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Stock-Based Compensation

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 10.  Stock-Based Compensation

The Company’s stock-based compensation included in its condensed consolidated statements of operations and comprehensive income (loss) was as follows:

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​	​	​	​	​	​	​	​	​	​	​	​
​	Three Months Ended June 30,					​	Six Months Ended June 30,
(in thousands)	2023			2022			2023			2022
Research and development	$	2,213	​	$	1,707	​	$	4,060	​	$	2,261
General and administrative		5,112	​		3,840	​		9,727	​		6,472
Total stock-based compensation	$	7,325	​	$	5,547	​	$	13,787	​	$	8,733

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The following table summarizes share-based compensation expense by award type:

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​	​	​	​	​	​	​	​	​	​	​	​
​	Three Months Ended June 30,					​	Six Months Ended June 30,
(in thousands)	2023		​	2022		​	2023		​	2022
Restricted Stock Units ("RSUs")	$	2,723	​	$	1,818	​	$	4,684	​	$	1,818
Earn-Out Restricted Shares	​	2,166	​	​	1,972	​	​	4,301	​	​	3,565
Performance Stock Units ("PSUs")	​	1,406	​	​	1,075	​	​	2,732	​	​	1,075
Restricted Stock Awards ("RSAs")	​	926	​	​	568	​	​	1,856	​	​	2,046
Stock options	​	104	​	​	114	​	​	214	​	​	229
Total	$	7,325	​	$	5,547	​	$	13,787	​	$	8,733

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In April 2023, the Company granted 4,071,979 RSUs and 1,631,800 PSUs, which relates to the annual grant to our directors, executive officers and employees. PSUs are measured at their estimated fair value using a Monte Carlo simulation valuation model with the effect of the market condition reflected in the grant date fair value of the award. The fair value of RSUs is estimated based on the closing price of the Company’s Class A common stock at the date of grant.

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- Definition

The entire disclosure for share-based payment arrangement.

+ References

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