Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following table summarizes the Company’s stock option activity and related information for the year ended December 31, 2022:

	Number of Options	Weighted Average Exercise Price		Weighted-Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (millions)
Balance outstanding as of December 31, 2021	4,532,252	$	85.38
Granted	1,690,707	$	94.43
Exercised	(272,434)	$	36.43
Forfeited and expired	(412,734)	$	132.27
Balance outstanding as of December 31, 2022	5,537,791	$	87.05	6.7	$	33.0
Options exercisable at December 31, 2022	3,187,936	$	68.49	5.1	$	32.4

Schedule of Assumptions Used in Fair Value Estimates

The assumptions used for the specified reporting periods and the resulting estimates of weighted-average estimated fair value per share of options granted during those periods are as follows:

	Year Ended December 31,
	2022	2021	2020
Risk-free interest rate	2.4%	0.8%	1.1%
Dividend yield	—%	—%	—%
Volatility factor	74.5%	76.9%	81.5%
Expected term (in years)	5.1	5.1	5.6
Weighted-average estimated fair value per share	$58.11	$110.43	$77.92

Schedule of Restricted Stock Units Activity and Performance Stock Units Activity

A summary of the Company’s RSU activity for the year ended December 31, 2022 is as follows:

	Number of RSUs	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value (millions)
Balance outstanding as of December 31, 2021	720,567	$	156.55
Granted	1,571,697	$	83.78
Released	(217,542)	$	152.95
Canceled/forfeited	(193,048)	$	124.21
Balance outstanding as of December 31, 2022	1,881,674	$	99.51	$	85.3

A summary of the Company’s PSU activity for the year ended December 31, 2022 is as follows:

	Number of PSUs	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value (millions)
Balance outstanding as of December 31, 2021	281,611	$	157.58
Granted	99,050	$	35.57
Released	(67,850)	$	158.89
Canceled/forfeited	(32,720)	$	150.31
Balance outstanding as of December 31, 2022	280,091	$	114.96	$	12.7

Schedule of Share-based Compensation Expense

Total share-based compensation expense by consolidated statement of operations and comprehensive loss classification is presented below (in thousands):

	Year ended December 31,
	2022		2021		2020
Research and development expense	$	113,544	$	68,496	$	48,044
Selling, general and administrative expense	72,644		45,006		37,803
	$	186,188	$	113,502	$	85,847