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Pay vs Performance Disclosure - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table

Value of Initial Fixed $100

  

  

  

  

  

Investment Based On:

  

  

Peer Group

Average

Total

Summary

Average

Stockholder

Summary

Compensation

Compensation

Return

Compensation

Compensation

Table Total

Actually Paid

Total

(Nasdaq

Table Total

Actually Paid

for Non-PEO

to Non-PEO

Stockholder

Biotechnology

Net Income

Total Revenue

Year

    

for PEO(1)

    

to PEO(2)

    

NEOs(3)

    

NEOs(4)

    

Return(5)

    

Index)(6)

    

(in thousands)(7)

    

(in thousands)(8)

2024

$

13,032,674

$

95,390,804

$

6,124,794

$

46,461,399

$

469.87

$

118.20

$

(190,426)

$

1,696,911

2023

$

12,727,887

  

$

32,772,214

  

$

4,882,630

  

$

12,994,682

  

$

185.93

$

118.87

$

(434,801)

  

$

1,082,571

2022

$

8,246,281

  

$

(10,478,887)

  

$

4,548,786

  

$

(4,682,784)

  

$

119.23

$

113.65

$

(547,799)

  

$

820,222

2021

$

23,343,147

$

17,842,930

$

8,415,636

$

7,334,133

$

277.20

$

126.45

  

$

(471,716)

$

625,486

2020

$

8,083,213

$

60,865,789

$

2,795,161

$

24,672,935

$

295.40

$

126.42

$

(229,743)

$

391,005

(1)

Our PEO for each year reported is Steven Chapman, our Chief Executive Officer. The dollar amounts reported in this column are the amounts of total compensation reported for Mr. Chapman in the “Total” column of the Summary Compensation Table in the applicable fiscal year.

(2)

In accordance with SEC rules, the following adjustments were made to determine the compensation actually paid to our PEO during fiscal years 2024, 2023, 2022, 2021, and 2020, which consisted solely of adjustments to the PEO’s equity awards:

Description of Adjustment

    

2024

2023

2022

    

2021

    

2020

Summary Compensation Table – Total Compensation

$

13,032,674

$

12,727,887

$

8,246,281

$

23,343,147

$

8,083,213

- grant date fair value of option awards and stock awards granted in the covered fiscal year

$

(11,284,474)

$

(11,133,142)

$

(7,093,675)

$

(22,417,562)

$

(7,291,047)

+ fair value at fiscal year end of outstanding and unvested option awards and stock awards granted in the covered fiscal year

$

40,945,878

$

23,915,639

$

4,352,420

$

14,282,938

$

25,400,473

+ change in fair value of outstanding and unvested option awards and stock awards granted in prior fiscal years

$

44,724,070

$

6,009,186

$

(11,074,522)

$

(745,043)

$

21,714,867

+ fair value on vesting date of option awards and stock awards granted in the covered fiscal year that vested during the covered fiscal year

$

833,838

$

533,851

$

550,650

$

0

$

6,497,053

+ change in fair value as of the vesting date of option awards and stock awards granted in prior fiscal years that vested in the covered fiscal year

$

7,138,818

$

718,793

$

(5,460,040)

$

3,379,450

$

6,461,230

- fair value of as of prior fiscal year end of option awards and stock awards granted in prior fiscal years that failed to meet applicable vesting conditions during the covered fiscal year

$

0

$

0

$

0

$

0

$

0

+ dollar value of dividends or earnings paid on option awards or stock awards in the covered fiscal year prior to vesting that are not otherwise included in total compensation

$

0

$

0

$

0

$

0

$

Total Equity Adjustments (subtotal)*

$

0

$

0

$

(18,725,167)

$

(5,500,217)

$

52,782,576

Compensation Actually Paid

$

95,390,804

$

32,772,214

$

(10,478,887)

$

17,842,930

$

60,865,789

*

Calculations reflect equity granted over a span of eight years of service prior to, as well as during, the reported fiscal years.

(3)

The non-PEO NEOs for each year reported are as follows:

For 2024: Michael Brophy, John Fesko, Solomon Moshkevich, and Matthew Rabinowitz

For 2023: Michael Brophy, Robert Schueren, Daniel Rabinowitz, and Matthew Rabinowitz

For 2022: Michael Brophy, Robert Schueren, Daniel Rabinowitz, and Matthew Rabinowitz

For 2021: Michael Brophy, Robert Schueren, Daniel Rabinowitz, and Matthew Rabinowitz

For 2020: Michael Brophy, Robert Schueren, Matthew Rabinowitz, and Jonathan Sheena

The dollar amounts reported in this column represent the average of the amounts reported for the non-PEO NEOs in the “Total” column of the Summary Compensation Table in the applicable fiscal year.

