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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Fair Value of Options | The fair value of the stock options granted is estimated on the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
|  | 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |
Expected stock price volatility |  | 58.4 | % |  | 61.0 | % |  | 59.2 | % |  | 62.2 | % |  |  |  |
Risk free interest rate |  | 4.3 | % |  | 3.1 | % |  | 3.9 | % |  | 1.7 | % |  |  |  |
Expected life of options (years) |  | 5.5 |  | 5.3 |  | 5.5 |  | 5.3 |  |  |  |
Expected annual dividend per share |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  |
Schedule of Stock Options Activity | A summary of the Company's stock options for the nine months ended September 30, 2023 were as follows:
|  | Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Years |  | Aggregate Intrinsic Value
|  | (in thousands) |  |  |  |  |  | (in millions)
Options outstanding, December 31, 2022 |  | 19,064 |  |  | $ | 11.31 |  |  |  |  |
Granted |  | 5,522 |  |  | $ | 12.03 |  |  |  |  |
Exercised |  | (1,032) |  |  | $ | 7.61 |  |  |  |  |
Forfeited |  | (248) |  |  | $ | 11.51 |  |  |  |  |
Expired |  | (50) |  |  | $ | 14.39 |  |  |  |  |
Options outstanding, September 30, 2023 |  | 23,256 |  |  | $ | 11.64 |  |  | 6.7 |  | $ | 32.1 |
Vested and unvested expected to vest, September 30, 2023 |  | 21,389 |  |  | $ | 11.58 |  |  | 6.5 |  | $ | 31.1 |
Exercisable at September 30, 2023 |  | 13,246 |  |  | $ | 11.12 |  |  | 5.1 |  | $ | 27.9 |
Schedule of Non-Vested RSU Activity under the Plan | A summary of non-vested RSU activity under the Plan for the nine months ended September 30, 2023 is as follows:
|  | Number of Shares |  | Weighted Average Grant Date Fair Value |  | Weighted Average Remaining Years |  | Aggregate Intrinsic Value
|  | (in thousands) |  |  |  |  |  | (in millions)
Non-vested units as of December 31, 2022 |  | 9,717 |  |  | $ | 13.07 |  |  |  |  |
Granted |  | 4,514 |  |  | $ | 13.08 |  |  |  |  |
Vested |  | (3,252) |  |  | $ | 12.25 |  |  |  |  |
Forfeited |  | (648) |  |  | $ | 10.07 |  |  |  |  |
Non-vested units as of September 30, 2023 |  | 10,331 |  |  | $ | 13.56 |  |  | 2.2 |  | $ | 125.6 |
Schedule of Equity Compensation Expenses | The following table summarizes information related to compensation expense recognized in the Company's Consolidated Statements of Operations related to the equity awards:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Research and development expense |  | $ | 4,380 |  |  | $ | 5,428 |  |  | $ | 16,987 |  |  | $ | 19,172 |
Selling, general, and administrative expense |  | 12,131 |  |  | 9,344 |  |  | 50,995 |  |  | 38,714 |
Total equity compensation expense |  | $ | 16,511 |  |  | $ | 14,772 |  |  | $ | 67,982 |  |  | $ | 57,886 |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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