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Share-based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2024
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,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Research and development |  | $ | 2,568 |  |  | $ | 3,670 |  |  | $ | 5,913 |  |  | $ | 6,771 |
Selling, general and administrative |  | 6,903 |  |  | 5,952 |  |  | 13,432 |  |  | 10,817 |
Total share-based compensation expense |  | $ | 9,471 |  |  | $ | 9,622 |  |  | $ | 19,345 |  |  | $ | 17,588 |
Schedule of share-based compensation expense by type | Share-based compensation expense by type of share-based award was as follows (in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Stock options |  | $ | 3,894 |  |  | $ | 4,190 |  |  | $ | 8,193 |  |  | $ | 7,645 |
RSUs, PSUs and ESPP |  | 5,577 |  |  | 5,432 |  |  | 11,152 |  |  | 9,943 |
Total share-based compensation expense |  | $ | 9,471 |  |  | $ | 9,622 |  |  | $ | 19,345 |  |  | $ | 17,588 |
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,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Expected volatility |  | 40.01 - 40.07% |  | 40.26 - 40.72% |  | 40.01 - 40.08% |  | 39.68 - 40.72%
Average expected term (in years) |  | 5.4 |  | 5.0 |  | 5.0 |  | 4.8
Risk-free interest rate |  | 4.64 - 4.70% |  | 3.37 - 3.70% |  | 3.80 - 4.70% |  | 3.37 - 4.27%
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, 2024
|  | Unrecognized Expense |  | Remaining Weighted-Average Recognition Period (in years)
Stock options |  | $ | 35,381 |  |  | 2.56
RSUs |  | 50,035 |  |  | 2.92
PSUs |  | 9,577 |  |  | 2.05
ESPP |  | 253 |  |  | 0.40

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