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Share-based compensation and stockholders' equity
 12 Months Ended
Dec. 31, 2023
Stockholders' Equity Note [Abstract]  
Share-based compensation and stockholders' equity Share-based compensation and stockholders' equity
Share-based compensation
The Company has two share-based employee compensation plans, the Emergent Plan and the Inducement Plan, which include stock options and performance and restricted stock units.
As of December 31, 2023, an aggregate of 29.1 million shares of common stock were authorized for issuance under the Emergent Plan, of which a total of approximately 5.9 million shares of common stock remain available for future awards to be made to plan participants. As of December 31, 2023, an aggregate of 5.0 million shares of common stock were authorized for issuance under the Inducement Plan and no shares had been issued under the Inducement Plan. The exercise price of each option must be not less than 100% of the fair market value of the shares underlying such option on the date of grant. Options granted under the Emergent Plan and the Inducement Plan have a contractual life of seven years.
Stock Options
The Company utilizes the Black-Scholes valuation model for estimating the fair value of all stock options granted. Set forth below are the assumptions used in valuing the stock options granted:
 
Year Ended December 31,
 
202320222021
Expected dividend yield0 %0 %0 %
Expected volatility
63%-69%
54%-62%
47%-48%
Risk-free interest rate
4.00%-4.46%
1.54%-4.31%
0.43%-0.94%
Expected average life of options4.5 years4.5 years4.5 years
The following is a summary of stock option award activity under the Emergent Plan:
Number of Shares
Weighted-Average Exercise Price
Weighted Average Remaining Contractual Term (in Years)
Aggregate
Intrinsic Value
Stock options outstanding at December 31, 2022
1.7 $51.74 
Stock options granted0.7 $9.66 
Stock options exercised— $— 
Stock options forfeited(1.3)$42.82 
Stock options outstanding at December 31, 2023
1.1 $34.44 5.1$— 
Stock options exercisable at December 31, 2023
0.4 $56.60 3.4$— 
There was no cash received from option exercises for the year ended December 31, 2023. Cash received from option exercises for the years ended December 31, 2022 and 2021 was $0.5 million and $10.4 million, respectively.
The weighted average grant date fair value of options granted during the years ended December 31, 2023, 2022 and 2021 was $5.35, $17.85 and $35.16 per share, respectively. The intrinsic value of stock options exercised is the amount by which the market value of our common stock on the exercise date exceeds the exercise price. There was no intrinsic value of options exercised during the year ended December 31, 2023. The total intrinsic value of options exercised during the years ended December 31, 2022 and 2021 was $0.3 million and $15.7 million, respectively.
As of December 31, 2023, there was $4.4 million of unrecognized compensation cost related to stock options.
Performance stock units and restricted stock units
The following is a summary of performance stock unit and restricted stock unit award activity under the Emergent Plan:
Number of SharesWeighted-Average Grant Date Fair ValueAggregate
 Intrinsic Value
Stock awards outstanding at December 31, 2022
2.2 $42.30 $25.8 
Stock awards granted (1)
2.4 $8.51 
Stock awards released(0.7)$46.73 
Stock awards forfeited (1)
(1.3)$26.92 
Stock awards outstanding at December 31, 2023
2.6 $16.57 $6.20 
(1) Performance stock units granted and forfeited during the year ended December 31, 2023 are included at the target payout percentage, or 100%, of shares granted.
The total fair value of restricted stock unit awards released during the years ended December 31, 2023, 2022 and 2021 was $31.8 million, $30.9 million and $26.9 million, respectively. As of December 31, 2023, there was $22.6 million of unrecognized compensation cost related to unvested restricted stock units. That cost is expected to be recognized straight-line over a weighted average period of 1.8 years.
Performance stock units represent common stock potentially issuable in the future, subject to achievement of performance conditions. Our current outstanding performance stock units vest based on certain financial metrics over the applicable performance period. The vesting and payout range for our performance stock units is typically between 50% and up to 200% of the target number of shares granted at the end of a three-year performance period. The total fair value of performance unit awards released during the years ended December 31, 2023, 2022 and 2021 was $2.4 million, $2.5 million and $3.8 million, respectively. As of December 31, 2023, there was $2.2 million of unrecognized compensation cost related to unvested performance stock units. That cost is expected to be recognized straight-line over a weighted average period of 1.8 years.
