XML 30 R15.htm IDEA: XBRL DOCUMENT
v3.23.2

Stock-based Compensation | 6 Months Ended
--- | ---
Jun. 30, 2023
Share-based Payment Arrangement [Abstract] |
Stock-based Compensation | 8. Stock-based Compensation The Company’s 2015 Stock Plan, as amended, is our primary equity incentive compensation plan through which equity based grants are awarded. The 2015 Stock Plan provides for the grant of incentive stock options, non-statutory stock options, restricted stock, restricted stock units and other stock-based compensation awards to employees, officers, directors, and consultants of the Company. The administration of the 2015 Stock Plan is under the general supervision of the Compensation Committee of the Board of Directors. The terms of stock options awarded under the 2015 Stock Plan, in general, are determined by the Compensation Committee, provided the exercise price per share generally shall not be set at less than the fair market value of a share of the common stock on the date of grant and the term shall not be greater than ten years from the date the option is granted. As of June 30, 2023, the Company had restricted stock units and options outstanding to purchase an aggregate of 2,805,840 shares of its common stock, which includes options outstanding under its prior incentive compensation plan, the 2006 Stock Plan. As of June 30, 2023, 670,634 shares were available for future issuance under the 2015 Stock Plan. Stock Options The following table summarizes stock option activity during the six months ended June 30, 2023:
|  | Shares |  |  | Weighted average exercise price |
Outstanding at January 1, 2023 |  |  | 2,857,054 |  |  | $ | 81.78 |
Options granted |  |  | 5,205 |  |  |  | 283.08 |
Options exercised |  |  | (270,609 | ) |  |  | 89.26 |
Options cancelled |  |  | (8,110 | ) |  |  | 84.12 |
Outstanding at June 30, 2023 |  |  | 2,583,540 |  |  | $ | 81.40 |
Exercisable at June 30, 2023 |  |  | 1,719,944 |  |  | $ | 76.62 |
The total cash received by the Company as a result of stock option exercises was $21.8 million and $0 million, respectively, for the six months ended June 30, 2023 and 2022. The total intrinsic value of options exercised was $48.9 million and $0 million, respectively, for the six months ended June 30, 2023 and 2022. The weighted-average grant date fair values, based on the Black-Scholes option model, of options granted during the six months ended June 30, 2023 and 2022 were $219.02 and $55.84, respectively. Restricted Stock Units The Company’s share-based compensation plan provides for awards of restricted stock units to employees, officers, directors and consultants to the Company. Restricted stock units vest over the service period, and are subject to forfeiture if employment or service terminates before vesting. As of June 30, 2023, the Company had 222,300 restricted stock units outstanding, with a weighted average grant date fair value of $294.19 per unit. Stock-Based Compensation Expense Stock-based compensation expense during the six months ended June 30, 2023 and 2022 was as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Stock-based compensation expense by type of award: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  | $ | 7,431 |  |  | $ | 7,944 |  |  | $ | 16,029 |  |  | $ | 15,421 |
Restricted stock units |  |  | 3,542 |  |  |  | — |  |  |  | 6,194 |  |  |  | — |
Total stock-based compensation expense |  | $ | 10,973 |  |  | $ | 7,944 |  |  | $ | 22,223 |  |  | $ | 15,421 |
Effect of stock-based compensation expense by line item: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research and development |  | $ | 5,184 |  |  | $ | 3,301 |  |  | $ | 10,570 |  |  | $ | 6,488 |
General and administrative |  |  | 5,789 |  |  |  | 4,643 |  |  |  | 11,653 |  |  |  | 8,933 |
Total stock-based compensation expense included in net loss |  | $ | 10,973 |  |  | $ | 7,944 |  |  | $ | 22,223 |  |  | $ | 15,421 |
Unrecognized stock-based compensation expense as of June 30, 2023 was $98.2 million with a weighted average remaining period of 2.90 years.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration