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Stock-Based Compensation (Tables)

12 Months Ended

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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