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Share-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Share-based Compensation Expense Related To Share-based Payment Awards Excluding Acceleration of Antares Equity Awards | Total share-based compensation expense related to share-based awards was comprised of the following (in thousands):
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Research and development |  | $ | 13,345 |  |  | $ | 9,903 |  |  | $ | 6,992 |
Selling, general and administrative |  | 23,275 |  |  | 14,494 |  |  | 13,828 |
Total share-based compensation expense |  | $ | 36,620 |  |  | $ | 24,397 |  |  | $ | 20,820 |
Share-based Compensation Expense By Type | Share-based compensation expense by type of share-based award (in thousands):
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Stock options |  | $ | 16,351 |  |  | $ | 10,973 |  |  | $ | 10,252 |
RSAs, RSUs, PSUs and ESPP |  | 20,269 |  |  | 13,424 |  |  | 10,568 |
Total share-based compensation expense |  | $ | 36,620 |  |  | $ | 24,397 |  |  | $ | 20,820 |
Total Unrecognized Estimated Compensation Cost By Type Of Award and Weighted Average Remaining Requisite Service Period | 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 as of December 31, 2023 (in thousands, unless otherwise noted):
|  | December 31, 2023
|  | Unrecognized Expense |  | Remaining Weighted-Average Recognition Period ( in years)
Stock options |  | $ | 39,841 |  |  | 2.68
RSUs |  | 33,566 |  |  | 2.34
PSUs |  | 6,110 |  |  | 1.43
ESPP |  | 262 |  |  | 0.45
Summary of Stock Option Award Activity | A summary of our stock option award activity as of and for the year ended December 31, 2023 is as follows:
|  | Shares Underlying Stock Options |  | Weighted Average Exercise Price per Share |  | Weighted Average Remaining Contractual Term ( in years) |  | Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2022 |  | 5,368,225 |  |  | $ | 24.99 |  |  |  |  |
Granted |  | 1,979,286 |  |  | 43.93 |  |  |  |  |
Exercised |  | (565,343) |  |  | 17.70 |  |  |  |  |
Canceled/forfeited |  | (359,331) |  |  | 42.33 |  |  |  |  |
Outstanding as of December 31, 2023 |  | 6,422,837 |  |  | 30.50 |  |  | 6.64 |  | $ | 64.0 |
Vested and expected to vest as of December 31, 2023 |  | 6,422,837 |  |  | 30.50 |  |  | 6.64 |  | 64.0 |
Exercisable as of December 31, 2023 |  | 3,620,251 |  |  | $ | 21.67 |  |  | 4.96 |  | $ | 60.0 |
Schedule of Valuation Assumptions | The assumptions used in the Black-Scholes Model were as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Expected volatility |  | 39.68 - 40.82% |  | 39.91 - 50.81% |  | 41.01 - 46.45%
Average expected term (in years) |  | 4.8 |  | 4.7 |  | 4.7
Risk-free interest rate |  | 3.37 - 4.72% |  | 1.37 - 4.27% |  | 0.36 - 1.20%
Expected dividend yield |  | — |  |  | — |  |  | — |
Summary of RSU Activity | The following table summarizes our RSU activity during the year ended December 31, 2023:
|  | Number of Shares |  | Weighted Average Grant Date Fair Value |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2022 |  | 1,039,381 |  |  | $ | 35.76 |  |  |  |  |
Granted |  | 646,793 |  |  | 45.16 |  |  |  |  |
Vested |  | (400,309) |  |  | 32.11 |  |  |  |  |
Forfeited |  | (146,529) |  |  | 43.50 |  |  |  |  |
Outstanding as of December 31, 2023 |  | 1,139,336 |  |  | $ | 41.38 |  |  | 1.27 |  | $ | 42.1 |
Schedule of PSU Activity | The following table summarizes our PSU activity during the year ended December 31, 2023:
|  | Number of Shares |  | Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2022 |  | 142,844 |  |  | $ | 46.01 |
Granted |  | 106,174 |  |  | 59.34 |
Vested |  | (3,803) |  |  | 49.35 |
Forfeited |  | (2,660) |  |  | 52.79 |
Outstanding as of December 31, 2023 |  | 242,555 |  |  | $ | 51.72 |

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