(4)

In accordance with SEC rules, the following adjustments were made to determine the compensation actually paid on average to our non-PEO NEOs during fiscal years 2024, 2023, 2023, 2021, and 2020, which consisted solely of adjustments to the non-PEO NEOs’ equity awards:

Description of Adjustment

    

2024

2023

2022

    

2021

    

2020

Summary Compensation Table – Total Compensation

$

6,124,794

$

4,882,630

$

4,548,786

$

8,415,636

$

2,795,161

- grant date fair value of option awards and stock awards granted in the covered fiscal year

$

(5,334,407)

$

(4,249,439)

$

(3,982,802)

$

(7,808,661)

$

(2,262,392)

+ fair value at fiscal year end of outstanding and unvested option awards and stock awards granted in the covered fiscal year

$

19,355,974

$

9,484,948

$

2,256,160

$

6,278,945

$

10,304,088

+ change in fair value of outstanding and unvested option awards and stock awards granted in prior fiscal years

$

23,293,949

$

2,199,442

$

(4,777,779)

$

(488,996)

$

8,640,852

+ fair value on vesting date of option awards and stock awards granted in the covered fiscal year that vested during the covered fiscal year

$

383,798

$

175,978

$

256,134

$

0

$

562,800

+ change in fair value as of the vesting date of option awards and stock awards granted in prior fiscal years that vested in the covered fiscal year

$

2,637,291

$

501,123

$

(2,983,283)

$

937,209

$

4,632,426

- fair value of as of prior fiscal year end of option awards and stock awards granted in prior fiscal years that failed to meet applicable vesting conditions during the covered fiscal year

$

0

$

0

$

0

$

0

$

0

+ dollar value of dividends or earnings paid on option awards or stock awards in the covered fiscal year prior to vesting that are not otherwise included in total compensation

$

0

$

0

$

0

$

0

$

0

Total Equity Adjustments (subtotal)*

$

0

$

0

$

(9,231,569)

$

(1,081,503)

$

21,877,775

Compensation Actually Paid

$

46,461,399

$

12,994,682

$

(4,682,784)

$

7,334,133

$

24,672,935

*

Calculations reflect equity granted over a span of up to eight years of service prior to, as well as during, the reported fiscal years (2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024).

(5)

Cumulative total stockholder return on our shares of common stock from December 31, 2019 through December 31, 2020, December 31, 2021, December 31, 2022, December 31, 2023, and December 31, 2024, respectively. Assumes the investment of $100 on December 31, 2019 in our shares of common stock and assumes the reinvestment of dividends, if any, although dividends have never been declared on our shares of common stock.

(6)

Cumulative total stockholder return on the NASDAQ Biotechnology Index from December 31, 2019 through December 31, 2020, December 31, 2021, December 31, 2022, December 31, 2023, and December 31, 2024, respectively. Assumes the investment of $100 on December 31, 2019 in the NASDAQ Biotechnology Index and assumes the reinvestment of dividends.

(7)

The dollar amounts reported represent the amount of net income reflected in our audited financial statements for the applicable year.

(8)

The dollar amounts reported represent the amount of total revenue reflected in our audited financial statements for the applicable year.

       
Company Selected Measure Name Total Revenue        
Named Executive Officers, Footnote

(1)

Our PEO for each year reported is Steven Chapman, our Chief Executive Officer. The dollar amounts reported in this column are the amounts of total compensation reported for Mr. Chapman in the “Total” column of the Summary Compensation Table in the applicable fiscal year.

(3)

The non-PEO NEOs for each year reported are as follows:

For 2024: Michael Brophy, John Fesko, Solomon Moshkevich, and Matthew Rabinowitz

For 2023: Michael Brophy, Robert Schueren, Daniel Rabinowitz, and Matthew Rabinowitz

For 2022: Michael Brophy, Robert Schueren, Daniel Rabinowitz, and Matthew Rabinowitz

For 2021: Michael Brophy, Robert Schueren, Daniel Rabinowitz, and Matthew Rabinowitz

For 2020: Michael Brophy, Robert Schueren, Matthew Rabinowitz, and Jonathan Sheena

The dollar amounts reported in this column represent the average of the amounts reported for the non-PEO NEOs in the “Total” column of the Summary Compensation Table in the applicable fiscal year.

       
Peer Group Issuers, Footnote

(6)

Cumulative total stockholder return on the NASDAQ Biotechnology Index from December 31, 2019 through December 31, 2020, December 31, 2021, December 31, 2022, December 31, 2023, and December 31, 2024, respectively. Assumes the investment of $100 on December 31, 2019 in the NASDAQ Biotechnology Index and assumes the reinvestment of dividends.

