Stock-Based Awards (Tables)
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12 Months Ended |
Sep. 30, 2023 |
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| Data Used to Determine Value of Stock Option Grants, Presented on Weighted Average Basis |
The relevant data used to determine the value of the stock option awards are as follows, presented on a weighted average basis:
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Years Ended September 30, |
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2023 |
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2022 |
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|
2021 |
|
Risk-free interest rate |
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|
3.88 |
% |
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|
1.72 |
% |
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|
0.61 |
% |
Expected term (in years) |
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|
6.04 |
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|
6.04 |
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|
6.05 |
|
Expected volatility |
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|
48 |
% |
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|
47 |
% |
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|
52 |
% |
Expected dividends |
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|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
Weighted average grant date fair value |
|
$ |
22.71 |
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|
$ |
33.22 |
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|
$ |
21.76 |
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| Summary of Stock Option Activity Including Performance Based Options |
The following table summarizes stock option activity, including aggregate intrinsic value for the year ended September 30, 2023:
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Shares
Issuable
Under
Options |
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Weighted
Average
Exercise
Price |
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Weighted
Average
Remaining
Contractual
Term in years |
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|
Aggregate
Intrinsic
Value |
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|
(in thousands) |
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(in thousands) |
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Outstanding as of September 30, 2022 |
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|
3,993 |
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|
$ |
53.57 |
|
|
|
6.2 |
|
|
$ |
28,778 |
|
Granted |
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|
765 |
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|
44.47 |
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|
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Exercised |
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(124 |
) |
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17.83 |
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Forfeited |
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(269 |
) |
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|
58.64 |
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Outstanding as of September 30, 2023 |
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4,365 |
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$ |
52.68 |
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|
5.9 |
|
|
$ |
— |
|
Options vested and expected to vest as of
September 30, 2023 |
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4,365 |
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|
$ |
52.68 |
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|
5.9 |
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|
$ |
— |
|
Options exercisable as of September 30, 2023 |
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|
3,086 |
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|
$ |
52.20 |
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|
4.9 |
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|
$ |
— |
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| Summary of Additional Exercise and Grant Date Information |
The aggregate intrinsic value of options is calculated as the difference between the exercise price of the options and the fair value of the Company’s common stock. The following tables summarize additional exercise and grant date information:
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Years Ended September 30, |
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2023 |
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2022 |
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|
2021 |
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(in thousands) |
|
Aggregate intrinsic value of stock options exercised |
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$ |
3,295 |
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|
$ |
17,650 |
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$ |
2,704 |
|
Proceeds to Company from stock options exercised |
|
$ |
2,208 |
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$ |
21,262 |
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$ |
3,614 |
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| Summary of Restricted Stock Unit Activity |
The following table summarizes the restricted stock unit activity for the year ending September 30, 2023:
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Restricted
Stock
Units |
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Weighted
Average Grant
Date Fair
Value per
Share |
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|
(in thousands, except per share data) |
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Unvested at September 30, 2022 |
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|
219 |
|
|
$ |
64.03 |
|
Granted |
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|
280 |
|
|
|
44.63 |
|
Vested |
|
|
(61 |
) |
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|
61.94 |
|
Cancelled |
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(27 |
) |
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|
53.98 |
|
Unvested at September 30, 2023 |
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|
411 |
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|
$ |
51.78 |
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| Stock-Based Compensation Expense |
The Company recorded the following stock-based compensation expense for the years ended September 30, 2023, 2022, and 2021:
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Years Ended September 30, |
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2023 |
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2022 |
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2021 |
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(in thousands) |
|
Research and development |
|
$ |
9,551 |
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$ |
9,728 |
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$ |
10,075 |
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General and administrative |
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|
18,665 |
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|
17,241 |
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|
10,916 |
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$ |
28,216 |
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$ |
26,969 |
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$ |
20,991 |
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Years Ended September 30, |
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|
2023 |
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2022 |
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|
2021 |
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(in thousands) |
|
Stock options |
|
$ |
19,784 |
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|
$ |
19,615 |
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$ |
18,004 |
|
rTSRUs |
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|
1,893 |
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|
1,597 |
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|
1,537 |
|
PSUs |
|
|
542 |
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|
2,628 |
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|
235 |
|
Restricted stock units |
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|
5,997 |
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|
3,129 |
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|
1,215 |
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|
$ |
28,216 |
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|
$ |
26,969 |
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$ |
20,991 |
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| Relative Total Stockholder Return Units [Member] |
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| Data Used to Determine Value of Stock Option Grants, Presented on Weighted Average Basis |
The table below sets forth the weighted average grant date fair value assumptions used to value the rTSRUs:
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Years Ended September 30, |
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|
2023 |
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2022 |
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|
2021 |
|
Risk-free interest rate |
|
|
4.19 |
% |
|
|
0.94 |
% |
|
|
0.13 |
% |
Dividend yield |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
Expected volatility |
|
|
77 |
% |
|
|
80 |
% |
|
|
74 |
% |
Performance period (years) |
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|
2.03 |
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|
1.97 |
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|
1.97 |
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| Performance Share Units and Relative Total Stockholder Return Units [Member] |
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| Summary of PSUs and rTSRUs Activity |
The following table summarizes PSU and rTSRU activity (at target) for the year ended September 30, 2023:
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PSUs |
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rTSRUs |
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Shares |
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Weighted
Average
Grant
Date Fair
Value per
Share |
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Shares |
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Weighted
Average
Grant
Date Fair
Value per
Share |
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|
(in thousands, except per share data) |
|
Unvested at September 30, 2022 |
|
|
101 |
|
|
$ |
54.50 |
|
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|
101 |
|
|
$ |
36.14 |
|
Granted |
|
|
50 |
|
|
|
47.24 |
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|
50 |
|
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|
40.32 |
|
Vested |
|
|
(70 |
) |
|
|
44.58 |
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|
(70 |
) |
|
|
27.88 |
|
Cancelled |
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|
— |
|
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|
— |
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|
— |
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|
— |
|
Unvested at September 30, 2023 |
|
|
81 |
|
|
$ |
58.58 |
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|
81 |
|
|
$ |
45.82 |
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