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Stockholders' Equity (Tables) | 9 Months Ended
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Sep. 30, 2022
Stockholders' Equity Note [Abstract] |
Schedule of Stock Option Activity | Stock option activity under the Plans, including the EPA Program discussed below is as follows:
|  | Number of Shares Outstanding (in thousands) |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |  |  | Intrinsic value (in thousands) |
Balance as of December 31, 2021(1) |  |  | 53,078 |  |  | $ | 7.74 |  |  |  | 6.78 |  |  |  |
Cancelled and forfeited (2) |  |  | (1,207 | ) |  |  | 16.82 |  |  |  | — |  |  |  |
Exercised |  |  | (3,261 | ) |  |  | 1.44 |  |  |  | — |  |  |  |
Balance as of September 30, 2022 |  |  | 48,610 |  |  | $ | 7.94 |  |  |  | 6.13 |  |  | $ | 225,633 |
Vested and expected to vest as of September 30, 2022(3) |  |  | 40,295 |  |  | $ | 4.82 |  |  |  | 5.49 |  |  | $ | 225,633 |
Vested and exercisable as of September 30, 2022 |  |  | 30,765 |  |  | $ | 1.68 |  |  |  | 4.58 |  |  | $ | 207,022 |
(1) This includes 14.7 million options granted in December 2021 pursuant to the EPA Program. (2) This includes 0.8 million options forfeited from the EPA program. (3) This includes 5.5 million options granted pursuant to the EPA Program that are currently expected to vest. None of the options granted pursuant to the EPA Program were vested and exercisable as of September 30, 2022.
Summary of Vesting Tranches | Each of the five Tranches vest only if the Company achieves one of the business milestones (in addition to the business milestones already achieved in a prior Tranche) and achieves the applicable stock price target on or after the business milestone is achieved, within 10 years of the initial grants. Additionally, in order to vest in any Tranche, Participants generally must continue to provide service through the date of vesting in the same position, or a similar or higher role, as when the EPA Program awards are granted.
Tranche |  | Business Milestone Requirement |  | Stock Price Target
1 |  | Achievement of 1 business milestone |  | $60
2 |  | Achievement of 2 business milestones (inclusive of the business milestone applicable to Tranche 1) |  | $120
3 |  | Achievement of 3 business milestones (inclusive of the business milestone applicable to Tranche 2) |  | $180
4 |  | Achievement of 4 business milestones (inclusive of the business milestone applicable to Tranche 3) |  | $240
5 |  | Achievement of 5 business milestones (inclusive of the business milestone applicable to Tranche 4) |  | $300
Schedule of Restricted Stock Unit Activity | Restricted stock unit activity under the Plans are as follows:
|  | Number of Restricted Stock Units (in thousands) |  |  | Weighted Average Grant Date Fair Value |
Balance as of December 31, 2021 |  |  | 10,555 |  |  | $ | 14.48 |
Granted |  |  | 10,467 |  |  |  | 14.17 |
Vested |  |  | (3,795 | ) |  |  | 12.79 |
Forfeited |  |  | (849 | ) |  |  | 16.33 |
Balance as of September 30, 2022 |  |  | 16,378 |  |  | $ | 14.52 |
Schedule of Stock-based Compensation Expense | Total stock-based compensation expense recognized in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for all equity awards is as follows (amounts in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Research and development |  | $ | 17,233 |  |  | $ | 7,489 |  |  | $ | 45,255 |  |  | $ | 20,490 |
General and administrative |  |  | 16,345 |  |  |  | 5,238 |  |  |  | 47,730 |  |  |  | 15,520 |
Total stock-based compensation expense |  | $ | 33,578 |  |  | $ | 12,727 |  |  | $ | 92,985 |  |  | $ | 36,010 |

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