Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity (Tables)

v3.22.4
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Schedule of Share-Based Compensation Expense
The following table summarizes share-based compensation expense from continuing operations (in thousands):
December 31,
2022
2021(a)
2020(a)
Share-based compensation expense as a component of:
Research and development expenses $ 10,970  $ 9,341  $ 8,513 
General and administrative expenses 39,911  19,985  16,612 
$ 50,881  $ 29,326  $ 25,125 
(a) Prior period amounts have been retrospectively adjusted to reflect the effects of the Separation.
Schedule of Stock Option Plan Activity
Following is a summary of our stock option plan activity and related information:
 
Shares
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Term in
Years
Aggregate
Intrinsic
Value
(In thousands)
Balance at January 1, 2020 1,956,379  $ 77.54  5.45 $ 72,002 
Granted 806,300  $ 92.93 
Exercised (156,845) $ 21.26 
Forfeited (44,012) $ 91.30 
Balance at December 31, 2020 2,561,822  $ 85.59  6.09 $ 59,033 
Exercisable at December 31, 2020 1,611,830  $ 76.05  4.54 $ 53,286 
Options vested and expected to vest as of December 31, 2020 2,561,822  $ 85.59  6.09 $ 59,033 
Granted 393,589  $ 159.12 
Exercised (619,731) $ 54.28 
Forfeited (136,082) $ 110.83 
Balance at December 31, 2021 2,199,598  $ 106.00  6.34 $ 113,302 
Exercisable at December 31, 2021 1,391,952  $ 98.16  5.12 $ 80,849 
Options vested and expected to vest as of December 31, 2021 2,199,598  $ 106.00  6.34 $ 113,302 
Granted 863,245  $ 91.34 
Exercised (34,941) $ 38.56 
Forfeited (40,069) $ 78.46 
Balance at October 31, 2022 2,987,833  $ 102.92  0 $ 14,835 
Exercisable at October 31, 2022 1,769,629  $ 102.38  0 $ 13,722 
Options vested and expected to vest as of October 31, 2022, before Separation and Regrant 2,987,833  $ 102.92  0 $ 14,835 
Cancellation due to Separation, Before Regrant (2,987,833)
Balance at November 1, 2022, Before Regrant — 
Granted (1)
3,584,760  $ 60.10 
Exercised (50,449) $ 30.24 
Forfeited (542,838) $ 56.20 
Balance at December 31, 2022 2,991,473  $ 61.31  6.07 $ 30,477 
Exercisable at December 31, 2022 1,559,662  $ 60.83  4.51 $ 17,951 
Options vested and expected to vest as of December 31, 2022 2,991,473  $ 61.31  6.07 $ 30,477 
(1) Options granted primarily relate to the modifications in connection with the Separation which resulted in new stock option grants at the modification date fair value.
Schedule of Stock Option Plan Activity by Exercise Price Range
Following is a further breakdown of the options outstanding as of December 31, 2022:
Range of exercise prices
Options
outstanding
Weighted
average
remaining  life
in years
Weighted average
exercise price
Options
exercisable
Weighted average
exercise price
$12.78-$43.36
 395,660  2.32 $ 35.76  366,426  $ 35.44 
$46.20-$52.78
 279,405  6.63 $ 50.24  122,734  $ 50.18 
$52.84-$52.84
 580,629  7.59 $ 52.84  88,647  $ 52.84 
$54.81-$57.22
 391,280  6.47 $ 56.24  198,283  $ 56.26 
$58.28-$67.03
 477,042  5.78 $ 64.11  274,719  $ 62.90 
$67.24-$69.70
 403,187  6.93 $ 68.98  207,981  $ 68.60 
$70.04-$93.12
 254,738  5.56 $ 87.72  204,332  $ 89.21 
$99.80-$99.80
 3,389  5.84 $ 99.80  3,389  $ 99.80 
$103.42-$103.42
 193,177  7.26 $ 103.42  80,185  $ 103.42 
$114.15-$114.15
 12,966  5.47 $ 114.15  12,966  $ 114.15 
2,991,473  6.07 $ 61.31  1,559,662  $ 60.83 
Schedule of Stock Option Weighted-Average Assumptions
The assumptions used for the specified reporting periods and the resulting estimates of weighted-average grant date fair value per share of options granted:
  Year Ended December 31,
  2022 2021 2020
Risk-free interest rate
1.4%-4.3%
0.4%-1.2%
0.2%-1.4%
Expected volatility
49%-55%
47%-63%
47%-71%
Expected term
2.0 to 6.5 years
4.7 to 6.3 years
4.7 to 5.1 years
Schedule of Restricted Stock Activity
The following is a summary of our restricted stock activity and related information: 
Shares
Weighted-Average
Grant Date Fair
Value
Outstanding at January 1, 2020 147,259  $ 125.11 
Granted 111,306  $ 89.73 
Vested (52,363) $ 121.69 
Forfeited —  $ — 
Outstanding at January 1, 2021 206,202  $ 106.88 
Granted 167,292  $ 169.63 
Vested (98,501) $ 125.59 
Forfeited (10,850) $ 141.85 
Outstanding at December 31, 2021 264,143  $ 138.21 
Granted 260,577  $ 89.99 
Vested (138,867) $ 120.57 
Forfeited (19,383) $ 58.45 
Outstanding at October 31, 2022, before Separation and Regrant 366,470  $ 114.83 
Forfeited due to Separation, Before Regrant (366,470)
Balance at November 1, 2022, Before Regrant — 
Granted 424,473  $ 75.61 
Vested (73,385) $ 75.17 
Forfeited (2,635) $ 89.05 
Balance at December 31, 2022 348,453  $ 75.60 
Schedule of Contingent Liabilities The following table summarizes roll-forward of contingent liabilities as of December 2022 and 2021 (in thousands):
December 31, 2020 Payments Fair Value Adjustment December 31, 2021 Payments Fair Value Adjustment Repurchases December 31, 2022
Cydex $ 507  $ (50) $ (108) $ 349  $ —  $ (265) $ —  $ 84 
Metabasis 3,822  —  (464) 3,358  —  71  —  3,429 
Pfenex 37,600  —  (37,600) —  —  —  —  — 
Total $ 41,929  $ (50) $ (38,172) $ 3,707  $ —  $ (194) $ —  $ 3,513