Stock-Based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Summary of Activity Relating to Restricted Stock Units |
The following table summarizes activity relating to time-based restricted stock units and performance restricted stock units:
|
|
|
|
|
|
|
|
|
|
Shares |
|
Weighted Average Grant Date Fair Value |
|
Outstanding as of December 31, 2022 |
|
|
1,415,481 |
|
$ |
48.73 |
|
Granted |
|
|
1,192,938 |
|
$ |
42.93 |
|
Vested |
|
|
(153,067 |
) |
$ |
65.04 |
|
Forfeited |
|
|
(50,016 |
) |
$ |
46.64 |
|
Outstanding as of June 30, 2023 |
|
|
2,405,336 |
|
$ |
44.86 |
|
|
| Summary of Activity Relating to Time Based and Performance Based Stock Options |
The following table summarizes activity related to time-based and performance-based stock options:
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|
|
|
|
|
|
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|
|
|
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|
|
|
|
|
|
Shares |
|
|
Weighted
Average Exercise
Price |
|
|
Weighted Average
Remaining Life
(in years) |
|
|
Aggregate
Intrinsic Value
(in thousands) |
|
Outstanding as of December 31, 2022 |
|
|
7,788,350 |
|
|
$ |
77.95 |
|
|
|
6.36 |
|
|
$ |
7,275 |
|
Granted |
|
|
881,254 |
|
|
$ |
46.03 |
|
|
|
|
|
|
|
Exercised |
|
|
(65,940 |
) |
|
$ |
16.58 |
|
|
|
|
|
|
|
Forfeited |
|
|
(101,739 |
) |
|
$ |
86.24 |
|
|
|
|
|
|
|
Outstanding as of June 30, 2023 |
|
|
8,501,925 |
|
|
$ |
75.02 |
|
|
|
6.27 |
|
|
$ |
25,890 |
|
Exercisable as of June 30, 2023 |
|
|
5,568,114 |
|
|
$ |
83.45 |
|
|
|
5.09 |
|
|
$ |
17,901 |
|
|
| Summary of Stock-Based Compensation Expense Recognized |
The following table summarizes stock-based compensation expense recognized during the three and six months ended June 30, 2023 and 2022:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
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|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
(in thousands) |
|
Research and development |
|
$ |
4,496 |
|
|
$ |
6,458 |
|
|
$ |
13,269 |
|
|
$ |
15,073 |
|
Selling, general and administrative |
|
|
7,197 |
|
|
|
8,178 |
|
|
|
18,462 |
|
|
|
18,116 |
|
|
|
$ |
11,693 |
|
|
$ |
14,636 |
|
|
$ |
31,731 |
|
|
$ |
33,189 |
|
|
| Summary of Stock-Based Compensation Expense by Award Type |
The following table summarizes stock-based compensation expense by award type recognized during the three and six months ended June 30, 2023 and 2022:
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|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
(in thousands) |
|
Stock options |
|
$ |
9,663 |
|
|
$ |
13,202 |
|
|
$ |
19,678 |
|
|
$ |
28,667 |
|
Restricted stock units |
|
|
1,618 |
|
|
|
1,450 |
|
|
|
11,171 |
|
|
|
4,253 |
|
Employee stock purchase plan |
|
|
412 |
|
|
|
(16 |
) |
|
|
882 |
|
|
|
269 |
|
|
|
$ |
11,693 |
|
|
$ |
14,636 |
|
|
$ |
31,731 |
|
|
$ |
33,189 |
|
|