Share-based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

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.