2025, $92.3 million has been used to repurchase approximately 1.7 million shares at an average price of $52.89 per share. We had the following share repurchase activity under the approved share repurchase program (in thousands, except share and per share amounts):
|  | 2025
|  | Total Number of Shares Purchased |  | Weighted-Average Price Paid Per Share |  | Total Cost
First quarter(1) |  | 452,453 |  |  | $ | 53.95 |  |  | $ | 24,410 |
Second quarter(2) |  | 5,818,338 |  |  | $ | 52.16 |  |  | 303,490 |
Third quarter(2) |  | 725,514 |  |  | $ | 53.59 |  |  | 38,882 |
|  | 6,996,305 |  |  | $ | 52.42 |  |  | $ | 366,782 |
(1) The shares we repurchased during the first quarter are part of the ASR initiated in December 2024. (2) Included in the total cost of shares purchased is a commission fee of $0.02 per share. All shares repurchased under our capital return programs have been retired and have resumed their status of authorized and unissued shares.

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