       
PEO Total Compensation Amount $ 13,032,674 $ 12,727,887 $ 8,246,281 $ 23,343,147 $ 8,083,213
PEO Actually Paid Compensation Amount $ 95,390,804 32,772,214 (10,478,887) 17,842,930 60,865,789
Adjustment To PEO Compensation, Footnote

(2)

In accordance with SEC rules, the following adjustments were made to determine the compensation actually paid to our PEO during fiscal years 2024, 2023, 2022, 2021, and 2020, which consisted solely of adjustments to the PEO’s equity awards:

Description of Adjustment

    

2024

2023

2022

    

2021

    

2020

Summary Compensation Table – Total Compensation

$

13,032,674

$

12,727,887

$

8,246,281

$

23,343,147

$

8,083,213

- grant date fair value of option awards and stock awards granted in the covered fiscal year

$

(11,284,474)

$

(11,133,142)

$

(7,093,675)

$

(22,417,562)

$

(7,291,047)

+ fair value at fiscal year end of outstanding and unvested option awards and stock awards granted in the covered fiscal year

$

40,945,878

$

23,915,639

$

4,352,420

$

14,282,938

$

25,400,473

+ change in fair value of outstanding and unvested option awards and stock awards granted in prior fiscal years

$

44,724,070

$

6,009,186

$

(11,074,522)

$

(745,043)

$

21,714,867

+ fair value on vesting date of option awards and stock awards granted in the covered fiscal year that vested during the covered fiscal year

$

833,838

$

533,851

$

550,650

$

0

$

6,497,053

+ change in fair value as of the vesting date of option awards and stock awards granted in prior fiscal years that vested in the covered fiscal year

$

7,138,818

$

718,793

$

(5,460,040)

$

3,379,450

$

6,461,230

- fair value of as of prior fiscal year end of option awards and stock awards granted in prior fiscal years that failed to meet applicable vesting conditions during the covered fiscal year

$

0

$

0

$

0

$

0

$

0

+ dollar value of dividends or earnings paid on option awards or stock awards in the covered fiscal year prior to vesting that are not otherwise included in total compensation

$

0

$

0

$

0

$

0

$

Total Equity Adjustments (subtotal)*

$

0

$

0

$

(18,725,167)

$

(5,500,217)

$

52,782,576

Compensation Actually Paid

$

95,390,804

$

32,772,214

$

(10,478,887)

$

17,842,930

$

60,865,789

*

Calculations reflect equity granted over a span of eight years of service prior to, as well as during, the reported fiscal years.

       
Non-PEO NEO Average Total Compensation Amount $ 6,124,794 4,882,630 4,548,786 8,415,636 2,795,161
Non-PEO NEO Average Compensation Actually Paid Amount $ 46,461,399 12,994,682 (4,682,784) 7,334,133 24,672,935
Adjustment to Non-PEO NEO Compensation Footnote

(4)

In accordance with SEC rules, the following adjustments were made to determine the compensation actually paid on average to our non-PEO NEOs during fiscal years 2024, 2023, 2023, 2021, and 2020, which consisted solely of adjustments to the non-PEO NEOs’ equity awards:

Description of Adjustment

    

2024

2023

2022

    

2021

    

2020

Summary Compensation Table – Total Compensation

$

6,124,794

$

4,882,630

$

4,548,786

$

8,415,636

$

2,795,161

- grant date fair value of option awards and stock awards granted in the covered fiscal year

$

(5,334,407)

$

(4,249,439)

$

(3,982,802)

$

(7,808,661)

$

(2,262,392)

+ fair value at fiscal year end of outstanding and unvested option awards and stock awards granted in the covered fiscal year

$

19,355,974

$

9,484,948

$

2,256,160

$

6,278,945

$

10,304,088

+ change in fair value of outstanding and unvested option awards and stock awards granted in prior fiscal years

$

23,293,949

$

2,199,442

$

(4,777,779)

$

(488,996)

$

8,640,852

+ fair value on vesting date of option awards and stock awards granted in the covered fiscal year that vested during the covered fiscal year

$

383,798

$

175,978

$

256,134

$

0

$

562,800

+ change in fair value as of the vesting date of option awards and stock awards granted in prior fiscal years that vested in the covered fiscal year

$

2,637,291

$

501,123

$

(2,983,283)

$

937,209

$

4,632,426

- fair value of as of prior fiscal year end of option awards and stock awards granted in prior fiscal years that failed to meet applicable vesting conditions during the covered fiscal year

$

0

$

0

$

0

$

0

$

0

+ dollar value of dividends or earnings paid on option awards or stock awards in the covered fiscal year prior to vesting that are not otherwise included in total compensation

$

0

$

0

$

0

$

0

$

0

Total Equity Adjustments (subtotal)*

$

0

$

0

$

(9,231,569)

$

(1,081,503)

$

21,877,775

Compensation Actually Paid

$

46,461,399

$

12,994,682

$

(4,682,784)

$

7,334,133

$

24,672,935

*

Calculations reflect equity granted over a span of up to eight years of service prior to, as well as during, the reported fiscal years (2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024).

