STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2024

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,
	2024					2023
	Grants			Weighted Average Grant Date Fair Value		Grants			Weighted Average Grant Date Fair Value
Stock options		316,378		$	67.56		1,030,349		$	72.80
Restricted stock units		1,161,985	(1)	$	128.58		1,075,911	(2)	$	154.91

(1) Included in restricted stock units (“RSUs”) for the three months ended March 31, 2024 are 88,600 shares with performance conditions, which are related to the achievement of certain financial performance goals, regulatory approval of certain of the Company's product candidates, and regulatory expansion of certain of the Company's commercial products. As of March 31, 2024, none of the performance conditions were probable of being achieved. If the performance milestones are achieved within the required time frame, the Company may recognize up to $14.3 million of stock-based compensation related to these grants. Stock options and the remaining RSUs granted during the three months ended March 31, 2024 have only service-based criteria and vest over four years.

(2) Included in the RSUs for the three months ended March 31, 2023 are 502,255 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. The Company recorded stock-based compensation expense of $8.9 million associated with the March 2023 PSUs during the three months ended March 31, 2024, with no similar expense recorded during the three months ended March 31, 2023. Vesting of the March 2023 PSUs is contingent on the fulfillment of remaining service conditions.

Summary of Stock-Based Compensation Expense by Grant Type and by Function Included within Consolidated Statements of Comprehensive Income (Loss)

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

		For the Three Months Ended March 31,
		2024			2023
	(in thousands)
Stock options		$	16,281		$	23,830
Restricted stock units			27,527			16,140
Employee stock purchase plan			1,397			1,280
Subtotal		$	45,205		$	41,250
Capitalized stock-based compensation costs*			(4,513	)		—
Total stock-based compensation expense included in expenses		$	40,692		$	41,250
Research and development		$	16,273		$	16,413
Selling, general and administrative			24,419			24,837
Total stock-based compensation expense included in expenses		$	40,692		$	41,250

*Prior to the three months ended March 31, 2024, capitalized stock-based compensation costs were not material.