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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award | The Company recorded the following stock-based compensation expense (in thousands):
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Incentive Plan | $ | 44,581 |  |  | $ | 36,716 |  |  | $ | 27,062 |
Inducement Plan | 9,958 |  |  | 6,550 |  |  | 6,055 |
ESPP | 1,076 |  |  | 1,435 |  |  | 1,523 |
Stock-based compensation expense | $ | 55,615 |  |  | $ | 44,701 |  |  | $ | 34,640 |
The following table summarizes stock option activity under the Incentive Plan:
| Shares (in thousands) |  | Weighted Average Exercise Price per Share |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2022 | 31,179 |  |  | $ | 8.56 |  |  |  |  |
Granted | 6,625 |  |  | 6.67 |  |  |  |  |
Exercised | (935) |  |  | 5.21 |  |  |  |  | $ | 3,601 |
Cancelled or Forfeited | (1,364) |  |  | 10.00 |  |  |  |  |
Outstanding at December 31, 2023 | 35,505 |  |  | $ | 8.24 |  |  | 6.85 |  | $ | 12,280 |
Exercisable at December 31, 2023 | 21,008 |  |  | $ | 7.87 |  |  | 5.44 |  | $ | 12,280 |
Vested and expected to vest at December 31, 2023 | 33,557 |  |  | $ | 8.19 |  |  | 6.77 |  | $ | 12,280 |
The following table summarizes stock option activity under the Inducement Plan:
| Shares (in thousands) |  | Weighted Average Exercise Price per Share |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2022 | 5,341 |  |  | $ | 8.80 |  |  |  |  |
Granted | 1,196 |  |  | 8.15 |  |  |  |  |
Exercised | (344) |  |  | 3.70 |  |  |  |  | $ | 1,803 |
Cancelled or Forfeited | (666) |  |  | 10.47 |  |  |  |  |
Outstanding at December 31, 2023 | 5,527 |  |  | $ | 8.77 |  |  | 7.76 |  | $ | 4,463 |
Exercisable at December 31, 2023 | 2,448 |  |  | $ | 7.17 |  |  | 6.89 |  | $ | 3,434 |
Vested and expected to vest at December 31, 2023 | 5,122 |  |  | $ | 8.68 |  |  | 7.72 |  | $ | 4,291 |
Stock-Based Compensation Allocation | Total stock-based compensation was allocated as follows:
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Research and development | $ | 29,377 |  |  | $ | 24,936 |  |  | $ | 20,179 |
Selling, general and administrative | 26,238 |  |  | 19,765 |  |  | 14,461 |
Total stock-based compensation expense | $ | 55,615 |  |  | $ | 44,701 |  |  | $ | 34,640 |
Weighted Average Assumptions for Stock Option Awards Granted to Employees and Directors Under the Plans | Stock Incentive Plan The following table summarizes the key assumptions used by the Company to value the stock option awards granted under the Incentive Plan during the years ended December 31, 2023, 2022, and 2021:
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Expected Life in Years | 5.7 |  | 5.5 |  | 5.5
Expected Volatility | 82.5 | % |  | 84.2 | % |  | 84.2 | %
Expected Dividend Yield | 0.0 | % |  | 0.0 | % |  | 0.0 | %
Risk-Free Interest Rate | 3.9 | % |  | 3.6 | % |  | 1.1 | %
Weighted average grant date fair value per share | $ | 4.75 |  |  | $ | 7.57 |  |  | $ | 7.93 |
Inducement Equity Incentive Plan The following table summarizes the key assumptions used by the Company to value the stock option awards granted under the Inducement Plan during the years ended December 31, 2023, 2022, and 2021:
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Expected Life in Years | 5.6 |  | 5.5 |  | 5.5
Expected Volatility | 83.5 | % |  | 84.2 | % |  | 84.2 | %
Expected Dividend Yield | 0.0 | % |  | 0.0 | % |  | 0.0 | %
Risk-Free Interest Rate | 4.0 | % |  | 3.2 | % |  | 0.9 | %
Weighted average grant date fair value per share | $ | 5.79 |  |  | $ | 9.54 |  |  | $ | 9.65 |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | The following table summarizes restricted stock unit activity under the Incentive Plan:
| Shares (in thousands) |  | Weighted Average Grant Date Fair Value
Unvested at December 31, 2022 | 4,159 |  |  | $ | 10.69 |
Granted | 3,106 |  |  | 6.71 |
Vested | (1,137) |  |  | 11.04 |
Forfeited | (536) |  |  | 7.91 |
Unvested at December 31, 2023 | 5,592 |  |  | $ | 8.67 |
The following table summarizes restricted stock unit activity under the Inducement Plan:
| Shares (in thousands) |  | Weighted Average Grant Date Fair Value
Unvested at December 31, 2022 | 588 |  |  | $ | 13.14 |
Granted | 581 |  |  | 7.81 |
Vested | (139) |  |  | 13.13 |
Forfeited | (115) |  |  | 11.98 |
Unvested at December 31, 2023 | 915 |  |  | $ | 9.90 |

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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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