STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Stock Awards Granted

The following table summarizes the Company’s stock awards granted for each of the periods indicated:

	For the Three Months Ended March 31,
	2025					2024
	Grants			Weighted Average Grant Date Fair Value		Grants			Weighted Average Grant Date Fair Value
Stock options		466,176		$	48.49		316,378		$	67.56
Restricted stock units		1,498,184	(1)	$	97.84		1,161,985	(2)	$	128.58

(1) Included in restricted stock units (“RSUs”) for the three months ended March 31, 2025 are 120,378 shares with performance conditions which are related to the achievement of certain financial performance goals, regulatory development and approval of certain of the Company's product candidates and certain manufacturing achievements. As of March 31, 2025, none of the performance conditions were probable of being achieved. Stock options and the remaining RSUs granted during the three months ended March 31, 2025 have only service-based criteria and vest over four years.

(2) Included in RSUs for the three months ended March 31, 2024 are 88,600 shares with performance conditions (the “March 2024 PSUs”) which are related to the achievement of certain financial performance goals and regulatory approval of certain of the Company's product candidates. The expanded regulatory approval of ELEVIDYS in June 2024 resulted in the cliff-vesting of 44,300 of the shares during the year ended December 31, 2024. As of March 31, 2025, none of the remaining performance conditions associated with the March 2024 PSUs were probable of being achieved.

Summary of Stock-Based Compensation Expense by Grant Type and by Function Included within Consolidated Statements of Comprehensive Income (Loss)

The following table summarizes stock-based compensation expense by grant type and by function included within the unaudited condensed consolidated statements of comprehensive (loss) income:

		For the Three Months Ended March 31,
		2025			2024
	(in thousands)
Stock options		$	12,889		$	16,281
Restricted stock units			31,543			27,527
Employee stock purchase plan			2,124			1,397
Subtotal		$	46,556		$	45,205
Capitalized stock-based compensation costs			(5,128	)		(4,513	)
Total stock-based compensation expense included in expenses		$	41,428		$	40,692
Research and development		$	17,317		$	16,273
Selling, general and administrative			24,111			24,419
Total stock-based compensation expense included in expenses		$	41,428		$	40,692