STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Stock Awards Granted

The following table summarizes the Company’s stock awards granted for each of the periods indicated:


		For the Three Months Ended June 30,																For the Six Months Ended June 30,
		2025								2024								2025								2024
		Grants				Weighted Average Grant Date Fair Value				Grants				Weighted Average Grant Date Fair Value				Grants				Weighted Average Grant Date Fair Value				Grants				Weighted Average Grant Date Fair Value
Stock options			22,016			$	13.98				5,100			$	72.37				488,192			$	46.93				321,478			$	67.63
Restricted stock units			317,317			$	17.10				54,905		(2)	$	138.91				1,815,501		(1)	$	83.72				1,216,890		(2)	$	129.05

(1) Included in restricted stock units (“RSUs”) for the six months ended June 30, 2025 are 120,378 shares with performance conditions which are related to the achievement of certain financial performance goals, regulatory development and approval of certain of the Company's product candidates and certain manufacturing achievements. As of June 30, 2025, none of the performance conditions were probable of being achieved. Stock options and the remaining RSUs granted during the three and six months ended June 30, 2025 have only service-based criteria and vest over four years.

(2) Included in RSUs for the three and six months ended June 30, 2024 are 8,860 and 97,460 shares with performance conditions (the “March 2024 PSUs”), respectively, which are related to the achievement of certain financial performance goals and regulatory approval of certain of the Company's product candidates. The expanded regulatory approval of ELEVIDYS in June 2024 resulted in the cliff-vesting of 44,300 shares during the year ended December 31, 2024. The achievement of certain financial performance targets during the three months ended June 30, 2025 resulted in 38,050 shares of the March 2024 PSUs becoming eligible for vesting, which is contingent on the fulfillment of remaining service conditions. As of June 30, 2025, none of the remaining performance conditions associated with the March 2024 PSUs were probable of being achieved.

Summary of Stock-Based Compensation Expense by Grant Type Included within Consolidated Statements of Operations and Comprehensive Loss

The following table summarizes stock-based compensation expense by grant type and by function included within the unaudited condensed consolidated statements of comprehensive income (loss):


		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2025				2024				2025				2024
	(in thousands)
Stock options		$	11,689			$	15,515			$	24,578			$	31,796
Restricted stock units			28,114				37,808				59,657				65,335
Employee stock purchase plan			1,815				2,331				3,939				3,728
Subtotal		$	41,618			$	55,654			$	88,174			$	100,859
Capitalized stock-based compensation costs			(4,593	)			(5,172	)			(9,721	)			(9,685	)
Total stock-based compensation expense included in expenses		$	37,025			$	50,482			$	78,453			$	91,174
Research and development			15,277				19,806				32,594				36,079
Selling, general and administrative			21,748				30,676				45,859				55,095
Total stock-based compensation expense included in expenses		$	37,025			$	50,482			$	78,453			$	91,174