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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation The Company's stock-based compensation plans are described in Note 11. Stock-Based Compensation to the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. During the fiscal year 2024, the following stock compensation was awarded to officers and employees. All awards were granted under the 2019 Amended and Restated Long-Term Incentive Plan ("2019 Plan"), with the exception of the inducement shares awarded as material inducement of employment to new employees entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).
Type of Award | Quarter Awarded |  | Target Shares or Units |  | Weighted Average Grant Date Fair Value
Stock Options (1) | 1st Quarter |  | — |  |  | $ | — |
| 2nd Quarter |  | 145,984 |  |  | $ | 4.11 |
Restricted Stock Units (2) | 1st Quarter |  | 787,688 |  |  | $ | 9.05 |
| 2nd Quarter |  | 200,108 |  |  | $ | 7.56 |
| 3rd Quarter |  | 2,875 |  |  | $ | 14.29 |
Performance Stock Units (3)(4) | 1st Quarter |  | 911,400 |  |  | $ | 8.92 |
| 2nd Quarter |  | 424,400 |  |  | $ | 3.06 |
Inducement Shares (5) |  |  |  |  |
Stock Options | 1st Quarter |  | 18,700 |  |  | $ | 6.04 |
Restricted Stock Units | 1st Quarter |  | 310,000 |  |  | $ | 7.00 |
Restricted Stock Units | 3rd Quarter |  | 20,000 |  |  | $ | 10.43 |
Performance Stock Units | 3rd Quarter |  | 600,000 |  |  | $ | 13.38 |
(1) Options granted to the Board of Directors during the second quarter for their annual fee vest in one year from the date of grant. (2) Restricted Stock Units ("RSUs") awarded to certain officers and employees during the first, second and third quarter vest over a four-year period. Included in the second and third quarter RSUs are 88,099 units awarded to the Board of Directors for their annual fee of which 2,875 were granted to a board member for accepting the Chairmanship of the Board of Directors in September, the units vest in one year from the date of the award. Upon vesting, the outstanding number of RSUs vested are converted into common stock. (3) Performance Stock Units (PSUs) awarded to certain officers and employees related to their work on the BLA ("2024 BLA PSUs") totaled 487,000 shares during the first quarter of 2024. Participants with 2024 BLA PSUs will earn from 0% to 100% upon achievement of certain milestones related to the BLA submission and U.S. Food and Drug Administration ("FDA") approval. The number of shares available for grant is linked to certain milestones related to the BLA submission to and approval by the FDA. These awards will vest provided the participants remain in continuous service to the Company through the achievement of the applicable performance goal and the one-year anniversary of the grant date. (4) PSUs were awarded to certain officers and employees with a target of 424,400 shares with performance metrics tied to the achievement of stock price goals between February 2024 through February 2027 ("TSR PSU") during the first and third quarter of 2024. Participants with TSR PSUs will earn from 0% to 200% upon achievement of specific stock price goals. The maximum number of shares that can be issued under this award is 848,800. V esting occurs at the end of the three-year performance period upon Compensation Committee certification of the results at the end of the performance period. (5) Inducement shares were issued to officers and new employees as a material inducement to entering into employment with the Company during the first and third quarters of 2024 with the Company in accordance with Nasdaq Listing Rule 5635(c)(4). Vesting for both the stock options and restricted stock units are over both a three-and four-year periods. During the third quarter of 2024, 600,000 PSUs, which included 450,000 of the TSR PSUs and 150,000 2024 BLA PSUs, were issued to an officer as a material inducement to entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4). No inducement shares were issued in the second quarter of 2024. Total stock-based compensation expense is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Stock-based compensation expense | $ | 5,004 |  |  | $ | 4,747 |  |  | $ | 12,830 |  |  | $ | 13,091 |

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