Employee Stock Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

Table Text Blocks

Summary of expense recognized for share-based compensation arrangements

	Year Ended December 31,
	2024		2023		2022
Stock options	$	—	$	226	$	1,471
Time-based restricted stock units		21,425		19,829		17,643
Performance-based restricted stock units		6,422		9,321		5,008
Restricted stock awards		1,492		1,997		2,439
Employee stock purchase plan		451		502		412
Stock awards		60		130		75
VectivBio Holding AG stock options and RSUs accelerated upon change in control		—		27,548		—
Total share-based compensation expense	$	29,850	$	59,553	$	27,048

Share-based compensation expense reflected in the condensed consolidated statements of operations

	Year Ended December 31,
	2024		2023		2022
Share-based compensation expense:
Research and development	$	7,552	$	17,448	$	4,936
Selling, general and administrative		22,298		41,194		22,112
Restructuring		—		911		—
Total share-based compensation expense included in operating expenses		29,850		59,553		27,048
Income tax benefit		3,414		2,964		1,644
Total share-based compensation expense, net of tax	$	26,436	$	56,589	$	25,404

Schedule of weighted-average assumptions used to estimate the fair value of Relative TSR PSUs and Absolute TSR PSUs

		Year Ended December 31,
		2024						2023						2022
		Relative			Absolute			Relative			Absolute			Relative
		TSR PSUs			TSR PSUs			TSR PSUs			TSR PSUs			TSR PSUs
Fair value of common stock	$	12.41		$	12.41		$	11.39		$	10.74		$	11.13
Expected volatility		38.0	%		38.0	%		37.0	%		37.0	%		41.7	%
Expected term (in years)		3.0			3.0			3.0			3.0			2.8
Risk-free interest rate		4.2	%		4.2	%		4.7	%		4.7	%		1.6	%
Expected dividend yield		—	%		—	%		—	%		—	%		—	%

Summary of restricted stock activity

		Weighted-
		Average
	Number of	Grant Date
	Shares	Fair Value
Unvested as of December 31, 2023	178,800	$	10.77
Granted	194,488		5.70
Vested	(178,800)		10.77
Forfeited	—		—
Unvested as of December 31, 2024	194,488	$	5.70

Summary of stock option activity

		Weighted-		Weighted-
	Number of	Average		Average	Aggregate
	Stock	Exercise		Contractual	Intrinsic
	Options	Price(1)		Life	Value
				(in years)	(in thousands)
Outstanding at December 31, 2023	5,836,306	$	12.36	2.56	$	2,920
Granted	—		—
Exercised	(825,416)		12.19
Cancelled	(470,626)		12.51
Outstanding at December 31, 2024	4,540,264		12.37	1.97		—
Vested or expected to vest at December 31, 2024	4,540,264		12.37	1.97		—
Exercisable at December 31, 2024	4,540,264		12.37	1.97		—

(1) Amounts relating to stock options granted prior to the separation of the Company’s soluble guanylate cycle business, and certain other assets and liabilities, into Cyclerion Therapeutics, Inc. (the “Separation) on April 1, 2019 have not been adjusted to reflect the effect of the Separation on the Company’s stock price.

Schedule of unrecognized share-based compensation expense, net of estimated forfeitures by type of awards and weighted-average period

	Unrecognized		Weighted-Average
	Expense, Net		Remaining
	of Estimated		Recognition
	Forfeitures		Period
	(in thousands)		(in years)
Type of award:
Restricted stock awards	$	513	0.46
Time-based restricted stock units		32,147	2.31
Performance-based restricted stock units		3,015	1.82

Time-based Restricted Stock Units

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Summary of RSU activity

		Weighted-
		Average
	Number	Grant Date
	of RSUs	Fair Value
Outstanding as of December 31, 2023	5,342,727	$	10.68
Granted	3,105,866		11.53
Vested and released	(1,886,372)		10.77
Forfeited	(1,210,714)		11.79
Outstanding as of December 31, 2024	5,351,507	$	10.89

Performance-based Restricted Stock Units

Table Text Blocks

Summary of RSU activity

		Weighted-
		Average
	Number	Grant Date
	of PSUs	Fair Value
Outstanding as of December 31, 2023	1,653,268	$	14.55
Granted	540,636		14.91
Vested and released	(802,800)		12.84
Forfeited	(282,598)		17.36
Outstanding as of December 31, 2024	1,108,506	$	13.91