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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Fair Value Assumptions for Stock Options | The following table summarizes the grant date fair value and assumptions used in determining the fair value of all stock options granted, including grants of inducement options, during the years ended December 31, 2023, 2022 and 2021.
| 2023 |  | 2022 |  | 2021
Volatility | 62% - 70% |  | 69% - 70% |  | 70% - 71%
Risk-free interest rate | 3.36% - 4.72% |  | 1.37% - 4.27% |  | 0.36% - 1.20%
Dividend yield | 0.0% |  | 0.0% |  | 0.0%
Expected option term (in years) | 6.05 |  | 5.93 |  | 5.84
Weighted average fair value of stock options granted | $13.12 |  | $13.19 |  | $18.50
Schedule of Stock Option Activity | The following table summarizes stock option activity for stock options granted for the years ended December 31, 2023, 2022 and 2021 as follows:
| Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life in Years |  | Aggregate Intrinsic Value (in '000) |
Options outstanding at December 31, 2020 | 12,263,402 |  |  | $ | 18.84 |  |  |  |  |  |
Granted | 4,039,360 |  |  | $ | 30.18 |  |  |  |  |  |
Exercised | (1,235,186) |  |  | $ | 15.50 |  |  |  |  |  |
Forfeited and expired | (978,616) |  |  | $ | 24.35 |  |  |  |  |  |
Options outstanding at December 31, 2021 | 14,088,960 |  |  | $ | 22.00 |  |  |  |  |  |
Exercisable at December 31, 2021 | 7,292,851 |  |  | $ | 17.97 |  |  |  |  |  |
Granted | 5,614,220 |  |  | $ | 20.89 |  |  |  |  |  |
Exercised | (1,151,341) |  |  | $ | 14.41 |  |  |  |  |  |
Forfeited and expired | (1,026,543) |  |  | $ | 25.70 |  |  |  |  |  |
Options outstanding at December 31, 2022 | 17,525,296 |  |  | $ | 21.93 |  |  |  |  |  |
Exercisable at December 31, 2022 | 8,587,820 |  |  | $ | 20.35 |  |  |  |  |  |
Granted | 6,650,880 |  |  | $ | 20.20 |  |  |  |  |  |
Exercised | (871,933) |  |  | $ | 16.03 |  |  |  |  |  |
Forfeited and expired | (791,674) |  |  | $ | 24.01 |  |  |  |  |  |
Options outstanding at December 31, 2023 | 22,512,569 |  |  | $ | 21.58 |  |  | 7.08 |  | $ | 216,537 |  |
Exercisable at December 31, 2023 | 11,125,232 |  |  | $ | 21.41 |  |  | 5.42 |  | $ | 109,109 |  |
Schedule of RSU Activity | The following table summarizes RSU awards granted during the years ended December 31, 2023, 2022 and 2021:
|  | Number of RSUs |  | Weighted Average Grant Price
Outstanding at December 31, 2020 |  | 844,391 |  |  | $ | 25.43 |
Granted |  | 607,578 |  |  | $ | 29.40 |
Released |  | (291,823) |  |  | $ | 25.93 |
Forfeited |  | (140,432) |  |  | $ | 27.73 |
Outstanding at December 31, 2021 |  | 1,019,714 |  |  | $ | 27.33 |
Granted |  | 1,021,219 |  |  | $ | 20.34 |
Released |  | (417,894) |  |  | $ | 26.79 |
Forfeited |  | (103,139) |  |  | $ | 24.04 |
Outstanding at December 31, 2022 |  | 1,519,900 |  |  | $ | 23.00 |
Granted |  | 1,934,822 |  |  | $ | 19.26 |
Released |  | (574,219) |  |  | $ | 22.89 |
Forfeited |  | (130,209) |  |  | $ | 20.87 |
Outstanding at December 31, 2023 |  | 2,750,294 |  |  | $ | 20.50 |
Schedule of Allocation of Employee Stock-Based Compensation | The following table summarizes the aggregate stock-based compensation expense recorded in the consolidated statements of comprehensive loss related to stock options, RSUs and ESPP during the years ended December 31, 2023, 2022 and 2021 (in millions):
|  | Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Research and development expenses |  | $ | 35.9 |  |  | $ | 26.4 |  |  | $ | 17.8 |
Selling, general and administrative expenses |  | 38.9 |  |  | 31.3 |  |  | 28.2 |
Total stock-based compensation expense |  | $ | 74.8 |  |  | $ | 57.7 |  |  | $ | 46.0 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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