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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Options Activity

The following table summarizes our option activity as of December 31, 2020 and 2019:

						Number of Options						Weighted Average Exercise Price per Share						Weighted Average Grant Date Fair Value per Share						Weighted- Average Remaining Contractual Term						Aggregate Intrinsic Value (1) (in thousands)
Outstanding at December 31, 2019						45,536,915						$	13.82					$	7.35					7.2 years						$	286,310
Granted						5,036,520						36.04						19.30
Exercised						(13,888,434)						12.93						6.68
Canceled/forfeited						(2,627,468)						18.14						10.56
Outstanding at December 31, 2020						34,057,533						17.14						9.12						6.7 years						2,976,235
Exercisable at December 31, 2020						17,461,374						10.99						5.67						5.4 years						1,632,365
Expected to vest at December 31, 2020						16,596,159						23.61						12.75						8.2 years						1,343,870

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(1)Aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of common stock for those options in the money as of December 31, 2020.

Restricted Common Stock Units Activity

The following table summarizes our restricted stock unit activity during the year ended December 31, 2020:

			Number of Units						Weighted Average Grant Date Price per Unit
Outstanding, non-vested at December 31, 2019			1,177,249						$	19.01
Issued			1,478,093						37.37
Vested			(247,349)						20.28
Canceled/forfeited			(215,033)						23.64
Outstanding, non-vested at December 31, 2020			2,192,960						30.85

Weighted-Average Assumptions Used to Estimate the Fair Value of Options Granted

The weighted-average assumptions used to estimate the fair value of options granted and ESPP for the years ended December 31, 2020, 2019 and 2018 are as follows:

						Weighted Average
						Years Ended December 31,
						2020						2019						2018
Options:
Risk-free interest rate						0.83		%				2.29		%				2.76		%
Expected term						6.11 years						6.07 years						6.27 years
Expected volatility						58		%				61		%				63		%
Expected dividends						—		%				—		%				—		%
Weighted average fair value per share						$	19.30					$	11.35					$	9.33
ESPP:
Risk-free interest rate						0.14		%				1.95		%				*
Expected term						0.50 years						0.50 years						*
Expected volatility						54		%				53		%				*
Expected dividends						—		%				—		%				*
Weighted average fair value per share						$	32.18					$	5.98					*

_________

* - Not applicable

Stock-Based Compensation Expense

The following table presents the components and classification of stock-based compensation expense for the years ended December 31, 2020, 2019 and 2018 as follows (in thousands):

			Years Ended December 31,
			2020						2019						2018
Options			$	77,748					$	74,780					$	63,288
Restricted common stock and units			12,401						5,125						9,277
Employee stock purchase plan			2,872						1,217						—
Total			$	93,021					$	81,122					$	72,565
Research and development			$	56,155					$	48,259					$	37,659
Selling, general and administrative			36,866						32,863						34,906
Total			$	93,021					$	81,122					$	72,565

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