Stock-Based Compensation |
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| Stock-Based Compensation | Stock-Based Compensation Stock-based compensation for the periods presented was as follows (in thousands):
Pursuant to our 2018 Equity Incentive Plan (2018 Plan) and our Inducement Plan, as amended (Inducement Plan, and together with 2018 Plan, the Equity Incentive Plans), during the three months ended March 31, 2026, we granted stock options to purchase 36,775 shares of common stock, with weighted-average grant-date fair value of $30.14 per share, and 618,358 RSUs, with a grant-date weighted-average fair value of $35.77 per share. In recent years, we have increased our use of RSUs, and beginning in 2026, RSUs represent the majority of our equity awards. Beginning in 2026, we also grant performance-based RSUs tied to the achievement of specified corporate performance milestones. These equity awards generally vest over a three-year period, except for performance-based awards, which vest upon the achievement of specified corporate performance milestones.
The fair value of the RSU is based on the market price of our common stock on the date of grant. The fair value of stock option awards is estimated on the grant date using the Black-Scholes option pricing model. The following table summarizes the weighted-average assumptions relating to stock options granted during the periods presented:
During the three months ended March 31, 2026, 121,846 stock options were exercised and 226,221 RSUs were released. During the three months ended March 31, 2026, we withheld 105,728 shares of common stock, with an aggregate value of approximately $3.7 million, in connection with the net share settlement of RSUs to satisfy employees’ minimum statutory tax withholding obligations upon vesting. The withheld shares were valued based on the closing market price of our common stock on the applicable vesting dates. Such share withholdings are treated as share repurchases for accounting purposes and are reflected as a reduction to additional paid-in capital.
As of March 31, 2026, there were 3,436,088 stock options and 983,847 RSUs outstanding. Of these, 168,564 stock options and 67,200 RSUs were performance-based awards for which achievement of the related corporate milestones
was deemed not probable as of March 31, 2026. Accordingly, none of the associated $5.5 million of grant date fair value has been recognized as stock-based compensation expense as of March 31, 2026.
As of March 31, 2026, there was approximately $33.4 million of unrecognized stock-based compensation expense, which is expected to be recognized over a remaining weighted-average period of 2.52 years. This amount relates to time-based stock options and RSUs, as well as performance-based stock options and RSUs for which achievement of the related corporate performance milestones was considered probable.
As of March 31, 2026, there were 702,279 shares of common stock available for future grant under our Equity Incentive Plans.
Employee Stock Purchase Plan
The current 24-month offering under our Employee Stock Purchase Plan (Purchase Plan) commenced on July 1, 2024. As of March 31, 2026, there was approximately $0.2 million of unrecognized stock-based compensation cost related to the Purchase Plan, which is expected to be recognized over a remaining weighted-average period of 0.25 years. As of March 31, 2026, 96,998 shares were available for future issuance under the Purchase Plan.
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