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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of the Company’s stock option activity under the 2012 Plan, the 2018 Plan and the 2023 Plan, and related information is as follows:
|  |  | Options Outstanding
| Shares Available for Grant |  | Shares Subject to Options Outstanding |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Life (Years) |  | Aggregate Intrinsic Value
| (unaudited)
|  |  | (in thousands)
Balance as of January 1, 2024 | 12,003,394 |  | 4,012,903 |  | $ | 31.76 |  |  | 6.6 |  | $ | 39,115 |
2018 Plan annual increase(1) | 3,689,000 |  | — |  |  |  |  |  |
Granted | (216,232) |  | 216,232 |  | 20.14 |  |  |  |  |
Exercised | — |  | (36,791) |  | 5.78 |  |  |  |  |
Canceled | 32,666 |  | (32,666) |  | 40.29 |  |  |  |  |
Restricted stock units granted | (1,164,887) |  | — |  | — |  |  |  |  |
Restricted stock units canceled | 154,276 |  | — |  | — |  |  |  |  |
Market-based restricted stock units canceled | 2,260,764 |  | — |  | — |  |  |  |  |
Performance-based restricted stock units granted | (870,268) |  | — |  | — |  |  |  |  |
Performance-based restricted stock units adjusted for performance achievement | (48,234) |  |  | — |  | — |  |  |  |  |
Performance-based restricted stock units canceled | 1,467 |  | — |  | — |  |  |  |  |
Balance as of March 31, 2024 | 15,841,946 |  | 4,159,678 |  | $ | 31.32 |  |  | 6.5 |  | $ | 27,035 |
Vested and Exercisable as of March 31, 2024 |  |  | 2,454,606 |  | $ | 26.85 |  |  | 4.8 |  | $ | 26,383 |
(1)Effective as of January 1, 2024, an additional 3,689,000 shares of common stock became available for issuance under the 2018 Plan, as a result of the operation of an automatic annual increase provision therein.
Schedule of Restricted Stock Activity | A summary of the Company’s restricted stock unit activity excluding the performance-based and market-based restricted stock units under the 2012 Plan, the 2018 Plan and the 2023 Plan, and related information is as follows:
|  | Restricted Stock Units Outstanding |  | Weighted-Average Grant Date Fair Value
|  | (unaudited)
Balance as of January 1, 2024 |  | 4,346,785 |  | $ | 42.63 |
Granted |  | 1,164,887 |  | 18.60 |
Vested and released |  | (120,645) |  | 50.85 |
Canceled |  | (154,276) |  | 47.20 |
Balance as of March 31, 2024 |  | 5,236,751 |  | $ | 36.96 |
A summary of the Company’s PSU activity under the 2018 Plan and related information is as follows:
|  | Performance-based Restricted Stock Units Outstanding |  | Weighted-Average Grant Date Fair Value
|  | (unaudited)
Balance as of January 1, 2024 |  | 412,490 |  | $ | 91.25 |
Granted |  | 870,268 |  | 18.09 |
Adjusted for performance achievement |  | 48,234 |  | 32.84 |
Canceled |  | (1,467) |  | 37.50 |
Balance as of March 31, 2024 |  | 1,329,525 |  | $ | 41.30 |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | The following table presents the effect of employee and non-employee related stock-based compensation expense:
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  | 2024 |  | 2023
|  |  |  |  |  | (unaudited)
|  |  |  |  |  | (in thousands)
Cost of precision oncology testing |  |  |  |  |  | $ | 1,261 |  |  | $ | 1,202 |
Cost of development services and other |  |  |  |  |  | 495 |  |  | 474 |
Research and development expense |  |  |  |  |  | 9,932 |  |  | 8,678 |
Sales and marketing expense |  |  |  |  |  | 7,256 |  |  | 7,503 |
General and administrative expense |  |  |  |  |  | 8,097 |  |  | 4,409 |
Total stock-based compensation expense |  |  |  |  |  | $ | 27,041 |  |  | $ | 22,266 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The grant date fair value of stock options was estimated using a Black-Scholes option-pricing model with the following weighted-average assumptions:
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  | 2024 |  | 2023
|  |  |  |  |  | (unaudited)
Expected term (in years) |  |  |  |  |  | 5.72 |  | 5.95 – 6.10
Expected volatility |  |  |  |  |  | 69.3% |  | 69.5%
Risk-free interest rate |  |  |  |  |  | 4.3% |  | 4.1% – 4.2%
Expected dividend yield |  |  |  |  |  | —% |  | —%

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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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