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Stock-based Compensation
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation Stock-based Compensation
2015 Stock Plan
The Company’s 2015 Stock Plan, as amended (the “2015 Stock Plan”), is one of the Company’s equity incentive compensation plans through which equity based grants are awarded. The 2015 Stock Plan provides for the grant of incentive stock options, non-statutory stock options, restricted stock, restricted stock units and other stock-based compensation awards to employees, officers, directors, and consultants of the Company. The administration of the 2015 Stock Plan is under the general supervision of the Compensation Committee of the Board. The terms of stock options awarded under the 2015 Stock Plan, in general, are determined by the Compensation Committee, provided the exercise price per share generally shall not be set at less than the fair market value of a share of the common stock on the date of grant and the term shall not be greater than ten years from the date the option is granted. As of June 30, 2025, 629,219 shares were available for future issuance under the 2015 Stock Plan.
2023 Inducement Plan
In September 2023, the Company adopted the 2023 Inducement Plan (the “2023 Inducement Plan”), pursuant to which the Company made equity grants to new employees as a material inducement to their employment. The 2023 Inducement Plan was adopted without stockholder approval, pursuant to Nasdaq Listing Rule 5635(c)(4), and was administered by the Compensation Committee of the Board. The 2023 Inducement Plan provided for the granting of non-statutory stock options, restricted stock, restricted stock units, performance stock units and other stock-based compensation awards to new employees, but did not allow for the granting of incentive stock options. The terms of the stock options under the 2023 Inducement Plan, in general, were determined by the Compensation Committee, provided the exercise price per share generally was not to be set at less than the fair market value of a share of the common stock on the date of grant and the term was not to be greater than ten years from the date the option or award is granted. A total of 500,000 shares of the Company’s common stock were reserved for issuance under the 2023 Inducement Plan. In June 2025, the Company terminated the 2023 Inducement Plan, and therefore no additional awards may be made from the 2023 Inducement Plan. Any awards outstanding under the 2023 Inducement Plan will continue to be governed by the terms thereof.
2025 Inducement Plan
In June 2025, the Company adopted the 2025 Inducement Plan (the “2025 Inducement Plan”), pursuant to which the Company may from time to time make equity grants to new employees as a material inducement to their employment. The 2025 Inducement Plan was adopted without stockholder approval, pursuant to Nasdaq Listing Rule 5635(c)(4), and is administered by the Compensation Committee of the Board. The 2025 Inducement Plan provides for the granting of non-statutory stock options, restricted stock, restricted stock units, performance stock units and other stock-based compensation awards to new employees, but does not allow for the granting of incentive stock options. The terms of the stock options under the 2025 Inducement Plan, in general, are determined by the Compensation Committee, provided the exercise price per share generally shall not be set at less than the fair market value of a share of the common stock on the date of grant
and the term shall not be greater than ten years from the date the option or award is granted. A total of 100,000 shares of the Company’s common stock were reserved for issuance under the 2025 Inducement Plan, all of which were available for future issuance as of June 30, 2025.
Stock Options
The following table summarizes stock option activity during the six months ended June 30, 2025:
 
Shares
Weighted
average exercise
price
Outstanding at December 31, 20241,528,143$93.57 
Options granted127,250331.98 
Options exercised(118,658)87.53 
Options cancelled(5,053)87.12 
Outstanding at June 30, 20251,531,682$113.86 
Exercisable at June 30, 20251,186,692$81.20 
The total cash received by the Company as a result of stock option exercises was $10.4 million and $49.7 million, respectively, for the six months ended June 30, 2025 and 2024. The total intrinsic value of options exercised was $29.7 million and $121.1 million, respectively, for the six months ended June 30, 2025 and 2024. The weighted-average grant date fair values, based on the Black-Scholes option model, of options granted during the six months ended June 30, 2025 and 2024 were $196.11 and $153.98, respectively.
Restricted Stock Units
The Company’s 2015 Stock Plan provides for awards of restricted stock units (“RSUs”) to employees, officers, directors and consultants to the Company. The Company’s Inducement Plan provides for awards of RSUs to new employees. RSUs vest over a period of months or years, or upon the occurrence of certain performance criteria or the attainment of stated goals or events, and are subject to forfeiture if employment or service terminates before vesting.
The following table summarizes RSU activity, excluding performance-based RSUs, during the six months ended June 30, 2025:
Shares
Weighted average grant date fair value
Outstanding at December 31, 2024499,559$237.07 
RSUs granted
369,937336.68
RSUs vested
(95,758)258.88
RSUs forfeited
(16,475)279.16
Outstanding at June 30, 2025757,263$282.05 
Performance-Based Restricted Stock Units
The Company has granted various performance-based restricted stock units (“PSUs”) to certain senior personnel. Depending on the terms of the PSUs and the outcome of the pre-established performance criteria, which may include a market and/or performance condition, a recipient may ultimately earn the target number of PSUs granted or a specified multiple thereof at the end of the vesting period.
The following table summarizes PSU activity during the six months ended June 30, 2025:
PSUsEligible to Earn PSUsWeighted average grant date fair value
Outstanding PSUs at December 31, 202492,760 235,520 $257.77 
PSUs granted61,717 123,434 580.38
PSUs attained(50,000)(50,000)146.37 
PSUs forfeited— — — 
Outstanding at June 30, 2025104,477 308,954 $501.65 
Outstanding Awards
As of June 30, 2025, the Company had restricted stock units, performance stock units, and options outstanding pursuant to which an aggregate of 2,597,899 shares of its common stock may be issued pursuant to the terms of all awards granted under the 2015 Stock Plan and 2023 Inducement Plan. As of June 30, 2025, there were no awards outstanding under the 2025 Inducement Plan.
Stock-Based Compensation Expense
Stock-based compensation expense during the three and six months ended June 30, 2025 and 2024 was as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Stock-based compensation expense by type of award:
Stock options$5,449 $10,027 $10,888 $16,913 
Restricted stock units14,328 9,918 26,116 18,543 
Performance-based restricted stock units5,382 4,459 9,086 8,850 
Total stock-based compensation expense$25,159 $24,404 $46,090 $44,306 
Effect of stock-based compensation expense by line item:
Research and development$5,354 $5,582 $10,569 $11,489 
Selling, general and administrative19,805 18,822 35,521 32,817 
Total stock-based compensation expense included in net loss$25,159 $24,404 $46,090 $44,306 
Unrecognized stock-based compensation expense as of June 30, 2025 was $247.4 million with a weighted average remaining period of 3.00 years.