STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock Awards Granted

The following table summarizes the Company’s stock awards granted for each of the periods indicated:

	For the Three Months Ended March 31,
	2023				2022
	Grants		Weighted Average Grant Date Fair Value		Grants		Weighted Average Grant Date Fair Value
Stock options		1,030,349	$	72.80		1,291,537	$	46.99
Restricted stock units*		1,075,911	$	154.91		712,435	$	79.98

*Included in restricted stock units (“RSUs”) for the three months ended March 31, 2023 and 2022 are 502,225 and 38,500 shares, respectively, with performance conditions which are related to regulatory approval of certain of the Company's product candidates. As of March 31, 2023, none of the performance conditions are probable of being achieved. If the performance milestones are achieved within the required time frame, the Company may recognize up to $78.3 million of stock-based compensation related to these grants. Stock options and the remaining RSUs granted during the periods presented in the table have only service-based criteria and vest over four years.

Summary of Stock-Based Compensation Expense by Function Included within Condensed Consolidated Statements of Operations and Comprehensive Loss

The following table summarizes stock-based compensation expense by function included within the unaudited condensed consolidated statements of operations and comprehensive loss:

		For the Three Months Ended March 31,
		2023		2022
	(in thousands)
Research and development		$	16,413	$	13,068
Selling, general and administrative			24,837		16,130
Total stock-based compensation expense		$	41,250	$	29,198

Summary of Stock-Based Compensation Expense by Grant Type Included within Consolidated Statements of Operations and Comprehensive Loss

The following table summarizes stock-based compensation expense by grant type included within the unaudited condensed consolidated statements of operations and comprehensive loss:

		For the Three Months Ended March 31,
		2023		2022
	(in thousands)
Stock options		$	23,830	$	16,406
Restricted stock units			16,140		11,365
Employee stock purchase plan			1,280		1,427
Total stock-based compensation expense		$	41,250	$	29,198