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Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2019
Share-based Payment Arrangement [Abstract]  
Schedule of Fair Value of Options
The fair value of the stock options granted is estimated on the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions:

 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Expected stock price volatility
73.6
%
 
75.5
%
 
74.1
%
 
80.7
%
Risk free interest rate
1.6
%
 
2.7
%
 
2.4
%
 
2.4
%
Expected life of options (years)
(1) 
5.68

 
5.62

 
5.68

 
5.62

Expected annual dividend per share
$
—

 
$
—

 
$
—

 
$
—

 
______________________________________
(1) The average expected life is determined using actual historical data.
Schedule of Stock Options Activity
A summary of the Company's stock options for the nine months ended September 30, 2019 were as follows:

 
Number of
Shares
 
Weighted
Average
Exercise Price
 
Weighted
Average
Remaining
Contractual Life
 
Aggregate
Intrinsic
Value
 
(in thousands)
 
 
 
 
 
(in millions)
Options outstanding, December 31, 2018
15,810

 
$
8.63

 
 
 
 

Granted
3,913

 
$
10.37

 
 
 
 

Exercised
(1,353
)
 
$
5.77

 
 
 
 

Forfeited
(701
)
 
$
11.05

 
 
 
 

Expired
(139
)
 
$
14.00

 
 
 
 
Options outstanding, September 30, 2019
17,530

 
$
9.10

 
6.5 years
 
$
19.5

Vested and unvested expected to vest, September 30, 2019
16,792

 
$
9.02

 
6.4 years
 
$
19.4

Exercisable at September 30, 2019
10,896

 
$
8.22

 
5.2 years
 
$
16.9
Schedule of Non-Vested RSU Activity under the Plan A summary of non-vested RSU activity under the Plan for the nine months ended September 30, 2019 is as follows:

 
Number of Shares

 
Weighted
Average Grant Date
Fair Value
 
Weighted Average
Remaining Years
 
Aggregate Intrinsic
Value 
 
(in thousands)
 
 
 
 
 
(in millions)
Non-vested units as of December 31, 2018
3,712

 
$
10.59

 
 
 
 

Granted
3,412

 
$
10.99

 
 
 
 

Vested
(835
)
 
$
9.43

 
 
 
 

Forfeited
(449
)
 
$
10.47

 
 
 
 

Non-vested units as of September 30, 2019
5,840

 
$
11.06

 
2.5 years
 
$
46.8
Schedule of Equity Compensation Expenses
The following table summarizes information related to compensation expense recognized in the Consolidated Statements of Operations related to the equity awards:

 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(in thousands)
 
2019
 
2018
 
2019
 
2018
Equity compensation expense recognized in:
 
 
 
 
 
 
 
 
Research and development expense
 
$
3,106

 
$
2,905

 
$
12,090

 
$
8,603

Selling, general, and administrative expense
 
5,737

 
4,149

 
19,432

 
12,270

Total equity compensation expense
 
$
8,843

 
$
7,054

 
$
31,522

 
$
20,873