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Stock-Based Compensation (Tables)
9 Months Ended
Sep. 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

 

 

1,302,160

 

$

23.23

 

Vested

 

 

(247,510

)

$

30.45

 

Forfeited

 

 

(332,108

)

$

33.13

 

Outstanding as of September 30, 2024

 

 

3,810,936

 

$

30.84

 

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

 

 

2,202,215

 

 

$

21.58

 

 

 

 

 

 

 

Exercised

 

 

(10,062

)

 

$

7.69

 

 

 

 

 

 

 

Forfeited

 

 

(3,955,475

)

 

$

85.83

 

 

 

 

 

 

 

Expired

 

 

(41,397

)

 

$

19.43

 

 

 

 

 

 

 

Outstanding as of September 30, 2024

 

 

6,313,322

 

 

$

51.37

 

 

 

5.64

 

 

$

 

Exercisable as of September 30, 2024

 

 

3,924,279

 

 

$

60.18

 

 

 

4.50

 

 

$

 

Summary of Stock-Based Compensation Expense Recognized

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

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

 

 

 

 

 

 

Research and development

 

$

5,483

 

 

$

6,874

 

 

$

16,566

 

 

$

20,143

 

Selling, general and administrative

 

 

8,724

 

 

 

20,979

 

 

 

28,506

 

 

 

39,441

 

Restructuring

 

 

 

 

 

838

 

 

 

 

 

 

838

 

 

$

14,207

 

 

$

28,691

 

 

$

45,072

 

 

$

60,422

 

Summary of Stock-Based Compensation Expense by Award Type

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

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

 

 

 

 

 

 

Stock options

 

$

6,860

 

 

$

20,251

 

 

$

22,034

 

 

$

39,929

 

Restricted stock units

 

 

7,089

 

 

 

8,101

 

 

 

22,032

 

 

 

19,272

 

Employee stock purchase plan

 

 

258

 

 

 

339

 

 

 

1,006

 

 

 

1,221

 

 

$

14,207

 

 

$

28,691

 

 

$

45,072

 

 

$

60,422