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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Option Activity

A summary of option activity under the Plans for the six months ended June 30, 2023 follows:

(in thousands, except for share and per share amounts)			Number of Shares						Weighted Average Exercise Price at Grant Date						Weighted Average Remaining Term (Years)						Aggregate Intrinsic Value
Outstanding at December 31, 2022			4,232,210						$	14.19					5.81						$	—
Granted			944,776						6.92
Expired			(130,417)						12.38
Outstanding at June 30, 2023			5,046,569						12.88						6.20						26
Exercisable at June 30, 2023			3,321,471						14.26						4.76						—
Vested and expected to vest at June 30, 2023			4,763,321						13.15						6.01						20

Summary of RSU Activity

A summary of RSU activity for the Plans for the six months ended June 30, 2023 is as follows:

			Number of Shares						Weighted Average Grant Date Fair Value
Unvested at December 31, 2022			1,915,546						$	14.41
Granted			852,243						6.97
Forfeited			(53,969)						13.13
Vested			(713,149)						15.10
Unvested at June 30, 2023			2,000,671						11.03

Stock-Based Compensation Expense

Stock-based compensation expense recognized for the three and six months ended June 30, 2023 and 2022 was comprised of the following:

			Three Months Ended												Six Months Ended
(in thousands)			June 30, 2023						June 30, 2022						June 30, 2023						June 30, 2022
Research and development			$	733					$	899					$	1,799					$	2,059
Selling, general and administrative			2,516						2,931						5,801						6,549
Total stock-based compensation expense			$	3,249					$	3,830					$	7,600					$	8,608

Black-Scholes-Merton Option Pricing Model for Employee and Director Stock Options Granted

Assumptions used in the Black-Scholes-Merton option pricing model for employee and director stock options granted during the six months ended June 30, 2023 and 2022 were as follows:

			Six Months Ended
			June 30, 2023						June 30, 2022
Expected dividend yield			0		%				0		%
Weighted average expected volatility			47		%				46		%
Weighted average expected term (years)			6.16						6.05
Weighted average risk-free rate			3.89		%				2.03		%

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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