Stock-Based Compensation |
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 nine months ended September 30, 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 723,658 RSUs, with a grant-date weighted-average fair value of $35.78 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 granted 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:
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*No stock options granted during the period.
During the nine months ended September 30, 2026, 304,233 stock options were exercised and 330,570 RSUs were released. During the nine months ended September 30, 2026, 149,203 shares of common stock with an aggregate value of approximately $5.3 million were withheld 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.
At September 30, 2026, there were 3,214,717 stock options and 938,372 RSUs outstanding. Of these, 83,125 stock options and 79,400 RSUs were performance-based awards for which achievement of the related corporate milestones was deemed not probable at September 30, 2026. Accordingly, none of the associated $4.6 million of grant date fair value has been recognized as stock-based compensation expense at September 30, 2026.
At September 30, 2026, there was approximately $25.7 million of unrecognized stock-based compensation expense, which is expected to be recognized over a remaining weighted-average period of 2.47 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.
In May 2026, our stockholders approved an amendment to our 2018 Plan to, among other items, add an additional 500,000 shares to the number of shares of common stock authorized for issuance under our 2018 Plan. During the nine months ended September 30, 2026, our Board of Directors approved an additional 22,300 shares of common stock reserved for issuance under our Inducement Plan. At September 30, 2026, there were 1,210,282 shares of common stock available for future grant under our Equity Incentive Plans.
Employee Stock Purchase Plan
Our 2000 Employee Stock Purchase Plan (Purchase Plan) has 24-month offering periods. The prior offering period commenced on July 1, 2024 and ended on June 30, 2026, and the current offering period commenced on July 1, 2026 and is scheduled to end on June 30, 2028. At September 30, 2026, there was approximately $1.3 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 1.20 years.
In May 2026, our stockholders approved an amendment to the Purchase Plan to, among other things, increase the number of shares of common stock authorized for issuance under the Purchase Plan by 360,000 shares. During the nine months ended September 30, 2026, employees purchased 60,649 shares under the Purchase Plan. At September 30, 2026, 400,156 shares of common stock were available for future issuance under the Purchase Plan.
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