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Stockholders' Equity | 12 Months Ended
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Dec. 31, 2021
Stockholders' Equity | 11. Stockholders’ Equity Public Offerings of Common Stock On December 8, 2020, the Company completed a public offering in which 1,725,000 shares of its common stock, including the underwriters’ exercise in full of an option to purchase an additional 225,000 shares, were sold to the public at a price of $181.00 per share (the “December Stock Offering”). The net proceeds of the December Stock Offering, after deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company, were approximately $297.8 million. On July 19, 2019, the Company completed a public offering in which 1,587,000 shares of its common stock, including the underwriters’ exercise in full of an option to purchase an additional 207,000 shares, were sold to the public at a price of $87.00 per share (the “July Stock Offering”). The net proceeds of the July Stock Offering, after deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company, were approximately $131.1 million. On May 3, 2019, the Company completed a public offering in which 3,144,531 shares of its common stock, including the underwriters’ full exercise of an option to purchase up to an additional 410,156 shares, were sold to the public at a price of $64.00 per share (the "May Stock Offering"). The total proceeds received by the Company from the May Stock Offering, net of underwriting discounts and commissions and other estimated offering expenses payable by the Company, totaled approximately $189.6 million. Stock Option and Incentive Plans At the Company’s 2018 Annual Meeting of Stockholders held on May 16, 2018, the Company’s shareholders approved the 2018 Stock Option and Incentive Plan (the “2018 Plan”). Under the 2018 Plan the number of shares of the Company’s common stock that are reserved and available for issuance shall be 2,778,000 plus the number of shares of common stock available for issuance under the Company’s Amended and Restated 2012 Stock Option and Incentive Plan (the “2012 Plan”). The shares of common stock underlying any awards under the 2018 Plan, 2012 Plan and the Second Amended and Restated 2001 Repligen Corporation Stock Plan (the “2001 Plan,” and together with the 2018 Plan and 2012 Plan, the “Plans”) that are forfeited, canceled or otherwise terminated (other than by exercise) shall be added back to the shares of stock available for issuance under the 2018 Plan. At December 31, 2021, 2,127,217 shares were available for future grants under the 2018 Plan. Stock-Based Compensation The Company recorded stock-based compensation expense of $27.5 million, $17.0 million and $12.8 million for the years ended December 31, 2021, 2020 and 2019, respectively, for share-based awards granted under the Plans. The following table presents stock-based compensation expense in the Company’s consolidated statements of comprehensive income:
|  | For the Years Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | (Amounts in thousands) |
Cost of product revenue |  | $ | 2,021 |  |  | $ | 1,929 |  |  | $ | 1,368 |
Research and development |  |  | 2,856 |  |  |  | 1,534 |  |  |  | 1,373 |
Selling, general and administrative |  |  | 22,623 |  |  |  | 13,544 |  |  |  | 10,106 |
Total stock-based compensation |  | $ | 27,500 |  |  | $ | 17,007 |  |  | $ | 12,847 |
The 2018 Plan allows for the granting of incentive and nonqualified options to purchase shares of common stock, restricted stock and other equity awards. Except for the grant to the Company’s Chief Executive Officer (“CEO”) in 2018 mentioned below, employee grants under the Plans generally vest over a three- to five-year period, with 20%-33% vesting on the first anniversary of the date of grant and the remainder vesting in equal yearly installments thereafter. Nonqualified options issued to non-employee directors under the Plans generally vest over one year. In the first quarter of 2018, to create a longer-term retention incentive, the Company’s Compensation Committee granted long-term incentive compensation awards to its CEO which consisted of both stock options and restricted stock units that are subject to time-based vesting over nine years. Options granted under the Plans have a maximum term of ten years from the date of grant and generally, the exercise price of the stock options equals the fair market value of the Company’s common stock on the date of grant. At December 31, 2021, options to purchase 625,107 shares and 606,685 stock units were outstanding under the Plans. Stock Options The Company uses the Black-Scholes option pricing model to calculate the fair value of stock option awards on the grant date, and measures stock-based compensation costs of stock options at the grant date based on the estimated fair value of the award. The Company recognizes expense on awards with service-based vesting over the employee’s requisite service period on a straight-line basis. The Company recognizes stock-based compensation expense for options that are ultimately expected to vest, and accordingly, such compensation expense has been adjusted for estimated forfeitures. The fair value of stock option awards granted during the years ended December 31, 2021, 2020 and 2019 were calculated using the following estimated assumptions:
|  | For the Years Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Expected term (in years) |  | 5.5-6.5 |  | 5.5-6.5 |  | 5.5-6.5
