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SUBSEQUENT EVENTS | 3 Months Ended
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Mar. 31, 2022
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | 14. SUBSEQUENT EVENTS In June 2017, the Company granted its CEO 3,300,000 options with service and market conditions. These options have a five-year cliff vesting schedule. On April 19, 2022 (the “Effective Date”), the Company entered into an agreement with its CEO to modify the vesting conditions of the options. Under the agreement, one-third of the options vested on the Effective Date. Subject to the CEO’s continued service through each applicable vesting date and the compound annual growth rate (“CAGR”) of the Company's common stock exceeding that of the Nasdaq Biotech Index in varying percentages, the remaining two-thirds of the options shall vest in varying increments at any time between the Effective Date and June 26, 2025 (the “Measurement Period”) when (and if) the average of the closing price of the Company’s common stock during any consecutive 20 trading day period during the Measurement Period reaches certain pre-determined target stock prices. Additionally, the CEO is subject to a one-year post-exercise restriction to sell, transfer or dispose shares acquired upon the exercise of the options after deduction of any shares withheld or sold to pay the applicable aggregate exercise price and/or withholding taxes. The Company is currently evaluating the impact that this modification will have on the consolidated financial statements. However, it expects that the modification will result in a significant increase in the Company’s stock-based compensation expense beginning on the Effective Date. On April 22, 2022, the Company entered into a lease agreement for a 288,000 square feet research and development and manufacturing facility in Bedford, Massachusetts. Rent payments due over the 15-year term of the lease aggregate to $307.4 million. The Company has not yet completed its assessment of the lease agreement but expects the impact to result in a material increase to the Company's annual lease costs and recorded balances of right of use assets and lease liabilities.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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