Share-Based Payments (Tables)
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6 Months Ended |
Jun. 30, 2024 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Company's Stock Option Activity |
The following table presents stock option activity for the six months ended June 30, 2024: | | | | | | | | | | | | | Number of
Stock Options | | Weighted-Average Exercise Price | | Outstanding at December 31, 2023 | 5,263,681 | | | $ | 44.94 | | | Granted | 960,488 | | | 33.39 | | | Exercised | (184,331) | | | 30.96 | | | Cancelled/Forfeited | (21,063) | | | 41.52 | | | Expired | (22,750) | | | 34.41 | | | Outstanding at June 30, 2024 | 5,996,025 | | | $ | 43.57 | | | Exercisable at June 30, 2024 | 3,727,328 | | | $ | 51.07 | | | Vested and expected to vest at June 30, 2024 | 5,996,025 | | | $ | 43.57 | |
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| Schedule of RSU Activity |
The following table presents RSU activity for the six months ended June 30, 2024: | | | | | | | | | | | | | Number of
Stock Units | | Weighted-Average Grant Date Fair Value | | Unvested shares at December 31, 2023 | 1,346,701 | | | $ | 29.67 | | | Granted | 1,054,565 | | | 31.23 | | | Vested | (522,606) | | | 33.04 | | | Forfeited | (18,252) | | | 29.17 | | | Unvested shares at June 30, 2024 | 1,860,408 | | | $ | 29.62 | |
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| Schedule of PSU Activity |
The following table presents PSU activity for the six months ended June 30, 2024: | | | | | | | | | | | | | Number of
Stock Units | | Weighted-Average Grant Date Fair Value | | Unvested shares at December 31, 2023 | 362,133 | | | $ | 30.66 | | | Granted | 183,000 | | | 32.27 | | | Vested | (170,550) | | | 35.04 | | | | | | | Unvested shares at June 30, 2024 | 374,583 | | | $ | 29.45 | |
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| Schedule of Market-based Stock Unit or MSU Activity |
The following table presents market-based stock unit, or MSU, activity for the six months ended June 30, 2024: | | | | | | | | | | | | | Number of
Stock Units | | Weighted-Average
Grant Date Fair
Value | | Unvested shares at December 31, 2023 | 42,695 | | | $ | 41.50 | | | | | | | | | | | Expired | (42,695) | | | 41.50 | | | Unvested shares at June 30, 2024 | — | | | $ | — | |
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| Schedule of Stock-Based Compensation Expense by Award Type Included within the Condensed Consolidated Statements of Operations |
Stock-based compensation expense by award type included within the condensed consolidated statements of operations is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | (In thousands) | 2024 | | 2023 | | 2024 | | 2023 | | Stock options | $ | 4,361 | | | $ | 3,937 | | | $ | 8,432 | | | $ | 8,894 | | | Restricted stock units | 6,211 | | | 4,754 | | | 11,177 | | | 9,701 | | | Performance-based stock units | 750 | | | 2,784 | | | 750 | | | 2,784 | | | Employee stock purchase plan | 243 | | | 262 | | | 440 | | | 497 | | | | | | | | | | | Total stock-based compensation expense | $ | 11,565 | | | $ | 11,737 | | | $ | 20,799 | | | $ | 21,876 | |
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| Schedule of Expenses Related to Stock Options and Stock-based Awards |
Expenses related to stock options and stock-based awards were allocated as follows in the condensed consolidated statements of operations: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | (In thousands) | 2024 | | 2023 | | 2024 | | 2023 | | Research and development expense | $ | 4,460 | | | $ | 4,540 | | | $ | 8,235 | | | $ | 8,895 | | | Selling, general and administrative expense | 7,105 | | | 7,197 | | | 12,564 | | | 12,981 | | | Total stock-based compensation expense | $ | 11,565 | | | $ | 11,737 | | | $ | 20,799 | | | $ | 21,876 | |
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