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STOCKHOLDERS’ DEFICIT (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation Expenses Included in Operating Costs and Expenses
The following table summarizes stock-based compensation expenses included in operating costs and expenses:
Year Ended December 31,
(In thousands)202320222021
Research and development$97,273 $92,161 $68,415 
Selling, general and administrative124,407 138,488 97,302 
Total$221,680 $230,649 $165,717 
Summary of Stock-Based Compensation Expense
The following table summarizes stock-based compensation expense by type of award:
Year Ended December 31,
(In thousands)202320222021
Time-based restricted stock units$55,169 $12,791 $4,231 
Performance-based restricted stock units63,879 102,925 39,943 
Time-based stock options99,165 114,901 118,635 
Other equity programs7,652 4,057 6,235 
Less: Stock-based compensation expense capitalized to inventory(4,185)(4,025)(3,327)
Total$221,680 $230,649 $165,717 
Summary of Unrecognized Stock-Based Compensation Expense, Net of Estimated Forfeitures
The following table summarizes our unrecognized stock-based compensation expense, net of estimated forfeitures, by type of awards, and the weighted-average period over which that expense is expected to be recognized:
As of December 31, 2023
Unrecognized Expense, Net of Estimated Forfeitures (in thousands)Weighted-average Recognition Period (in years)
Type of award:
Time-based restricted stock units$125,118 2.14
Performance-based restricted stock units *$1,792 0.13
Time-based stock options$124,825 2.04
Other equity programs$3,306 0.55
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*Excludes performance-based restricted stock units for which the associated vesting events are not yet determined to be probable.
Restricted Stock Units and Performance-Based Restricted Stock Units Activity
The following table summarizes the activity of our time-based restricted stock units and awards, excluding performance-based restricted stock units:
Number of Units (in thousands)Weighted-average Grant Date Fair Value (per share)
Outstanding as of December 31, 2022292 $165.27 
Awarded922 $188.78 
Released(126)$164.47 
Cancelled(63)$186.25 
Outstanding as of December 31, 20231,025 $185.24 
Performance-Based Restricted Stock Units
The following table summarizes the activity of our performance-based restricted stock units:
Number of Units (in thousands)Weighted-average Grant Date Fair Value (per share)
Outstanding as of December 31, 20221,195 $144.77 
Awarded439 $190.01 
Released(472)$139.38 
Cancelled(129)$150.02 
Outstanding as of December 31, 20231,033 $165.82 
Stock Option Activity
The following table summarizes the activity of our time-based stock options, excluding performance-based stock options:
Number of Options (in thousands)Weighted-average Exercise Price (per share)Weighted-average Remaining Contractual Term (in years)Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 20227,868 $120.59 
Granted412 $192.68 
Exercised(1,068)$99.43 
Cancelled(252)$148.27 
Outstanding as of December 31, 20236,960 $127.11 5.96$451,402 
Exercisable as of December 31, 20235,042 $114.14 5.21$390,672 
Vested or expected to vest as of December 31, 20236,803 $126.23 5.90$447,000 
Stock Purchase Rights Granted Under the Employee Stock Purchase Plan
The following table summarizes the activity of our performance-based stock options granted under our equity plans:
Number of Options (in thousands)Weighted-average Exercise Price (per share)Weighted-average Remaining Contractual Term (in years)Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2022556 $97.28 
Granted— $— 
Exercised(94)$88.01 
Cancelled— $— 
Outstanding as of December 31, 2023462 $99.16 3.04$42,632 
Exercisable as of December 31, 2023462 $99.16 3.04$42,632 
Valuation Assumptions for Stock Options
The following table summarizes the Black-Scholes valuation assumption inputs for employee stock options granted:
Year Ended December 31,
202320222021
Risk-free interest rate
3.5 - 4.1%
1.3 - 4.2%
0.4 - 1.4%
Expected dividend yield— — — 
Expected option life
5.1 - 7.0 years
5.1 - 7.0 years
5.4 - 6.8 years
Expected volatility
49 - 60%
50 - 60%
58 - 63%
The following table summarizes the Black-Scholes valuation assumption inputs for stock purchase rights granted under the employee stock purchase plan:
Year Ended December 31,
202320222021
Risk-free interest rate
5.1% - 5.4%
1.4% - 4.5%
0.03% - 0.06%
Expected dividend yield— — — 
Expected option life6 months6 months6 months
Expected volatility
34% - 39%
53% - 71%
41% - 46%