Expected volatility (range) |  | 44.57-45.27% |  | 45.14-50.87% |  | 45.14-50.87%
Risk-free interest rate |  | 0.77-1.07% |  | 0.34-1.15% |  | 1.55-2.56%
Expected dividend yield |  | 0% |  | 0% |  | 0%
Information regarding option activity for the year ended December 31, 2021 under the Plans is summarized below:
|  | Shares |  |  | Weighted average exercise price |  |  | Weighted- Average Remaining Contractual Term (in Years) |  |  | Aggregate Intrinsic Value (in Thousands) |
Options outstanding at December 31, 2020 |  |  | 696,711 |  |  | $ | 43.88 |  |  |  | 6.90 |  |  | $ | 102,958 |
Granted |  |  | 38,824 |  |  | $ | 202.88 |  |  |  |  |  |  |
Exercised |  |  | (98,428 | ) |  | $ | 39.36 |  |  |  |  |  |  |
Forfeited/expired/cancelled |  |  | (12,000 | ) |  | $ | 60.95 |  |  |  |  |  |  |
Options outstanding at December 31, 2021 |  |  | 625,107 |  |  | $ | 54.15 |  |  |  | 6.29 |  |  | $ | 131,707 |
Options exercisable at December 31, 2021 |  |  | 326,416 |  |  | $ | 37.41 |  |  |  | 5.61 |  |  | $ | 74,238 |
Vested and expected to vest at December 31, 2021(1) |  |  | 606,465 |  |  |  |  |  |  | 6.28 |  |  | $ | 127,889 |
(1) Represents the number of vested options as of December 31, 2021 plus the number of unvested options expected to vest as of December 31, 2021 based on the unvested outstanding options at December 31, 2021 adjusted for estimated forfeiture rates of 8% for awards granted to non-executive level employees and 3% for awards granted to executive level employees. The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the closing price of the common stock on December 31, 2021, the last business day of 2021, of $264.84 per share and the exercise price of each in-the-money option) that would have been received by the option holders had all option holders exercised their options on December 31, 2021. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2021, 2020 and 2019 was $20.3 million, $36.6 million and $5.5 million, respectively. The weighted average grant date fair value of options granted during the years ended December 31, 2021, 2020 and 2019 was $88.01, $53.06 and $31.27, respectively. The total fair value of stock options that vested during the years ended December 31, 2021, 2020 and 2019 was $3.0 million, $2.8 million and $3.1 million, respectively. Stock Units The fair value of stock units is calculated using the closing price of the Company’s common stock on the date of grant. The Company recognizes expense on awards with service-based vesting over the employee's requisite service period on a straight-line basis. Prior to 2020, the Company issued performance stock units to certain employees which are tied to the achievement of certain Company financial goal metrics and the passage of time. Since 2020, the Company has implemented formal programs that issue performance stock units to certain employees set to vest upon the achievement of individual goals and financial goals of the Company, as well as the passage of time. The Company recognizes expense on performance-based awards over the vesting period based on the probability that the performance metrics will be achieved. Information regarding stock unit activity, which includes activity for restricted stock units and performance stock units, for the year ended December 31, 2021 under the Plans is summarized below:
|  | Shares |  |  | Weighted- Average Remaining Contractual Term (in Years) |  |  | Aggregate Intrinsic Value (in Thousands) |
Unvested at December 31, 2020 |  |  | 665,540 |  |  |  | 3.32 |  |  | $ | 127,904 |
Awarded |  |  | 187,588 |  |  |  |  |  |  |
Vested |  |  | (212,329 | ) |  |  |  |  |  |
Forfeited/expired/cancelled |  |  | (34,114 | ) |  |  |  |  |  |
Unvested at December 31, 2021 |  |  | 606,685 |  |  |  | 3.07 |  |  | $ | 160,674 |
Vested and expected to vest at December 31, 2021(1) |  |  | 613,606 |  |  |  | 2.48 |  |  | $ | 162,507 |
(1) Represents the number of vested stock units as of December 31, 2021 plus the number of unvested stock units expected to vest as of December 31, 2021 based on the unvested outstanding stock units at December 31, 2021 adjusted for estimated forfeiture rates of 8% for awards granted to non-executive level employees and 3% for awards granted to executive level employees. The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (equal to the closing price of the common stock on December 31, 2021, the last business day of 2021, of $264.84 per share, as stock units do not have an exercise price) that would have been received by the stock unitholders had all holders exercised on December 31, 2021. The aggregate intrinsic value of stock units vested during the years ended December 31, 2021, 2020 and 2019 was $46.5 million, $28.3 million and $17.5 million, respectively. The weighted average grant date fair value of stock units granted during the years ended December 31, 2021, 2020 and 2019 was $222.17, $109.69 and $67.22, respectively. The total fair value of stock units that vested during the years ended December 31, 2021, 2020 and 2019 was $13.9 million, $10.8 million and $8.5 million, respectively. As of December 31, 2021, there was $59.2 million of total unrecognized compensation cost related to unvested share-based awards. This cost is expected to be recognized over a weighted average remaining requisite service period of 3.16 years. The Company expects 1,953,733 unvested options and stock units to vest over the next five years.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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