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Stockholders' Equity (Tables) | 12 Months Ended
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Dec. 31, 2022
Stockholders' Equity [Abstract] |
Stock Option Activity | The following table summarizes the stock option activity under our stock plans for the year ended December 31, 2022 (in thousands, except per share and contractual life data):
|  | Number of Shares |  |  | Weighted Average Exercise Price Per Share |  |  | Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2021 |  |  | 14,089 |  |  | $ | 54.04 |  |  |  |  |  |  |
Granted |  |  | 2,864 |  |  | $ | 34.78 |  |  |  |  |  |  |
Exercised |  |  | (123 | ) |  | $ | 29.35 |  |  |  |  |  |  |
Cancelled/forfeited/expired |  |  | (1,860 | ) |  | $ | 53.96 |  |  |  |  |  |  |
Outstanding at December 31, 2022 |  |  | 14,970 |  |  | $ | 50.57 |  |  |  | 4.01 |  |  | $ | 12,243 |
Exercisable at December 31, 2022 |  |  | 10,285 |  |  | $ | 53.74 |  |  |  | 2.56 |  |  | $ | 1,651 |
Restricted Stock Unit Activity | The following table summarizes the RSU activity for the year ended December 31, 2022 (in thousands, except per share data):
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value Per Share |
Non-vested at December 31, 2021 |  |  | 2,618 |  |  | $ | 58.05 |
Granted |  |  | 1,401 |  |  | $ | 36.14 |
Vested |  |  | (958 | ) |  | $ | 57.05 |
Cancelled/forfeited |  |  | (295 | ) |  | $ | 48.61 |
Non-vested at December 31, 2022 |  |  | 2,766 |  |  | $ | 48.30 |
Performance Restricted Stock Unit Activity | The following table summarizes the PRSU activity for the year ended December 31, 2022 (in thousands, except per share data):
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value Per Share |
Non-vested at December 31, 2021 |  |  | 59 |  |  | $ | 79.20 |
Granted |  |  | 105 |  |  | $ | 42.28 |
Vested |  |  | (16 | ) |  | $ | 75.03 |
Cancelled/forfeited |  |  | (5 | ) |  | $ | 79.11 |
Non-vested at December 31, 2022 |  |  | 143 |  |  | $ | 52.59 |
Stock-Based Compensation Expense | The following table summarizes stock-based compensation expense for the years ended December 31, 2022, 2021 and 2020 (in thousands):
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Cost of sales |  | $ | 533 |  |  | $ | 456 |  |  | $ | 1,991 |
Research, development and patent |  |  | 73,704 |  |  |  | 87,522 |  |  |  | 115,584 |
Selling, general and administrative |  |  | 26,027 |  |  |  | 32,700 |  |  |  | 112,542 |
Total |  | $ | 100,264 |  |  | $ | 120,678 |  |  | $ | 230,117 |
Weighted-Average Assumptions for Stock Options | Ionis Employee Stock Options:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Risk-free interest rate |  |  | 2.1 | % |  |  | 0.6 | % |  |  | 1.5 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Volatility |  |  | 54.5 | % |  |  | 54.0 | % |  |  | 58.6 | %
Expected life |  | 6.3 years |  |  | 4.9 years |  |  | 4.7 years |
Ionis Board of Director Stock Options:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Risk-free interest rate |  |  | 2.9 | % |  |  | 1.2 | % |  |  | 0.5 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Volatility |  |  | 56.2 | % |  |  | 55.9 | % |  |  | 57.6 | %
Expected life |  | 7.4 years |  |  | 7.3 years |  |  | 6.7 years |
Weighted-Average Assumptions for ESPP | Ionis ESPP:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Risk-free interest rate |  |  | 1.2 | % |  |  | 0.1 | % |  |  | 0.8 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Volatility |  |  | 50.1 | % |  |  | 42.4 | % |  |  | 47.9 | %
Expected life |  | 6 months |  |  | 6 months |  |  | 6 months |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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