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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 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 | (427,767) |  | 427,767 |  | 23.23 |  |  |  |  |
Exercised | — |  | (577,352) |  | 4.46 |  |  |  |  |
Canceled | 112,592 |  | (112,592) |  | 45.93 |  |  |  |  |
Restricted stock units granted | (1,699,265) |  | — |  | — |  |  |  |  |
Restricted stock units canceled | 486,612 |  | — |  | — |  |  |  |  |
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 | 36,852 |  | — |  | — |  |  |  |  |
Balance as of June 30, 2024 | 15,543,680 |  | 3,750,726 |  | $ | 34.56 |  |  | 6.9 |  | $ | 31,292 |
Vested and Exercisable as of June 30, 2024 |  |  | 2,087,390 |  | $ | 34.05 |  |  | 5.3 |  | $ | 26,747 |
(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 |  | 1,699,265 |  | 20.49 |
Vested and released |  | (388,290) |  | 50.31 |
Canceled |  | (486,612) |  | 45.55 |
Balance as of June 30, 2024 |  | 5,171,148 |  | $ | 34.51 |
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 |
Vested and released |  | (2,251) |  | 32.86 |
Adjusted for performance achievement |  | 48,234 |  | 32.84 |
Canceled |  | (36,852) |  | 76.65 |
Balance as of June 30, 2024 |  | 1,291,889 |  | $ | 40.30 |
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 June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
|  | (unaudited)
|  | (in thousands)
Cost of precision oncology testing |  | $ | 1,275 |  |  | $ | 1,176 |  |  | $ | 2,536 |  |  | $ | 2,378 |
Cost of development services and other |  | 495 |  |  | 477 |  |  | 990 |  |  | 951 |
Research and development expense |  | 9,838 |  |  | 8,221 |  |  | 19,770 |  |  | 16,899 |
Sales and marketing expense |  | 7,162 |  |  | 5,823 |  |  | 14,418 |  |  | 13,326 |
General and administrative expense |  | 8,465 |  |  | 6,657 |  |  | 16,562 |  |  | 11,066 |
Total stock-based compensation expense |  | $ | 27,235 |  |  | $ | 22,354 |  |  | $ | 54,276 |  |  | $ | 44,620 |
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 June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
|  | (unaudited)
Expected term (in years) |  | 5.50 - 5.78 |  | 5.50 – 6.01 |  | 5.50 - 5.78 |  | 5.50 – 6.10
Expected volatility |  | 67.8% - 69.4% |  | 69.5% –70.5% |  | 67.8% - 69.4% |  | 69.5% –70.5%
Risk-free interest rate |  | 4.4% - 4.5% |  | 3.4% – 4.0% |  | 4.3% - 4.5% |  | 3.4% – 4.2%
Expected dividend yield |  | —% |  | —% |  | —% |  | —%
The grant date fair value of the stock purchase right granted under the ESPP was estimated using a Black-Scholes option-pricing model with the following assumptions:
|  | Three and Six Months Ended June 30,
|  | 2024 |  | 2023
|  | (unaudited)
Expected term (in years) |  | 0.50 |  | 0.50
Expected volatility |  | 64.2% |  | 76.6%
Risk-free interest rate |  | 5.4% |  | 5.2%
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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