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Stock-Based Compensation
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

11.       Stock-Based Compensation

In April 2024 and May 2024, the Company granted performance-based stock options to purchase 1,982,500 and 640,000 shares of Company common stock (“PSOs”), respectively, to its Chief Executive Officer and certain other senior executives with performance-based vesting conditions under the 2014 Equity Incentive Award Plan and the Amended and Restated 2014 Equity Incentive Award Plan that have a term of ten years. Vesting is based on the achievement of various commercial, clinical, strategic and total shareholder return performance milestones during specified periods. The fair value of each PSO was estimated on the grant date, using the Black-Scholes model for PSOs tied to commercial, clinical and strategic milestones (the “Performance Condition PSOs”) and a Monte Carlo simulation model for PSOs with total shareholder return vesting criteria (the “Market Condition PSOs”). Expense for the Performance Condition PSOs is recognized over the requisite service period only when the performance condition is considered probable of being achieved and is recognized over the period from the grant date through the time the milestone is expected to be achieved. Expense for the Market Condition PSOs is recognized over the requisite service period. Expense related to PSOs was $0.2 million and $1.0 million during the three and nine months ended September 30, 2024, respectively.

The following table summarizes the classification of stock-based compensation expense in the Company’s condensed consolidated statements of operations related to options, including PSOs, and restricted stock units granted to employees and nonemployees:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

September 30, 

​

September 30, 

(in thousands)

    

2024

    

2023

    

2024

    

2023

Cost of goods sold (1)

​

$

282

​

$

174

​

$

834

​

$

535

Research and development

​

 

2,092

​

 

2,929

​

 

6,552

​

 

11,760

Selling, general and administrative

​

 

4,494

​

 

6,850

​

 

14,032

​

 

20,017

Stock-based compensation expense

​

$

6,868

​

$

9,953

​

$

21,418

​

$

32,312

​

​

 

​

​

 

​

​

 

​

​

 

​

Stock-based compensation expense capitalized into inventory

​

$

313

​

$

373

​

$

1,107

​

$

697

(1)

(1) Stock-based compensation capitalized into inventory is recognized as cost of goods sold when the related product is sold.