Stock-Based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Summary of Activity Relating to Restricted Stock Units |
The following table summarizes activity relating to time-based restricted stock units and performance restricted stock units:
|
|
|
|
|
|
|
|
|
|
Shares |
|
Weighted Average Grant Date Fair Value |
|
Outstanding as of December 31, 2024 |
|
|
3,000,390 |
|
$ |
30.04 |
|
Granted |
|
|
1,994,292 |
|
$ |
7.44 |
|
Vested |
|
|
(1,241,690 |
) |
$ |
22.63 |
|
Forfeited |
|
|
(662,521 |
) |
$ |
27.66 |
|
Outstanding as of June 30, 2025 |
|
|
3,090,471 |
|
$ |
18.94 |
|
|
| Summary of Activity Relating to Time Based and Performance Based Stock Options |
The following table summarizes activity related to time-based and performance-based stock options:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Weighted
Average Exercise
Price |
|
|
Weighted Average
Remaining Life
(in years) |
|
|
Aggregate
Intrinsic Value
(in thousands) |
|
Outstanding as of December 31, 2024 |
|
|
5,757,824 |
|
|
$ |
52.52 |
|
|
|
5.34 |
|
|
$ |
— |
|
Granted |
|
|
1,086,975 |
|
|
$ |
6.99 |
|
|
|
|
|
|
|
Forfeited |
|
|
(822,102 |
) |
|
$ |
49.91 |
|
|
|
|
|
|
|
Expired |
|
|
(460,296 |
) |
|
$ |
41.23 |
|
|
|
|
|
|
|
Outstanding as of June 30, 2025 |
|
|
5,562,401 |
|
|
$ |
44.94 |
|
|
|
6.23 |
|
|
$ |
2,464 |
|
Exercisable as of June 30, 2025 |
|
|
3,497,307 |
|
|
$ |
54.55 |
|
|
|
5.03 |
|
|
$ |
— |
|
|
| Summary of Stock-Based Compensation Expense Recognized |
The following table summarizes stock-based compensation expense recognized during the three and six months ended June 30, 2025 and 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
|
(in thousands) |
|
|
|
|
|
|
|
Research and development |
|
$ |
3,082 |
|
|
$ |
6,118 |
|
|
$ |
5,138 |
|
|
$ |
11,084 |
|
Selling, general and administrative |
|
|
5,651 |
|
|
|
11,049 |
|
|
|
10,522 |
|
|
|
19,781 |
|
|
|
$ |
8,733 |
|
|
$ |
17,167 |
|
|
$ |
15,660 |
|
|
$ |
30,865 |
|
|
| Summary of Stock-Based Compensation Expense by Award Type |
The following table summarizes stock-based compensation expense by award type recognized during the three and six months ended June 30, 2025 and 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
|
(in thousands) |
|
|
|
|
|
|
|
Stock options |
|
$ |
3,468 |
|
|
$ |
7,724 |
|
|
$ |
6,823 |
|
|
$ |
15,175 |
|
Restricted stock units |
|
|
5,140 |
|
|
|
9,223 |
|
|
|
8,535 |
|
|
|
14,942 |
|
Employee stock purchase plan |
|
|
125 |
|
|
|
220 |
|
|
|
302 |
|
|
|
748 |
|
|
|
$ |
8,733 |
|
|
$ |
17,167 |
|
|
$ |
15,660 |
|
|
$ |
30,865 |
|
|