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Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Activity Relating to Restricted Stock Units

The following table summarizes activity relating to time-based restricted stock units and performance restricted stock units:

 

 

 

Shares

 

Weighted Average Grant Date Fair Value

 

Outstanding as of December 31, 2023

 

 

3,088,394

 

$

34.27

 

Granted

 

 

1,277,080

 

$

23.50

 

Vested

 

 

(80,039

)

$

44.21

 

Forfeited

 

 

(172,516

)

$

32.00

 

Outstanding as of June 30, 2024

 

 

4,112,919

 

$

30.83

 

Summary of Activity Relating to Time Based and Performance Based Stock Options

The following table summarizes activity related to time-based and performance-based stock options:

 

 

 

Shares

 

 

Weighted
Average Exercise
Price

 

 

Weighted Average
Remaining Life
(in years)

 

 

Aggregate
Intrinsic Value
(in thousands)

 

Outstanding as of December 31, 2023

 

 

8,118,041

 

 

$

76.02

 

 

 

5.66

 

 

$

475

 

Granted

 

 

2,162,855

 

 

$

21.79

 

 

 

 

 

 

 

Exercised

 

 

(10,062

)

 

$

7.69

 

 

 

 

 

 

 

Forfeited

 

 

(3,243,941

)

 

$

85.93

 

 

 

 

 

 

 

Expired

 

 

(20,564

)

 

$

8.92

 

 

 

 

 

 

 

Outstanding as of June 30, 2024

 

 

7,006,329

 

 

$

54.99

 

 

 

5.78

 

 

$

 

Exercisable as of June 30, 2024

 

 

4,278,083

 

 

$

66.73

 

 

 

4.61

 

 

$

 

Summary of Stock-Based Compensation Expense Recognized

The following table summarizes stock-based compensation expense recognized during the six months ended June 30, 2024 and 2023:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

 

 

 

 

 

 

Research and development

 

$

6,118

 

 

$

4,496

 

 

$

11,084

 

 

$

13,269

 

Selling, general and administrative

 

 

11,049

 

 

 

7,197

 

 

 

19,781

 

 

 

18,462

 

 

$

17,167

 

 

$

11,693

 

 

$

30,865

 

 

$

31,731

 

Summary of Stock-Based Compensation Expense by Award Type

The following table summarizes stock-based compensation expense by award type recognized during the six months ended June 30, 2024 and 2023:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

 

 

 

 

 

 

Stock options

 

$

7,724

 

 

$

9,663

 

 

$

15,175

 

 

$

19,678

 

Restricted stock units

 

 

9,223

 

 

 

1,618

 

 

 

14,942

 

 

 

11,171

 

Employee stock purchase plan

 

 

220

 

 

 

412

 

 

 

748

 

 

 

882

 

 

$

17,167

 

 

$

11,693

 

 

$

30,865

 

 

$

31,731