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Share-based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Schedule of share-based compensation expense

The following table summarized share-based compensation expense included in our condensed consolidated statements of income related to share-based awards (in thousands):

						Three Months Ended  June 30,												Six Months Ended June 30,
						2023						2022						2023						2022
Research and development						$	3,670					$	2,456					$	6,771					$	4,473
Selling, general and administrative						5,952						3,179						10,817						5,904
Total share-based compensation expense						$	9,622					$	5,635					$	17,588					$	10,377

Schedule of share-based compensation expense by type

Share-based compensation expense by type of share-based award (in thousands):

						Three Months Ended  June 30,												Six Months Ended June 30,
						2023						2022						2023						2022
Stock options						$	4,190					$	2,503					$	7,645					$	5,123
RSUs, PSUs and ESPP						5,432						3,132						9,943						5,254
Total share-based compensation expense						$	9,622					$	5,635					$	17,588					$	10,377

Schedule of assumptions used in Black-Scholes model

The assumptions used in the Black-Scholes model were as follows:

						Three Months Ended  June 30,												Six Months Ended June 30,
						2023						2022						2023						2022
Expected volatility						40.26 - 40.72%						41.05 - 41.29%						39.68-40.72%						41.05-41.29%
Average expected term (in years)						5.0						4.8						4.8						4.7
Risk-free interest rate						3.37 - 3.70%						2.56 - 3.01%						3.37-4.27%						1.37-3.01%
Expected dividend yield						—						—						—						—

Schedule of unrecognized estimated compensation cost by type

Total unrecognized estimated compensation cost by type of award and the weighted-average remaining requisite service period over which such expense is expected to be recognized was as follows (in thousands, unless otherwise noted):

						June 30, 2023
						Unrecognized Expense						Remaining Weighted-Average Recognition Period (years)
Stock options						$	45,446					2.86
RSUs						42,168						2.73
PSUs						8,304						1.93
ESPP						256						0.46

X

- Definition

Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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- Definition

Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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- Definition

Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

+ References

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-Topic 718
-SubTopic 10
-Subparagraph (f)(2)
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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- Definition

Tabular disclosure of cost not yet recognized and weighted-average period over which cost is expected to be recognized for nonvested award under share-based payment arrangement.

+ References

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-Subparagraph (i)
-Name Accounting Standards Codification
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