Share-based compensation expense
Share-based compensation expense, net of forfeitures was recorded in the following financial statement line items:
 Year Ended December 31,
202320222021
Cost of Commercial Product sales$0.1 $0.8 $1.0 
Cost of MCM Product sales3.8 6.5 5.4 
Cost of Bioservices1.0 1.8 1.1 
R&D2.0 5.4 5.0 
Selling, general and administrative16.2 30.6 29.9 
Total share-based compensation expense$23.1 $45.1 $42.4 
Stockholders' equity
Preferred stock
The Company is authorized to issue up to 15.0 million shares of preferred stock, $0.001 par value per share ("Preferred Stock"). Any Preferred Stock issued may have dividend rights, voting rights, conversion privileges, redemption characteristics, and sinking fund requirements as approved by the Company's board of directors.
Common stock
The Company currently has one class of common stock, $0.001 par value per share common stock ("Common Stock"), authorized and outstanding. The Company is authorized to issue up to 200.0 million shares of Common Stock. Holders of Common Stock are entitled to one vote for each share of Common Stock held on all matters, except as may be provided by law.
At-the-Market Equity Offering Facility
We may, from time to time, sell up to $150.0 million aggregate gross sales price of shares of our common stock through Evercore Group L.L.C. and RBC Capital Markets, LLC, as sales agents, under an ATM Program that we entered into on May 18, 2023. Between the entry into the ATM Program and December 31, 2023, we sold 1.1 million shares of our common stock under the ATM Program for gross proceeds of $9.1 million, representing an average share price of $8.22 per share. As of December 31, 2023, $140.9 million aggregate gross sales price of shares of our common stock remains available for issuance under the ATM Program. We intend to use proceeds obtained from the sale of shares under the ATM Program for general corporate purposes.
2021 Share Repurchase Program
On November 11, 2021, the Company announced that its Board of Directors authorized a stock repurchase program of up to an aggregate of $250.0 million of Common Stock (the "2021 Share Repurchase Program"), of which $187.9 million was utilized to purchase approximately 4.4 million. The 2021 Share Repurchase Program expired on November 11, 2022. During the year ended December 31, 2022, the Company utilized $75.5 million to purchase approximately 1.8 million shares. The 2021 Share Repurchase Program did not obligate the Company to acquire any specific number of shares. Repurchased shares are available for use in connection with the Company's stock plans and for other corporate purposes.
Accumulated other comprehensive income (loss), net of tax
The following table includes changes in accumulated other comprehensive income (loss), net of tax by component:
Defined Benefit Pension PlanDerivative InstrumentsForeign Currency Translation AdjustmentsTotal
Balance at December 31, 2021
$(4.0)$(4.5)$(7.6)$(16.1)
Other comprehensive income (loss) before reclassifications8.7 10.8 1.0 20.5 
Amounts reclassified from accumulated other comprehensive income (loss)(1.2)(0.1)— (1.3)
Net current period other comprehensive income (loss)7.5 10.7 1.0 19.2 
Balance at December 31, 2022
$3.5 $6.2 $(6.6)$3.1 
Other comprehensive income before reclassifications— 2.7 0.9 3.6 
Amounts reclassified from accumulated other comprehensive income (loss)(3.5)(8.9)— (12.4)
Net current period other comprehensive income (loss)(3.5)(6.2)0.9 (8.8)
Balance at December 31, 2023
$— $— $(5.7)$(5.7)
The tables below present the tax effects related to each component of other comprehensive income (loss):
December 31, 2023
December 31, 2022
December 31, 2021
PretaxTax Benefit (Expense)Net of taxPretax
Tax Benefit (Expense)
Net of taxPretaxTax Benefit (Expense)Net of tax
Defined benefit pension plan$(4.1)$0.6 $(3.5)$8.7 $(1.2)$7.5 $4.3 $(0.6)$3.7 
Derivative instruments(8.5)2.3 (6.2)14.6 (3.9)10.7 8.9 (2.4)6.5 
Foreign currency translation adjustments1.6 (0.7)0.9 0.6 0.4 1.0 (1.2)0.2 (1.0)
Total adjustments$(11.0)$2.2 $(8.8)$23.9 $(4.7)$19.2 $12.0 $(2.8)$9.2