       
Compensation Actually Paid vs. Total Shareholder Return

Graphic

       
Compensation Actually Paid vs. Net Income

Graphic

       
Compensation Actually Paid vs. Company Selected Measure

Graphic

       
Total Shareholder Return Vs Peer Group

Graphic

       
Tabular List, Table

Most Important Performance Measures

For 2024, the most important performance measures used to inform our executive compensation decisions included the following:

Total revenue
Product gross margin
Operating cash flow  
       
Total Shareholder Return Amount $ 469.87 185.93 119.23 277.20 295.40
Peer Group Total Shareholder Return Amount 118.20 118.87 113.65 126.45 126.42
Net Income (Loss) $ (190,426,000) $ (434,801,000) $ (547,799,000) $ (471,716,000) $ (229,743,000)
Company Selected Measure Amount 1,696,911,000 1,082,571,000 820,222,000 625,486,000 391,005,000
PEO Name Steven Chapman        
Measure:: 1          
Pay vs Performance Disclosure          
Name Total revenue        
Non-GAAP Measure Description

(8)

The dollar amounts reported represent the amount of total revenue reflected in our audited financial statements for the applicable year.

       
Measure:: 2          
Pay vs Performance Disclosure          
Name Product gross margin        
Measure:: 3          
Pay vs Performance Disclosure          
Name Operating cash flow        
PEO | Total Equity Adjustments (subtotal)          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 0 $ 0 $ (18,725,167) $ (5,500,217) $ 52,782,576
PEO | grant date fair value of option awards and stock awards granted in the covered fiscal year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (11,284,474) (11,133,142) (7,093,675) (22,417,562) (7,291,047)
PEO | fair value at fiscal year end of outstanding and unvested option awards and stock awards granted in the covered fiscal year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 40,945,878 23,915,639 4,352,420 14,282,938 25,400,473
PEO | change in fair value of outstanding and unvested option awards and stock awards granted in prior fiscal years          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 44,724,070 6,009,186 (11,074,522) (745,043) 21,714,867
PEO | fair value on vesting date of option awards and stock awards granted in the covered fiscal year that vested during the covered fiscal year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 833,838 533,851 550,650 0 6,497,053
PEO | change in fair value as of the vesting date of option awards and stock awards granted in prior fiscal years that vested in the covered fiscal year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 7,138,818 718,793 (5,460,040) 3,379,450 6,461,230
PEO | fair value of as of prior fiscal year end of option awards and stock awards granted in prior fiscal years that failed to meet applicable vesting conditions during the covered fiscal year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 0 0
PEO | dollar value of dividends or earnings paid on option awards or stock awards in the covered fiscal year prior to vesting that are not otherwise included in total compensation          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 0  
Non-PEO NEO | Total Equity Adjustments (subtotal)          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 (9,231,569) (1,081,503) 21,877,775
Non-PEO NEO | grant date fair value of option awards and stock awards granted in the covered fiscal year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (5,334,407) (4,249,439) (3,982,802) (7,808,661) (2,262,392)
Non-PEO NEO | fair value at fiscal year end of outstanding and unvested option awards and stock awards granted in the covered fiscal year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 19,355,974 9,484,948 2,256,160 6,278,945 10,304,088
Non-PEO NEO | change in fair value of outstanding and unvested option awards and stock awards granted in prior fiscal years          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 23,293,949 2,199,442 (4,777,779) (488,996) 8,640,852
Non-PEO NEO | fair value on vesting date of option awards and stock awards granted in the covered fiscal year that vested during the covered fiscal year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 383,798 175,978 256,134 0 562,800
Non-PEO NEO | change in fair value as of the vesting date of option awards and stock awards granted in prior fiscal years that vested in the covered fiscal year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 2,637,291 501,123 (2,983,283) 937,209 4,632,426
Non-PEO NEO | fair value of as of prior fiscal year end of option awards and stock awards granted in prior fiscal years that failed to meet applicable vesting conditions during the covered fiscal year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 0 0
Non-PEO NEO | dollar value of dividends or earnings paid on option awards or stock awards in the covered fiscal year prior to vesting that are not otherwise included in total compensation          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 0 $ 0 $ 0 $ 0 $ 0