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Stock-based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Option Activity | The following table summarizes stock option activity during the nine months ended September 30, 2024:
| Shares |  | Weighted average exercise price
Outstanding at December 31, 2023 | 2,355,779 |  | $ | 79.94 |
Options granted | 162,517 |  | 234.84 |
Options exercised | (748,143) |  | 76.35 |
Options cancelled | (68,535) |  | 121.89 |
Outstanding at September 30, 2024 | 1,701,618 |  | $ | 94.62 |
Exercisable at September 30, 2024 | 1,297,563 |  | $ | 78.45 |
Stock-based compensation expense during the three and nine months ended September 30, 2024 and 2023 was as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Stock-based compensation expense by type of award: |  |  |  |  |  |  |
Stock options | $ | 4,978 |  |  | $ | 8,375 |  |  | $ | 21,891 |  |  | $ | 24,404 |
Restricted stock units | 8,292 |  |  | 3,652 |  |  | 26,835 |  |  | 9,846 |
Performance-based restricted stock units | 4,628 |  |  | 633 |  |  | 13,478 |  |  | 633 |
Total stock-based compensation expense | $ | 17,898 |  |  | $ | 12,660 |  |  | $ | 62,204 |  |  | $ | 34,883 |
Effect of stock-based compensation expense by line item: |  |  |  |  |  |  |
Research and development | $ | 5,570 |  |  | $ | 5,133 |  |  | $ | 17,059 |  |  | $ | 15,703 |
Selling, general and administrative | 12,328 |  |  | 7,527 |  |  | 45,145 |  |  | 19,180 |
Total stock-based compensation expense included in net loss | $ | 17,898 |  |  | $ | 12,660 |  |  | $ | 62,204 |  |  | $ | 34,883 |
Schedule of RSU Activity | The following table summarizes RSU activity, excluding performance-based RSUs, during the nine months ended September 30, 2024:
| Shares |  | Weighted average grant date fair value
Outstanding at December 31, 2023 | 376,117 |  | $ | 241.45 |
RSUs granted | 275,278 |  | 234.64
RSUs vested | (93,172) |  | 262.91
RSUs forfeited | (55,356) |  | 244.45
Outstanding at September 30, 2024 | 502,867 |  | $ | 233.42 |
Schedule of PSU Activity | The following table summarizes PSU activity during the nine months ended September 30, 2024:
| PSUs |  | Eligible to Earn PSUs |  | Weighted average grant date fair value
Outstanding PSUs at December 31, 2023 | 50,000 |  |  | 150,000 |  |  | $ | 146.37 |
PSUs granted | 51,202 |  |  | 102,404 |  |  | 388.02
PSUs attained | — |  |  | — |  |  | — |
PSUs forfeited | (8,442) |  |  | (16,884) |  |  | 388.02
Outstanding at September 30, 2024 | 92,760 |  |  | 235,520 |  |  | $ | 257.77 |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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- Definition Tabular disclosure of the number and weighted-average grant date fair value for outstanding performance shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Subparagraph (c) -Paragraph 2 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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