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Share-based Compensation | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Share-based Compensation | 14. SHARE-BASED COMPENSATION The following table presents share-based compensation expense from continuing and discontinued operations included in the accompanying condensed consolidated statements of operations and comprehensive income:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Cost of goods manufactured and sold |  | $ | (279 | ) |  | $ | 2,921 |  |  | $ | 2,627 |  |  | $ | 5,603 |
Research and development |  |  | 6,021 |  |  |  | 6,687 |  |  |  | 16,299 |  |  |  | 12,451 |
Selling, general and administrative |  |  | 14,859 |  |  |  | 17,579 |  |  |  | 34,430 |  |  |  | 30,156 |
Share-based compensation expense from continuing operations |  |  | 20,601 |  |  |  | 27,187 |  |  |  | 53,356 |  |  |  | 48,210 |
Cost of goods manufactured and sold |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Research and development |  |  | — |  |  |  | 819 |  |  |  | — |  |  |  | 1,962 |
Selling, general and administrative |  |  | — |  |  |  | 498 |  |  |  | — |  |  |  | 975 |
Share-based compensation expense from discontinued operations |  |  | — |  |  |  | 1,317 |  |  |  | — |  |  |  | 2,937 |
Total share-based compensation expense |  | $ | 20,601 |  |  | $ | 28,504 |  |  | $ | 53,356 |  |  | $ | 51,147 |
At June 30, 2024 and December 31, 2023, $3.3 million and $3.2 million, respectively, of share-based compensation expense was capitalized and recorded as “Inventory” in the accompanying condensed consolidated balance sheets. In February 2021, the compensation committee of the Company’s board of directors approved the grant of performance-based restricted stock unit awards to employees of the Company at the Senior Vice President level and above, in each case subject to vesting based on the achievement of certain financial, commercial and R&D performance criteria to be assessed over a performance period of three years, and subject, following the end of such three-year performance period, to upward or downward adjustment based on a market condition tied to relative share price performance over the three-year performance period. On February 8, 2024, the compensation committee of the Company’s board of directors determined that the Company partially achieved the financial performance criteria. This was considered a modification in accordance with FASB ASC 718, Compensation—Stock Compensation (“Topic 718”) and resulted in a modification charge of approximately $6.8 million. On February 8, 2024, the compensation committee of the Company’s board of directors also determined that the Company achieved the pipeline performance criteria for these awards, resulting in a $2.6 million incremental share-based compensation expense, as it was deemed such pipeline performance criteria had been met. The share-based compensation expense related to these achievements was recognized in the first quarter of 2024.

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