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Stockholders’ Equity
 3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stockholders’ Equity STOCKHOLDERS’ EQUITY
Stock-based Compensation
We have several equity incentive plans under which we granted stock options and restricted stock units (RSUs), including performance-based restricted stock units (PSUs), to employees and directors. As of March 31, 2023, 31,678,788 shares were available for grant under the Exelixis, Inc. 2017 Equity Incentive Plan (as amended and restated, the 2017 Plan). The share reserve is reduced by 1 share for each share issued pursuant to a stock option and 2 shares for full value awards, including RSUs.
We allocated the stock-based compensation expense for our equity incentive plans and our Employee Stock Purchase Plan (ESPP) as follows (in thousands):
Three Months Ended March 31,
20232022
Research and development$3,252 $8,899 
Selling, general and administrative13,409 10,860 
Total stock-based compensation expense$16,661 $19,759 
Stock-based compensation for each type of award under our equity incentive plans and ESPP were as follows (in thousands):
Three Months Ended March 31,
20232022
Stock options$2,207 $3,678 
Restricted stock units12,607 13,073 
Performance stock units794 1,709 
ESPP1,053 1,299 
Total stock-based compensation expense$16,661 $19,759 
As of March 31, 2023, there were 9,738,700 stock options outstanding and $14.0 million of related unrecognized compensation expense.
During the three months ended March 31, 2023, we granted 576,960 service-based RSUs with a weighted average grant date fair value of $17.08 per share. As of March 31, 2023, there were 11,315,085 RSUs outstanding, including RSUs that are subject to a total shareholder return (TSR) market condition (the TSR-based RSUs), and $172.0 million of related unrecognized compensation expense. Service-based RSUs granted to employees during the three months ended March 31, 2023 have vesting conditions and contractual lives of a similar nature to those described in “Note 8. Employee Benefit Plans” of the “Notes to Consolidated Financial Statements” included in Part II, Item 8 of our Fiscal 2022 Form 10-K.
As of March 31, 2023, there were 4,688,349 PSUs outstanding, of which 1,277,755 PSUs relate to awards that we either achieved the performance goal or determined that attainment of the performance goal was probable. Expense recognition for PSUs commences when it is determined that attainment of the performance goal is probable. As of March 31, 2023, the remaining unrecognized stock-based compensation expense for the PSUs either achieved or deemed probable of achievement was $9.0 million. The total unrecognized compensation expense for the PSUs for which we have not yet determined that attainment of the performance goal is probable was $76.2 million. For more information about our PSUs, see “Note 8. Employee Benefit Plans” of the “Notes to Consolidated Financial Statements” included in Part II, Item 8 of our Fiscal 2022 Form 10-K.
Share Repurchase Program
In March 2023, our Board of Directors authorized a share repurchase program to acquire up to $550 million of our outstanding common stock before the end of 2023. The timing and amount of any share repurchases under the share repurchase program will be based on a variety of factors, including ongoing assessments of the capital needs of the business, alternative investment opportunities, the market price of our common stock and general market conditions. Share repurchases under the program may be made from time to time through a variety of methods, which may include open market purchases, in block trades, accelerated share repurchase transactions, 10b5-1 trading plans, exchange transactions, or any combination of such methods. The program does not obligate us to acquire any particular amount of our common stock, and the share repurchase program may be modified, suspended or discontinued at any time without prior notice. During the three months ended March 31, 2023, we did not repurchase any shares.