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Pay vs Performance Disclosure - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure [Table]      
Pay vs Performance [Table Text Block]

The amounts set forth below under the headings “Compensation Actually Paid to PEO” and “Average Compensation Actually Paid to Non-PEO NEOs” have been calculated in a manner consistent with Item 402(v) of Regulation S-K. Use of the term “compensation actually paid” is required by the SEC’s rules and, as a result of the calculation methodology required by the SEC, such amounts differ from compensation actually earned, realized or received by the individuals and the compensation decisions described in our Compensation Discussion and Analysis beginning on page 91 of this proxy statement.

 

 

 

Summary

 

 

Compensation

 

 

Average

Summary

Compensation

 

 

Average Compensation Actually

 

 

Value of Initial Fixed $100 Investment Based on:(3)

 

 

 

 

 

 

 

 

 

Year

 

Compensation

Table Total

for PEO(1)

($)

 

 

Actually

Paid to

PEO(1)(2)

($)

 

 

Table Total

for Non-PEO

NEOs(1)

($)

 

 

Paid to Non-PEO NEOs(1)(2)

($)

 

 

TSR

($)

 

 

Peer Group

TSR

($)

 

 

GAAP Net Income (Loss)

($ Millions)

 

 

Non-GAAP

Net Income(4)

($ Millions)

 

(a)

 

(b)

 

 

(c)

 

 

(d)

 

 

(e)

 

 

(f)

 

 

(g)

 

 

(h)

 

 

(i)

 

2022

 

 

10,314,172

 

 

 

8,321,591

 

 

 

4,155,421

 

 

 

4,206,760

 

 

 

128.09

 

 

 

113.65

 

 

 

(158.3

)

 

 

57.9

 

2021

 

 

8,846,588

 

 

 

11,225,263

 

 

 

2,942,671

 

 

 

2,882,217

 

 

 

114.02

 

 

 

126.45

 

 

 

(48.2

)

 

 

129.1

 

2020

 

 

8,041,702

 

 

 

6,883,292

 

 

 

2,882,616

 

 

 

2,656,656

 

 

 

97.79

 

 

 

126.42

 

 

 

(110.9

)

 

 

68.6

 

(1)

Richard F. Pops was our PEO for each year presented. The individuals comprising the non-PEO NEOs for each year presented are listed below.

 

2020

2021

2022

James M. Frates

Iain M. Brown

Iain M. Brown

David J. Gaffin

James M. Frates

David J. Gaffin

Craig C. Hopkinson, M.D.

David J. Gaffin

Craig C. Hopkinson, M.D.

Michael J. Landine

Craig C. Hopkinson, M.D.

Blair C. Jackson

 

Blair C. Jackson

 

 

(2)

The amounts shown reflect the exclusion and inclusion of those certain amounts for the PEO and the non-PEO NEOs shown in the following tables. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts shown in each of the Exclusion of Stock Awards and Option Awards columns are equal to the total amounts from the Stock Awards and Option Awards columns set forth in the Summary Compensation Table on page 119 of this proxy statement.

 

Year

 

Summary Compensation Table Total for PEO

($)

 

 

Exclusion of Stock Awards and Option Awards for PEO

($)

 

 

Inclusion of Equity Values for PEO

($)

 

 

Compensation Actually Paid to PEO

($)

 

2022

 

 

10,314,172

 

 

 

(8,009,660

)

 

 

6,017,079

 

 

 

8,321,591

 

2021

 

 

8,846,588

 

 

 

(6,564,945

)

 

 

8,943,620

 

 

 

11,225,263

 

2020

 

 

8,041,702

 

 

 

(6,040,835

)

 

 

4,882,425

 

 

 

6,883,292

 

 

Year

 

Average Summary Compensation Table Total for Non-PEO NEOs

($)

 

 

Average Exclusion of Stock Awards and Option Awards for Non-PEO NEOs

($)

 

 

Average Inclusion of Equity Values for Non-PEO NEOs

($)

 

 

Average Compensation Actually Paid to Non-PEO NEOs

($)

 

2022

 

 

4,155,421

 

 

 

(3,126,696

)

 

 

3,178,035

 

 

 

4,206,760

 

2021

 

 

2,942,671

 

 

 

(2,141,519

)

 

 

2,081,065

 

 

 

2,882,217

 

2020

 

 

2,882,616

 

 

 

(2,083,657

)

 

 

1,857,697

 

 

 

2,656,656

 

 

 

The amounts shown in the Inclusion of Equity Values column in each of the above tables are derived from the following amounts:

 

Year

 

Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for PEO

($)

 

 

Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for PEO

($)

 

 

Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year for PEO

($)

 

 

Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year for PEO

($)

 

 

Total - Inclusion of Equity Values for PEO

($)

 

2022

 

 

6,635,906

 

 

 

(948,605

)

 

 

329,778

 

 

 

 

 

 

6,017,079

 

2021

 

 

5,337,837

 

 

 

1,158,777

 

 

 

2,447,006

 

