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Share-Based Compensation | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | Share-Based Compensation Equity awards Compensation Expense Equity awards compensation expense recorded in the consolidated statements of operations was as follows:
| Nine Months Ended
| 2023 |  | 2022 |
| (in thousands)
Research and Development | (44,438) |  |  | (21,166) |  |
Sales and Operations | (15,240) |  |  | (9,695) |  |
General and Administrative | (16,675) |  |  | (11,733) |  |
Total equity awards compensation expense | (76,353) |  |  | (42,594) |  |
Tax benefit from equity awards compensation expense | 6,084 |  |  | 4,409 |  |
The breakdown of the equity award compensation expense by instrument type was as follows:
| Nine Months Ended
| 2023 |  | 2022 |
| (in thousands)
Share options | (80) |  |  | (47) |  |
Lock-up shares | (28,326) |  |  | (7,088) |  |
Restricted stock units / Performance stock units | (46,519) |  |  | (33,976) |  |
Non-employee warrants | (1,428) |  |  | (1,483) |  |
Total equity awards compensation expense | (76,353) |  |  | (42,594) |  |
Tax benefit from equity awards compensation expense | 6,084 |  |  | 4,409 |  |
A detailed description of each instrument type is provided below. Share Options Stock options granted under the Company’s stock incentive plans generally vest over four years, subject to the holder’s continued service through the vesting date and expire no later than 10 years from the date of grant. In the following tables, exercise prices, grant date share fair values and fair value per equity instruments are provided in euros, as the Company is incorporated in France and the euro is the currency used for the grants.
| Options Outstanding
Number of Shares Underlying Outstanding Options |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Outstanding as of December 31, 2022 | 372,329 |  |  |  |  |  |  |
Options granted | — |  |  |  |  |  |  |
Options exercised | (41,417) |  |  |  |  |  |  |
Options forfeited | (3,973) |  |  |  |  |  |  |
Options canceled | — |  |  |  |  |  |  |
Options expired | (1,861) |  |  |  |  |  |  |
Outstanding as of September 30, 2023 | 325,078 |  |  | € | 20.88 |  |  | 4.37 |  | € | 11.46 |
Vested and exercisable as of September 30, 2023 | 301,611 |  |  |  |  |  |  |
The aggregate intrinsic value represents the difference between the exercise price of the options and the fair market value of common stock on the date of exercise. No new stock options were granted in the period ending September 30, 2023. As of September 30, 2023, unrecognized stock-based compensation $0.01 million related to unvested stock options will be fully recognized as of December 31, 2023. Lock up shares On August 1, 2022, 2,960,243 Treasury shares were transferred to the Founder (referred to as Lock Up Shares or "LUS", see Note 2), as partial consideration for the Iponweb Acquisition. As these shares are subject to a lock-up period that expires in three installments on each of the first three anniversaries of the Iponweb Acquisition, unless the Founder's employment agreement is terminated under certain circumstances during the pendency of such lock-up period, they are considered as equity settled share-based payments under ASC 718 and are accounted over the three-year vesting period. The share based compensation expense is included in Research and Development expenses on the Consolidated Statement of Income. The shares were valued based on the volume weighted average price of one ADS traded on Nasdaq during the twenty (20) trading days immediately preceding July 28, 2022.
| Shares |  | Weighted-Average Grant date Fair Value Per Share
Outstanding as of December 31, 2022 | 2,960,243 |  |  | — |
Granted | — |  |  | — |
Vested | (1,006,482) |  |  | — |
Forfeited | — |  |  | — |
Outstanding as of September 30, 2023 | 1,953,761 |  |  | € | 23.94 |
At September 30, 2023, the Company had unrecognized stock-based compensation relating to restricted stock of approximately $22.4 million, which is expected to be recognized over a period from October 2023 to August 1, 2025. Restricted Stock Units / Performance Stock Units Restricted stock awards generally vest over four years, subject to the holder’s continued service and/or certain performance conditions through the vesting date. In the following tables, exercise prices, grant date share fair values and fair value per equity instruments are in euros, as the Company is incorporated in France and the euro is the currency used for the grants.
| Shares (RSU) |  | Weighted-Average Grant date Fair Value Per Share
Outstanding as of December 31, 2022 | 5,349,955 |  |  | — |
Granted | 1,575,851 |  |  | — |
Vested | (1,116,711) |  |  | — |
Forfeited | (340,383) |  |  | — |
Outstanding as of September 30, 2023 | 5,468,712 |  |  | € | 26.2 |
At September 30, 2023, the Company had unrecognized stock-based compensation relating to restricted stock of approximately $77.1 million, which is expected to be recognized over a weighted-average period of 3.10 years.
| Shares (PSU) |  | Weighted-Average Grant date Fair Value Per Share
Outstanding as of December 31, 2022 | 522,467 |  |  | — |
Granted | 356,402 |  |  | — |
Vested | (173,092) |  |  | — |
Forfeited | — |  |  | — |
Outstanding as of September 30, 2023 | 705,777 |  |  | € | 27.94 |
At September 30, 2023, the Company had unrecognized stock-based compensation relating to restricted stock of approximately $11.0 million, which is expected to be recognized over a weighted-average period of 3.12 years. Non-employee warrants Non-employee warrants generally vest over four years, subject to the holder’s continued service through the vesting date.
| Shares |  | Weighted-Average Grant date Fair Value Per Share |  | Weighted-Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Outstanding as of December 31, 2022 | 302,775 |  |  |  |  |  |  |
Granted | — |  |  |  |  |  |  |
Exercised | (58,318) |  |  |  |  |  |  |
Canceled | — |  |  |  |  |  |  |
Expired | — |  |  |  |  |  |  |
Outstanding as of September 30, 2023 | 244,457 |  |  | € | 17.65 |  |  | 4.73 |  | € | 12.98 |
Vested and exercisable - September 30, 2023 | 237,852 |  |  |  |  |  |  |
The aggregate intrinsic value represents the difference between the exercise price of the non-employee warrants and the fair market value of common stock on the date of exercise. No new stock non-employee warrants were granted in the period ending September 30, 2023. As of September 30, 2023 there is a small portion of instruments that are set to fully vest in 2023.

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