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Stockholders' Equity (Tables) | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Schedule of Share-Based Compensation Expense | The following table summarizes share-based compensation expense from continuing operations (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Share-based compensation expense as a component of: |  |  |  |  |
Research and development expenses | $ | 3,544 |  |  | $ | 6,248 |  |  | $ | 10,970 |
General and administrative expenses | 37,545 |  |  | 19,495 |  |  | 39,911 |
| $ | 41,089 |  |  | $ | 25,743 |  |  | $ | 50,881 |
Schedule of Stock Option Plan Activity | Following is a summary of our stock option plan activity and related information:
| Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term in Years |  | Aggregate Intrinsic Value (In thousands)
Balance at January 1, 2022 | 2,199,598 |  |  | $ | 106.00 |  |  | 6.34 |  | $ | 113,302 |
Granted | 863,245 |  |  | $ | 91.34 |  |  |  |  |
Exercised | (34,941) |  |  | $ | 38.56 |  |  |  |  |
Forfeited | (40,069) |  |  | $ | 78.46 |  |  |  |  |
Balance at October 31, 2022 | 2,987,833 |  |  | $ | 102.92 |  |  | 0 |  | $ | 14,835 |
Exercisable at October 31, 2022 | 1,769,629 |  |  | $ | 102.38 |  |  | 0 |  | $ | 13,722 |
Options vested and expected to vest as of October 31, 2022, before the OmniAb Separation and Regrant | 2,987,833 |  |  | $ | 102.92 |  |  | 0 |  | $ | 14,835 |
Cancellation due to OmniAb Separation, Before Regrant | (2,987,833) |  |  |  |  |  |  |
Balance at November 1, 2022, Before Regrant | — |  |  |  |  |  |  |
Granted (1) | 3,584,760 |  |  | $ | 60.10 |  |  |  |  |
Exercised | (50,449) |  |  | $ | 30.24 |  |  |  |  |
Forfeited | (542,838) |  |  | $ | 56.20 |  |  |  |  |
Balance at December 31, 2022 | 2,991,473 |  |  | $ | 61.31 |  |  | 6.07 |  | $ | 30,477 |
Exercisable at December 31, 2022 | 1,559,662 |  |  | $ | 60.83 |  |  | 4.51 |  | $ | 17,951 |
Options vested and expected to vest as of December 31, 2022 | 2,991,473 |  |  | $ | 61.31 |  |  | 6.07 |  | $ | 30,477 |
Granted | 537,432 |  |  | $ | 72.69 |  |  |  |  |
Exercised | (489,076) |  |  | $ | 45.83 |  |  |  |  |
Forfeited | (399,371) |  |  | $ | 66.61 |  |  |  |  |
Balance at December 31, 2023 | 2,640,458 |  |  | $ | 65.70 |  |  | 5.63 |  | $ | 8,784 |
Exercisable at December 31, 2023 | 1,784,209 |  |  | $ | 64.90 |  |  | 4.26 |  | $ | 7,300 |
Options vested and expected to vest as of December 31, 2023 | 2,640,458 |  |  | $ | 65.70 |  |  | 5.63 |  | $ | 8,784 |
Granted | 783,064 |  |  | $ | 86.91 |  |  |  |  |
Exercised | (1,080,135) |  |  | $ | 60.64 |  |  |  |  |
Forfeited | (117,114) |  |  | $ | 74.58 |  |  |  |  |
Balance at December 31, 2024 | 2,226,273 |  |  | $ | 75.14 |  |  | 6.58 |  | $ | 71,538 |
Exercisable at December 31, 2024 | 1,229,294 |  |  | $ | 72.15 |  |  | 5.02 |  | $ | 43,120 |
Options vested and expected to vest as of December 31, 2024 | 2,226,273 |  |  | $ | 75.14 |  |  | 6.58 |  | $ | 71,538 |
(1) Options granted primarily relate to the modifications in connection with the OmniAb Separation which resulted in new stock option grants at the modification date fair value.
Schedule of Stock Option Plan Activity by Exercise Price Range | Following is a further breakdown of the options outstanding as of December 31, 2024:
Range of exercise prices | Options outstanding |  | Weighted average remaining life in years |  | Weighted average exercise price |  | Options exercisable |  | Weighted average exercise price
$32.78-$52.84 | 281,644 |  |  | 5.78 |  | $ | 49.42 |  |  | 195,152 |  |  | $ | 48.02 |
$54.81-$63.62 | 228,498 |  |  | 4.10 |  | $ | 58.54 |  |  | 191,316 |  |  | $ | 58.32 |
$64.65-$68.74 | 312,067 |  |  | 5.12 |  | $ | 67.47 |  |  | 245,199 |  |  | $ | 67.67 |
$69.39-$73.76 | 233,288 |  |  | 7.66 |  | $ | 70.78 |  |  | 125,319 |  |  | $ | 71.02 |
$73.92-$75.09 | 288,134 |  |  | 7.73 |  | $ | 74.76 |  |  | 105,797 |  |  | $ | 74.88 |
$78.56-$88.27 | 155,478 |  |  | 8.57 |  | $ | 82.22 |  |  | 32,249 |  |  | $ | 81.71 |
$89.20-$89.20 | 444,229 |  |  | 8.35 |  | $ | 89.20 |  |  | 103,190 |  |  | $ | 89.20 |
$89.86-$103.42 | 244,385 |  |  | 4.64 |  | $ | 98.53 |  |  | 218,106 |  |  | $ | 98.24 |
$104.30-$114.15 | 28,290 |  |  | 6.73 |  | $ | 110.98 |  |  | 12,966 |  |  | $ | 114.15 |
$122.70-$122.70 | 10,260 |  |  | 9.92 |  | $ | 122.70 |  |  | — |  |  | $ | — |
| 2,226,273 |  |  | 6.58 |  | $ | 75.14 |  |  | 1,229,294 |  |  | $ | 72.15 |
Schedule of Stock Option Weighted-Average Assumptions | The assumptions used for the specified reporting periods and the resulting estimates of weighted-average grant date fair value per share of options granted:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Risk-free interest rate | 3.5%-4.5% |  | 3.7%-4.6% |  | 1.4%-4.3%
Expected volatility | 44%-46% |  | 45%-54% |  | 49%-55%
Expected term | 4.1 to 4.8 years |  | 4.7 to 5.3 years |  | 2.0 to 6.5 years
Schedule of Restricted Stock Activity | The following is a summary of our restricted stock activity and related information:
| Shares |  | Weighted-Average Grant Date Fair Value
Outstanding at December 31, 2022 | 348,453 |  |  | $ | 75.60 |
Granted | 203,752 |  |  | $ | 83.39 |
Vested | (181,246) |  |  | $ | 74.62 |
Forfeited | (20,054) |  |  | $ | 65.35 |
Outstanding at December 31, 2023 | 350,905 |  |  | $ | 81.22 |
Granted | 318,588 |  |  | $ | 85.23 |
Vested | (167,308) |  |  | $ | 84.28 |
Forfeited | (64,313) |  |  | $ | 77.28 |
Outstanding at December 31, 2024 | 437,872 |  |  | $ | 83.55 |

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