Shareholders' Equity

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Shareholders' Equity

At the Market Facility

On July 2, 2020, the Company entered into a sales agreement pursuant to which the Company may, from time to time, sell shares of the Company’s common stock, par value $0.001 per share, having an aggregate offering price of up to $200.0 million. On July 2, 2021, the Company entered into an amended and restated sales agreement pursuant to which the Company may, from time to time, sell shares of the Company’s common stock, par value $0.001 per share, having an aggregate offering price of up to $500.0 million. During the three months ended March 31, 2023 and 2022, no shares of common stock were issued and sold under this sales agreement. As of March 31, 2023, the Company has issued and sold an aggregate of 1,880,097 shares of common stock pursuant to this sales agreement generating net proceeds of $155.0 million.

Share-based Compensation

Total share-based compensation expense included in the condensed consolidated statements of operations and comprehensive loss consisted of the following (in thousands):

	Three Months Ended March 31,
	2023		2022
Research and development expense	$	24,639	$	26,260
Selling, general and administrative expense	22,322		16,645
	$	46,961	$	42,905

During the three months ended March 31, 2023, 293,857 shares of common stock were issued under the Company’s equity incentive plans, generating net proceeds of $1.7 million. During the three months ended March 31, 2022, 154,572 shares of common stock were issued under the Company’s equity incentive plans, generating net proceeds of $2.5 million.