Employee Stock Benefit Plans

9 Months Ended

Sep. 30, 2024

Disclosure Text Block

Employee Stock Benefit Plans

10. Employee Stock Benefit Plans

The Company has several share-based compensation plans under which stock options, restricted stock awards, restricted stock units and other share-based awards are available for grant to employees, officers, directors and consultants of the Company.

The following table summarizes share-based compensation expense (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Share-based compensation expense:
Research and development	$	1,714	$	1,545	$	5,760	$	15,655
Selling, general and administrative		6,615		6,361		19,524		34,283
Restructuring		—		—		—		911
Total share-based compensation expense included in operating expenses		8,329		7,906		25,284		50,849
Income tax benefit		840		850		2,853		2,069
Total share-based compensation expense, net of tax	$	7,489	$	7,056	$	22,431	$	48,780

In connection with the VectivBio Acquisition, the Company incurred $27.5 million of share-based compensation expense during the nine months ended September 30, 2023 related to the vesting acceleration and settlement of outstanding VectivBio stock options and RSUs under VectivBio’s 2021 Equity Incentive Plan, of which $11.3 million was recorded within research and development expense and $16.2 million was recorded within selling, general and administrative expenses, respectively.

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