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STOCK-BASED COMPENSATION (Tables) | 3 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Awards Granted | The following table summarizes the Company’s stock awards granted for each of the periods indicated:
|  | For the Three Months Ended March 31, |  |
|  | 2023 |  |  | 2022 |  |
|  | Grants |  |  | Weighted Average Grant Date Fair Value |  |  | Grants |  |  | Weighted Average Grant Date Fair Value |  |
Stock options |  |  | 1,030,349 |  |  | $ | 72.80 |  |  |  | 1,291,537 |  |  | $ | 46.99 |  |
Restricted stock units* |  |  | 1,075,911 |  |  | $ | 154.91 |  |  |  | 712,435 |  |  | $ | 79.98 |  |
*Included in restricted stock units (“RSUs”) for the three months ended March 31, 2023 and 2022 are 502,225 and 38,500 shares, respectively, with performance conditions which are related to regulatory approval of certain of the Company's product candidates. As of March 31, 2023, none of the performance conditions are probable of being achieved. If the performance milestones are achieved within the required time frame, the Company may recognize up to $78.3 million of stock-based compensation related to these grants. Stock options and the remaining RSUs granted during the periods presented in the table have only service-based criteria and vest over four years.
Summary of Stock-Based Compensation Expense by Function Included within Condensed Consolidated Statements of Operations and Comprehensive Loss | The following table summarizes stock-based compensation expense by function included within the unaudited condensed consolidated statements of operations and comprehensive loss:
|  | For the Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
| (in thousands) |
Research and development |  | $ | 16,413 |  |  | $ | 13,068 |
Selling, general and administrative |  |  | 24,837 |  |  |  | 16,130 |
Total stock-based compensation expense |  | $ | 41,250 |  |  | $ | 29,198 |
Summary of Stock-Based Compensation Expense by Grant Type Included within Consolidated Statements of Operations and Comprehensive Loss | The following table summarizes stock-based compensation expense by grant type included within the unaudited condensed consolidated statements of operations and comprehensive loss:
|  | For the Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
| (in thousands) |
Stock options |  | $ | 23,830 |  |  | $ | 16,406 |
Restricted stock units |  |  | 16,140 |  |  |  | 11,365 |
Employee stock purchase plan |  |  | 1,280 |  |  |  | 1,427 |
Total stock-based compensation expense |  | $ | 41,250 |  |  | $ | 29,198 |

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