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Stock-Based Compensation (Tables)

9 Months Ended

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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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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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.

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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.

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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.

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