 

 

 

 

 

8,943,620

 

2020

 

 

5,747,325

 

 

 

(629,614

)

 

 

(235,286

)

 

 

 

 

 

4,882,425

 

 

Year

 

Average Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for Non-PEO NEOs

($)

 

 

Average Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for Non-PEO NEOs

($)

 

 

Average Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year for Non-PEO NEOs

($)

 

 

Average Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year for Non-PEO NEOs

($)

 

 

Total - Average Inclusion of Equity Values for Non-PEO NEOs

($)

 

2022

 

 

2,930,046

 

 

 

137,112

 

 

 

110,877

 

 

 

 

 

 

3,178,035

 

2021

 

 

2,296,714

 

 

 

(439,567

)

 

 

809,922

 

 

 

(586,004

)

 

 

2,081,065

 

2020

 

 

2,010,019

 

 

 

(91,032

)

 

 

(61,290

)

 

 

 

 

 

1,857,697

 

 

(3)

The peer group TSR shown in this table utilizes the Nasdaq Biotechnology Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report. The comparison assumes $100 was invested in the Company and in the Nasdaq Biotechnology Index, respectively, for the period starting December 31, 2019 through the end of the year shown. Historical share price performance is not necessarily indicative of future share price performance.

 

(4) We determined non-GAAP net income to be the most important financial performance measure used to link Company performance to compensation actually paid to our PEO and non-PEO NEOs in 2022. This financial performance measure may not have been the most important financial performance measure for years 2021 and 2020 and we may determine a different financial performance measure to be the most important financial performance measure in future years. See Appendix B for information regarding this non-GAAP financial measure.

   
Company Selected Measure Name Non-GAAP Net Income    
Named Executive Officers, Footnote [Text Block]

(1)

Richard F. Pops was our PEO for each year presented. The individuals comprising the non-PEO NEOs for each year presented are listed below.

 

2020

2021

2022

James M. Frates

Iain M. Brown

Iain M. Brown

David J. Gaffin

James M. Frates

David J. Gaffin

Craig C. Hopkinson, M.D.

David J. Gaffin

Craig C. Hopkinson, M.D.

Michael J. Landine

Craig C. Hopkinson, M.D.

Blair C. Jackson

 

Blair C. Jackson

 

   
Peer Group Issuers, Footnote [Text Block]

(3)

The peer group TSR shown in this table utilizes the Nasdaq Biotechnology Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report. The comparison assumes $100 was invested in the Company and in the Nasdaq Biotechnology Index, respectively, for the period starting December 31, 2019 through the end of the year shown. Historical share price performance is not necessarily indicative of future share price performance.

   
PEO Total Compensation Amount $ 10,314,172 $ 8,846,588 $ 8,041,702
PEO Actually Paid Compensation Amount $ 8,321,591 11,225,263 6,883,292
Adjustment To PEO Compensation, Footnote [Text Block]

(2)

The amounts shown reflect the exclusion and inclusion of those certain amounts for the PEO and the non-PEO NEOs shown in the following tables. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts shown in each of the Exclusion of Stock Awards and Option Awards columns are equal to the total amounts from the Stock Awards and Option Awards columns set forth in the Summary Compensation Table on page 119 of this proxy statement.

 

Year

 

Summary Compensation Table Total for PEO

($)

 

 

Exclusion of Stock Awards and Option Awards for PEO

($)

 

 

Inclusion of Equity Values for PEO

($)

 

 

Compensation Actually Paid to PEO

($)

 

2022

 

 

10,314,172

 

 

 

(8,009,660

)

 

 

6,017,079

 

 

 

8,321,591

 

2021

 

 

8,846,588

 

 

 

(6,564,945

)

 

 

8,943,620

 

 

 

11,225,263

 

2020

 

 

8,041,702

 

 

 

(6,040,835

)

 

 

4,882,425

 

 

 

6,883,292

 

The amounts shown in the Inclusion of Equity Values column in each of the above tables are derived from the following amounts:

 

Year

 

Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for PEO

($)

 

 

Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for PEO

($)

 

 

Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year for PEO

($)

 

 

Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year for PEO

($)

 

 

Total - Inclusion of Equity Values for PEO

($)

 

2022

 

 

6,635,906

 

 

 

(948,605

)

 

 

329,778

 

 

 

 

 

 

6,017,079

 

2021

 

 

5,337,837

 

 

 

1,158,777

 

 

 

2,447,006

 

 

 

 

 

 

8,943,620

 

2020

 

 

5,747,325

 

 

 

(629,614

)

 

 

(235,286

)

 

 

 

 

 

4,882,425

 

   
Non-PEO NEO Average Total Compensation Amount $ 4,155,421 2,942,671 2,882,616
Non-PEO NEO Average Compensation Actually Paid Amount $ 4,206,760 2,882,217 2,656,656
Adjustment to Non-PEO NEO Compensation Footnote [Text Block]

(2)

The amounts shown reflect the exclusion and inclusion of those certain amounts for the PEO and the non-PEO NEOs shown in the following tables. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts shown in each of the Exclusion of Stock Awards and Option Awards columns are equal to the total amounts from the Stock Awards and Option Awards columns set forth in the Summary Compensation Table on page 119 of this proxy statement.

