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Stock Compensation
 9 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement [Abstract]  
Stock Compensation Stock Compensation
Employee Stock Purchase Plan
In April 2020, the board of directors approved the Esperion Therapeutics, Inc. 2020 Employee Stock Purchase Plan (the "ESPP") which was approved by the Company's shareholders on May 28, 2020. The ESPP allows eligible employees to authorize payroll deductions of up to 10% of their base salary or wages up to $25,000 annually to be applied toward the purchase of shares of the Company's common stock on the last trading day of the offering period. Participating employees will purchase shares of the Company's common stock at a discount of up to 15% on the lesser of the closing price of the Company's common stock on the NASDAQ Global Select Market (i) on the first trading day of the offering period or (ii) the last day of any offering period. Offering periods under the ESPP will generally be in six months increments, commencing on September 1 and March 1 of each calendar year with the administrator having the right to establish different offering periods. In the three and nine months ended September 30, 2021, the Company recognized approximately $0.2 million and $0.6 million of stock compensation expense related to the ESPP, respectively. In the three and nine months ended September 30, 2020, the Company recognized $0.1 million of stock compensation expense related to the ESPP. As of September 30, 2021, there have been 133,214 shares issued and 691,786 shares reserved for future issuance under the ESPP.
Stock Options
The following table summarizes the activity relating to the Company’s options to purchase common stock for the nine months ended September 30, 2021:
Number of OptionsWeighted-Average Exercise Price Per ShareWeighted-Average Remaining Contractual Term (Years)Aggregate Intrinsic Value
(in thousands)
Outstanding at December 31, 20204,176,518 $40.24 5.28$18,415 
Granted757,992 $28.06 
Forfeited or expired(1,001,831)$48.92 
Exercised(228,741)$14.04 
Outstanding at September 30, 20213,703,938 $37.02 4.22$2,708 
The following table summarizes information about the Company’s stock option plan as of September 30, 2021:
Number of OptionsWeighted-Average Exercise Price Per ShareWeighted-Average Remaining Contractual Term (Years)Aggregate Intrinsic Value
(in thousands)
Vested and expected to vest at September 30, 20213,703,938 $37.02 4.22$2,708 
Exercisable at September 30, 20212,947,780 $37.21 3.11$2,708 
Stock-based compensation related to stock options was $2.8 million and $12.7 million for the three and nine months ended September 30, 2021, respectively, including $0.8 million and $1.3 million that were capitalized into inventory, and $5.1 million and $16.2 million for the three and nine months ended September 30, 2020, respectively, including less than $0.1 million and $0.5 million that were capitalized into inventory. As of September 30, 2021, there was $15.3 million of unrecognized stock-based compensation expense related to unvested options, which will be recognized over a weighted-average period of 2.5 years. The increase in stock option expense for the three months ended June 30, 2021, was primarily due to an equity modification related to the CEO Departure Agreement entered into between the Company and the Company's former CEO on May 16, 2021.
Restricted Stock Units (or RSUs)
The following table summarizes the activity relating to the Company’s RSUs for the nine months ended September 30, 2021:
Number of
RSUs		Weighted-Average
Fair Value Per
Share
Outstanding and unvested December 31, 2020401,234 $46.92 
Granted827,466 $26.47 
Forfeited(190,166)$38.43 
Vested(159,185)$44.14 
Outstanding and unvested September 30, 2021879,349 $30.02 
Stock-based compensation related to RSUs was approximately $2.4 million and $6.4 million for the three and nine months ended September 30, 2021, respectively, including $0.4 million and $0.6 million that were capitalized into inventory, and approximately $2.1 million and $5.4 million for the three and nine months ended September 30, 2020, respectively, including less than $0.1 million and $0.1 million that were capitalized into inventory. As of September 30, 2021, there was $23.6 million of unrecognized stock-based compensation expense related to unvested RSUs, which will be recognized over a weighted-average period of 3.0 years.
Performance-based Restricted Stock Units ("PBRSUs")
The Company's PBRSUs vest after a two-year performance period contingent upon the achievement of predetermined performance-based milestones based on the Company's U.S. net product sales. The actual number of units (if any) received under this award will depend on continued employment and actual performance over the two-year performance period. Each quarter, the Company updates their assessment of the probability that the performance milestone will be achieved. The Company amortizes the fair value of the PBRSUs based on the expected performance period to achieve the performance milestone. The fair value of the PBRSUs is based on the quoted market price of our common stock on the date of grant. The Company expects the performance criteria to be met.
The following table summarizes the activity relating to the Company's PBRSUs for the nine months ended September 30, 2021:
Number of
PBRSUs		Weighted-average fair value per share
Outstanding December 31, 2020— $— 
Granted64,200 $22.52 
Forfeited(18,900)$22.52 
Outstanding and unvested September 30, 202145,300 $22.52 
Stock-based compensation related to the PBRSUs was approximately $0.1 million for the three and nine months ended September 30, 2021.