Stock-Based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| 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, 2023 |
|
|
3,088,394 |
|
$ |
34.27 |
|
Granted |
|
|
1,277,080 |
|
$ |
23.50 |
|
Vested |
|
|
(80,039 |
) |
$ |
44.21 |
|
Forfeited |
|
|
(172,516 |
) |
$ |
32.00 |
|
Outstanding as of June 30, 2024 |
|
|
4,112,919 |
|
$ |
30.83 |
|
|
| 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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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Weighted
Average Exercise
Price |
|
|
Weighted Average
Remaining Life
(in years) |
|
|
Aggregate
Intrinsic Value
(in thousands) |
|
Outstanding as of December 31, 2023 |
|
|
8,118,041 |
|
|
$ |
76.02 |
|
|
|
5.66 |
|
|
$ |
475 |
|
Granted |
|
|
2,162,855 |
|
|
$ |
21.79 |
|
|
|
|
|
|
|
Exercised |
|
|
(10,062 |
) |
|
$ |
7.69 |
|
|
|
|
|
|
|
Forfeited |
|
|
(3,243,941 |
) |
|
$ |
85.93 |
|
|
|
|
|
|
|
Expired |
|
|
(20,564 |
) |
|
$ |
8.92 |
|
|
|
|
|
|
|
Outstanding as of June 30, 2024 |
|
|
7,006,329 |
|
|
$ |
54.99 |
|
|
|
5.78 |
|
|
$ |
— |
|
Exercisable as of June 30, 2024 |
|
|
4,278,083 |
|
|
$ |
66.73 |
|
|
|
4.61 |
|
|
$ |
— |
|
|
| Summary of Stock-Based Compensation Expense Recognized |
The following table summarizes stock-based compensation expense recognized during the six months ended June 30, 2024 and 2023:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
(in thousands) |
|
|
|
|
|
|
|
Research and development |
|
$ |
6,118 |
|
|
$ |
4,496 |
|
|
$ |
11,084 |
|
|
$ |
13,269 |
|
Selling, general and administrative |
|
|
11,049 |
|
|
|
7,197 |
|
|
|
19,781 |
|
|
|
18,462 |
|
|
|
$ |
17,167 |
|
|
$ |
11,693 |
|
|
$ |
30,865 |
|
|
$ |
31,731 |
|
|
| Summary of Stock-Based Compensation Expense by Award Type |
The following table summarizes stock-based compensation expense by award type recognized during the six months ended June 30, 2024 and 2023:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
(in thousands) |
|
|
|
|
|
|
|
Stock options |
|
$ |
7,724 |
|
|
$ |
9,663 |
|
|
$ |
15,175 |
|
|
$ |
19,678 |
|
Restricted stock units |
|
|
9,223 |
|
|
|
1,618 |
|
|
|
14,942 |
|
|
|
11,171 |
|
Employee stock purchase plan |
|
|
220 |
|
|
|
412 |
|
|
|
748 |
|
|
|
882 |
|
|
|
$ |
17,167 |
|
|
$ |
11,693 |
|
|
$ |
30,865 |
|
|
$ |
31,731 |
|
|