Share-based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2023 |
Share-Based Payment Arrangement [Abstract] |
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Share-based Compensation Expense Related To Share-based Payment Awards Excluding Acceleration of Antares Equity Awards |
Total share-based compensation expense related to share-based awards was comprised of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31,
| | | 2023 | | 2022 | | 2021 | Research and development | | $ | 13,345 | | | $ | 9,903 | | | $ | 6,992 | | Selling, general and administrative | | 23,275 | | | 14,494 | | | 13,828 | | Total share-based compensation expense | | $ | 36,620 | | | $ | 24,397 | | | $ | 20,820 | |
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Share-based Compensation Expense By Type |
Share-based compensation expense by type of share-based award (in thousands): | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31,
| | | 2023 | | 2022 | | 2021 | Stock options | | $ | 16,351 | | | $ | 10,973 | | | $ | 10,252 | | RSAs, RSUs, PSUs and ESPP | | 20,269 | | | 13,424 | | | 10,568 | | Total share-based compensation expense | | $ | 36,620 | | | $ | 24,397 | | | $ | 20,820 | |
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Total Unrecognized Estimated Compensation Cost By Type Of Award and Weighted Average Remaining Requisite Service Period |
Total unrecognized estimated compensation cost by type of award and the weighted-average remaining requisite service period over which such expense is expected to be recognized as of December 31, 2023 (in thousands, unless otherwise noted): | | | | | | | | | | | | | | | | | December 31, 2023 | | | Unrecognized Expense | | Remaining Weighted-Average Recognition Period ( in years) | Stock options | | $ | 39,841 | | | 2.68 | RSUs | | 33,566 | | | 2.34 | PSUs | | 6,110 | | | 1.43 | ESPP | | 262 | | | 0.45 |
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Summary of Stock Option Award Activity |
A summary of our stock option award activity as of and for the year ended December 31, 2023 is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Shares Underlying Stock Options | | Weighted Average Exercise Price per Share | | Weighted Average Remaining Contractual Term ( in years) | | Aggregate Intrinsic Value (in millions) | Outstanding as of December 31, 2022 | | 5,368,225 | | | $ | 24.99 | | | | | | Granted | | 1,979,286 | | | 43.93 | | | | | | Exercised | | (565,343) | | | 17.70 | | | | | | Canceled/forfeited | | (359,331) | | | 42.33 | | | | | | Outstanding as of December 31, 2023 | | 6,422,837 | | | 30.50 | | | 6.64 | | $ | 64.0 | | Vested and expected to vest as of December 31, 2023 | | 6,422,837 | | | 30.50 | | | 6.64 | | 64.0 | | Exercisable as of December 31, 2023 | | 3,620,251 | | | $ | 21.67 | | | 4.96 | | $ | 60.0 | |
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Schedule of Valuation Assumptions |
The assumptions used in the Black-Scholes Model were as follows: | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31,
| | | 2023 | | 2022 | | 2021 | Expected volatility | | 39.68 - 40.82% | | 39.91 - 50.81% | | 41.01 - 46.45% | Average expected term (in years) | | 4.8 | | 4.7 | | 4.7 | Risk-free interest rate | | 3.37 - 4.72% | | 1.37 - 4.27% | | 0.36 - 1.20% | Expected dividend yield | | — | | | — | | | — | |
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Summary of RSU Activity |
The following table summarizes our RSU activity during the year ended December 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Number of Shares | | Weighted Average Grant Date Fair Value | | Weighted Average Remaining Contractual Term (in years) | | Aggregate Intrinsic Value (in millions) | Outstanding as of December 31, 2022 | | 1,039,381 | | | $ | 35.76 | | | | | | Granted | | 646,793 | | | 45.16 | | | | | | Vested | | (400,309) | | | 32.11 | | | | | | Forfeited | | (146,529) | | | 43.50 | | | | | | Outstanding as of December 31, 2023 | | 1,139,336 | | | $ | 41.38 | | | 1.27 | | $ | 42.1 | |
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Schedule of PSU Activity |
The following table summarizes our PSU activity during the year ended December 31, 2023: | | | | | | | | | | | | | | | | | Number of Shares | | Weighted Average Grant Date Fair Value | Outstanding as of December 31, 2022 | | 142,844 | | | $ | 46.01 | | Granted | | 106,174 | | | 59.34 | | Vested | | (3,803) | | | 49.35 | | Forfeited | | (2,660) | | | 52.79 | | Outstanding as of December 31, 2023 | | 242,555 | | | $ | 51.72 | |
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