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STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2023
Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity for the period indicated:

 

 

 

For the Year Ended December 31, 2023

 

 

 

 

 

 

Weighted-Average

 

 

 

Shares

 

 

Exercise Price

 

Grants outstanding at beginning of
   the period

 

 

9,130,140

 

 

$

70.04

 

Granted

 

 

1,186,399

 

 

 

147.71

 

Exercised

 

 

(528,909

)

 

 

76.68

 

Cancelled and forfeited

 

 

(204,935

)

 

 

103.74

 

Grants outstanding at end of the period

 

 

9,582,695

 

 

$

78.57

 

 

 

 

 

 

 

 

Grants exercisable at end of the period

 

 

5,951,953

 

 

$

70.91

 

Grants vested and expected to vest at
   end of the period

 

 

9,216,033

 

 

$

77.01

 

 

The weighted-average grant date fair value per share of stock options granted during the years ended December 31, 2023, 2022 and 2021 was $70.94, $48.82 and $48.16, respectively.

 

 

 

 

 

 

Weighted-Average

 

 

 

Aggregate

 

 

Remaining

 

 

 

Intrinsic Value

 

 

Contractual

 

 

 

(in thousands)

 

 

Life (Years)

 

Options outstanding at December 31, 2023

 

$

288,119

 

 

 

5.7

 

Options exercisable at December 31, 2023

 

$

202,405

 

 

 

4.9

 

Options vested and expected to vest at December 31, 2023

 

$

285,706

 

 

 

5.5

 

 
Summary of Company's Stock Options Vested and Exercised

The following table summarizes the Company’s shares vested and stock options exercised for each of the periods indicated:

 

 

 

For the Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

Aggregate grant date fair value of shares vested

 

$

142,692

 

 

$

140,889

 

 

$

79,068

 

Aggregate intrinsic value of stock options
   exercised

 

$

29,711

 

 

$

12,150

 

 

$

10,622

 
Summary of Employee Stock Purchase Plan Activity and Expense The following table summarizes the Company’s ESPP activity for each of the periods indicated:

 

 

 

For the Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

Number of shares purchased

 

 

153,027

 

 

 

115,124

 

 

 

111,171

 

Proceeds received (in millions)

 

$

10.8

 

 

$

7.5

 

 

$

7.8

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

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

 

 

 

For the Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

Research and development

 

$

82,489

 

 

$

61,293

 

 

$

50,526

 

Selling, general and administrative

 

 

100,025

 

 

 

171,725

 

 

 

63,417

 

Total stock-based compensation

 

$

182,514

 

 

$

233,018

 

 

$

113,943

 
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 consolidated statements of operations and comprehensive loss:

 

 

 

For the Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

 Stock options

 

$

79,472

 

 

$

174,868

 

 

$

68,995

 

 Restricted stock units

 

 

97,808

 

 

 

52,601

 

 

 

40,055

 

 Employee stock purchase plan

 

 

5,234

 

 

 

5,549

 

 

 

4,893

 

 Total stock-based compensation

 

$

182,514

 

 

$

233,018

 

 

$

113,943

 
Restricted Stock Units (RSUs) [Member]  
Summary of Restricted Stock Award and Restricted Stock Units Activity The following table summarizes the Company’s RSU activity for the period indicated:

 

 

 

For the Year Ended December 31, 2023

 

 

 

 

 

 

Weighted-Average

 

 

 

 

 

 

Grant Date

 

 

 

Shares

 

 

Fair Value

 

Grants outstanding at beginning of the
   period

 

 

1,829,632

 

(1)

$

93.59

 

Granted

 

 

1,165,925

 

(2)

 

151.20

 

Vested

 

 

(644,614

)

 

 

93.69

 

Forfeited

 

 

(110,439

)

 

 

112.27

 

Grants outstanding at end of the period

 

 

2,240,504

 

 

$

120.17

 

 

(1) Included in RSUs outstanding at the beginning of the year ended December 31, 2023 are 38,500 shares of PSUs (the “March 2022 PSUs”) with performance conditions related to regulatory approval of the Company’s product candidates.

(2) Included in RSUs granted during the year ended December 31, 2023 are 502,225 shares with performance conditions (the “March 2023 PSUs”), which are related to regulatory approval of certain of the Company's product candidates and achievement of a certain financial performance target.
Stock Options [Member]  
Assumptions for Measuring Fair Values of Stocks

The fair values of stock options granted during the periods presented are measured on the date of grant using the Black-Scholes-Merton option-pricing model, with the following assumptions:

 

 

 

For the Year Ended December 31,

 

 

2023

 

2022

 

2021

Risk-free interest rate (1)

 

3.5 - 4.9%

 

1.6 - 4.2%

 

0.4 - 1.3%

Expected dividend yield (2)

 

—

 

—

 

—

Expected term (3)

 

5.23 years

 

5.09 years

 

4.99 years

Expected volatility (4)

 

46.8 - 63.2%

 

52.4 - 72.9%

 

60.1 - 70.8%

 

(1)
The risk-free interest rate is estimated using an average of Treasury bill interest rates over a historical period commensurate with the expected term of the option that correlates to the prevailing interest rates at the time of grant.
(2)
The expected dividend yield is zero as the Company has not paid any dividends to date and does not expect to pay dividends in the future.
(3)
The expected term is estimated using historical exercise behavior.
(4)
The expected volatility is the implied volatility in exchange-traded options of the Company’s common stock.