Share-based Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

12. SHARE-BASED COMPENSATION

The following table presents share-based compensation expense included in the accompanying condensed consolidated statements of operations and comprehensive income:


	Three Months Ended
	March 31,
(In thousands)	2025		2024
Cost of goods manufactured and sold	$	1,782	$	2,906
Research and development		5,891		10,278
Selling, general and administrative		15,137		19,571
Total share-based compensation expense	$	22,810	$	32,755

At March 31, 2025 and December 31, 2024, $3.2 million and $3.1 million, respectively, of share-based compensation expense was capitalized and recorded as “Inventory” in the accompanying condensed consolidated balance sheets.

During the three months ended March 31, 2024, the Company recognized share-based compensation expense related to certain performance-based restricted stock unit awards that were granted during 2021. As of December 2023, the financial performance criteria for these awards were deemed not probable of being achieved; however, in February 2024, the compensation committee of the Company’s board of directors determined that the Company partially achieved the financial performance criteria. This was considered an accounting modification in accordance with FASB ASC 718, Compensation—Stock Compensation and resulted in a modification charge of approximately $6.8 million. In February 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.