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Share-based Compensation (Tables)

9 Months Ended

Sep. 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  September 30,												Nine Months Ended September 30,
						2023						2022						2023						2022
Research and development						$	3,159					$	2,695					$	9,931					$	7,168
Selling, general and administrative						6,208						4,102						17,025						10,006
Total share-based compensation expense						$	9,367					$	6,797					$	26,956					$	17,174

Schedule of share-based compensation expense by type

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

						Three Months Ended  September 30,												Nine Months Ended September 30,
						2023						2022						2023						2022
Stock options						$	4,290					$	2,801					$	11,935					$	7,924
RSUs, PSUs and ESPP						5,077						3,996						15,021						9,250
Total share-based compensation expense						$	9,367					$	6,797					$	26,956					$	17,174

Schedule of assumptions used in Black-Scholes model

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

						Three Months Ended  September 30,												Nine Months Ended September 30,
						2023						2022						2023						2022
Expected volatility						40.70 - 40.82%						40.37 - 50.80%						39.68-40.82%						40.37-50.80%
Average expected term (in years)						4.9						4.7						4.8						4.7
Risk-free interest rate						4.19 - 4.29%						2.66 - 3.39%						3.37-4.29%						1.37-3.39%
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):

						September 30, 2023
						Unrecognized Expense						Remaining Weighted-Average Recognition Period (years)
Stock options						$	41,893					2.75
RSUs						36,721						2.51
PSUs						7,153						1.68
ESPP						110						0.21

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

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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
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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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-Subparagraph (f)(2)
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-Paragraph 2
-Section 50
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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.

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