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Significant Accounting Policies (Tables) | 3 Months Ended
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Mar. 31, 2022
Significant Accounting Policies [Abstract] |
Inventory | Our inventory consisted of the following (in thousands):
|  | March 31, 2022 |  |  | December 31, 2021 |
Raw materials: |  |  |  |  |  |
Raw materials- clinical |  | $ | 15,764 |  |  | $ | 14,507 |
Raw materials- commercial |  |  | 2,165 |  |  |  | 4,139 |
Total raw materials |  |  | 17,929 |  |  |  | 18,646 |
Work in process |  |  | 5,637 |  |  |  | 5,770 |
Finished goods |  |  | 466 |  |  |  | 390 |
Total inventory |  | $ | 24,032 |  |  | $ | 24,806 |
Weighted-Average Assumptions for Stock Options | Employee Stock Options:
|  | Three Months Ended March 31, |
|  | 2022 |  |  | 2021 |
Risk-free interest rate |  |  | 1.7 | % |  |  | 0.5 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
Volatility |  |  | 55.2 | % |  |  | 55.1 | %
Expected life* |  | 6.3 years |  |  | 4.9 years |
* | In 2021, our Compensation Committee approved an amendment to the 2011 Equity Incentive Plan, or 2011 Plan, and 2020 Plan, that increased the contractual term of stock options granted under these plans from seven years to ten years for stock options granted on January 1, 2022 and thereafter. We determined that we are unable to rely on our historical exercise data as a basis for estimating the expected life of stock options granted to employees following this change because the contractual term changed and we have no other means to reasonably estimate future exercise behavior. We therefore used the simplified method for determining the expected life of stock options granted to employees in the three months ended March 31, 2022. Under the simplified method, we calculate the expected term as the average of the time-to-vesting and the contractual life of the options. As we gain additional historical information, we will transition to calculating our expected term based on our historical exercise patterns.
Weighted-Average Assumptions for ESPP | ESPP:
|  | Three Months Ended March 31, |
|  | 2022 |  |  | 2021 |
Risk-free interest rate |  |  | 0.6 | % |  |  | 0.1 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
Volatility |  |  | 50.2 | % |  |  | 39.1 | %
Expected life |  | 6 months |  |  | 6 months |
Stock-Based Compensation Expense | The following table summarizes stock-based compensation expense for the three months ended March 31, 2022 and 2021 (in thousands).
|  | Three Months Ended March 31, |
|  | 2022 |  |  | 2021 |
Cost of sales |  | $ | 160 |  |  | $ | 182 |
Research, development and patent expense |  |  | 19,082 |  |  |  | 25,899 |
Selling, general and administrative expense |  |  | 6,994 |  |  |  | 11,780 |
Total |  | $ | 26,236 |  |  | $ | 37,861 |

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