Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following table summarizes stock option activity during the nine months ended September 30, 2024:

	Shares	Weighted average exercise price
Outstanding at December 31, 2023	2,355,779	$	79.94
Options granted	162,517	234.84
Options exercised	(748,143)	76.35
Options cancelled	(68,535)	121.89
Outstanding at September 30, 2024	1,701,618	$	94.62
Exercisable at September 30, 2024	1,297,563	$	78.45

Stock-based compensation expense during the three and nine months ended September 30, 2024 and 2023 was as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Stock-based compensation expense by type of award:
Stock options	$	4,978	$	8,375	$	21,891	$	24,404
Restricted stock units	8,292		3,652		26,835		9,846
Performance-based restricted stock units	4,628		633		13,478		633
Total stock-based compensation expense	$	17,898	$	12,660	$	62,204	$	34,883
Effect of stock-based compensation expense by line item:
Research and development	$	5,570	$	5,133	$	17,059	$	15,703
Selling, general and administrative	12,328		7,527		45,145		19,180
Total stock-based compensation expense included in net loss	$	17,898	$	12,660	$	62,204	$	34,883

Schedule of RSU Activity

The following table summarizes RSU activity, excluding performance-based RSUs, during the nine months ended September 30, 2024:

	Shares	Weighted average grant date fair value
Outstanding at December 31, 2023	376,117	$	241.45
RSUs granted	275,278	234.64
RSUs vested	(93,172)	262.91
RSUs forfeited	(55,356)	244.45
Outstanding at September 30, 2024	502,867	$	233.42

Schedule of PSU Activity

The following table summarizes PSU activity during the nine months ended September 30, 2024:

	PSUs	Eligible to Earn PSUs	Weighted average grant date fair value
Outstanding PSUs at December 31, 2023	50,000	150,000	$	146.37
PSUs granted	51,202	102,404	388.02
PSUs attained	—	—	—
PSUs forfeited	(8,442)	(16,884)	388.02
Outstanding at September 30, 2024	92,760	235,520	$	257.77