Year

 

Average Summary Compensation Table Total for Non-PEO NEOs

($)

 

 

Average Exclusion of Stock Awards and Option Awards for Non-PEO NEOs

($)

 

 

Average Inclusion of Equity Values for Non-PEO NEOs

($)

 

 

Average Compensation Actually Paid to Non-PEO NEOs

($)

 

2022

 

 

4,155,421

 

 

 

(3,126,696

)

 

 

3,178,035

 

 

 

4,206,760

 

2021

 

 

2,942,671

 

 

 

(2,141,519

)

 

 

2,081,065

 

 

 

2,882,217

 

2020

 

 

2,882,616

 

 

 

(2,083,657

)

 

 

1,857,697

 

 

 

2,656,656

 

 

 

The amounts shown in the Inclusion of Equity Values column in each of the above tables are derived from the following amounts:

Year

 

Average Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for Non-PEO NEOs

($)

 

 

Average Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for Non-PEO NEOs

($)

 

 

Average Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year for Non-PEO NEOs

($)

 

 

Average Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year for Non-PEO NEOs

($)

 

 

Total - Average Inclusion of Equity Values for Non-PEO NEOs

($)

 

2022

 

 

2,930,046

 

 

 

137,112

 

 

 

110,877

 

 

 

 

 

 

3,178,035

 

2021

 

 

2,296,714

 

 

 

(439,567

)

 

 

809,922

 

 

 

(586,004

)

 

 

2,081,065

 

2020

 

 

2,010,019

 

 

 

(91,032

)

 

 

(61,290

)

 

 

 

 

 

1,857,697

 

 

   
Compensation Actually Paid vs. Total Shareholder Return [Text Block]

   
Compensation Actually Paid vs. Net Income [Text Block]

   
Compensation Actually Paid vs. Company Selected Measure [Text Block]

   
Total Shareholder Return Vs Peer Group [Text Block]

   
Tabular List [Table Text Block]

The most important financial performance measures used to link compensation actually paid to our NEOs for 2022 to Company performance are set forth below. For further information regarding these performance metrics and their function in our executive compensation program, see our Compensation Discussion and Analysis beginning on page 91 of this proxy statement.

 

Proprietary Product Net Sales

Relative Total Shareholder Return

Non-GAAP Net Income*

Non-GAAP Net Income* as a Percentage of Total Revenue

 

* See Appendix B for information regarding this non-GAAP financial target.

   
Total Shareholder Return Amount $ 128.09 114.02 97.79
Peer Group Total Shareholder Return Amount 113.65 126.45 126.42
Net Income (Loss) $ (158,300,000) $ (48,200,000) $ (110,900,000)
Company Selected Measure Amount 57,900,000 129,100,000 68,600,000
PEO Name Richard F. Pops Richard F. Pops Richard F. Pops
Measure [Axis]: 1      
Pay vs Performance Disclosure [Table]      
Measure Name Proprietary Product Net Sales    
Measure [Axis]: 2      
Pay vs Performance Disclosure [Table]      
Measure Name Relative Total Shareholder Return    
Measure [Axis]: 3      
Pay vs Performance Disclosure [Table]      
Measure Name Non-GAAP Net Income    
Non-GAAP Measure Description [Text Block] We determined non-GAAP net income to be the most important financial performance measure used to link Company performance to compensation actually paid to our PEO and non-PEO NEOs in 2022. This financial performance measure may not have been the most important financial performance measure for years 2021 and 2020 and we may determine a different financial performance measure to be the most important financial performance measure in future years. See Appendix B for information regarding this non-GAAP financial measure.    
Measure [Axis]: 4      
Pay vs Performance Disclosure [Table]      
Measure Name Non-GAAP Net Income* as a Percentage of Total Revenue    
PEO [Member] | Exclusion of Stock Awards and Option Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ (8,009,660) $ (6,564,945) $ (6,040,835)
PEO [Member] | Inclusion of Equity Values [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 6,017,079 8,943,620 4,882,425
PEO [Member] | YearEnd Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 6,635,906 5,337,837 5,747,325
PEO [Member] | Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (948,605) 1,158,777 (629,614)
PEO [Member] | Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 329,778 2,447,006 (235,286)
Non-PEO NEO [Member] | Exclusion of Stock Awards and Option Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (3,126,696) (2,141,519) (2,083,657)
Non-PEO NEO [Member] | Inclusion of Equity Values [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 3,178,035 2,081,065 1,857,697
Non-PEO NEO [Member] | YearEnd Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 2,930,046 2,296,714 2,010,019
Non-PEO NEO [Member] | Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 137,112 (439,567) (91,032)
Non-PEO NEO [Member] | Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ 110,877 809,922 $ (61,290)
Non-PEO NEO [Member] | Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount   $ (586,004)