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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-Based Compensation Expense | The Company recorded all stock-based compensation expense in the consolidated statements of operations as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Research and development | $ | 19,695 |  |  | $ | 24,779 |  |  | $ | 36,582 |  |  | $ | 48,569 |
General and administrative | 18,353 |  |  | 28,344 |  |  | 34,399 |  |  | 57,614 |
Total stock-based compensation expense | $ | 38,048 |  |  | $ | 53,123 |  |  | $ | 70,981 |  |  | $ | 106,183 |
Schedule of Option and Appreciation Rights Activity | The following is a summary of stock options and SARs activity under the 2015 Plan and 2005 Plan for the six months ended June 30, 2022:
| 2015 Plan |  | 2005 Plan
| Stock Options |  | Weighted-Average Exercise Price |  | Stock Options |  | Weighted-Average Exercise Price
Outstanding at December 31, 2021 | 3,635,837 |  |  | $ | 42.60 |  |  | 68,225 |  |  | $ | 109.52 |
Granted | 506,821 |  |  | 73.94 |  |  | — |  |  |
Exercised | (59,727) |  |  | 15.61 |  |  | (3,000) |  |  | 31.10 |
Canceled | (35,195) |  |  | 78.51 |  |  | (1,500) |  |  | 121.00 |
Outstanding at June 30, 2022 | 4,047,736 |  |  | $ | 46.61 |  |  | 63,725 |  |  | $ | 112.94 |
Shares exercisable at June 30, 2022 | 1,463,037 |  |  | $ | 55.28 |  |  | 63,725 |  |  | $ | 112.94 |
Shares available for grant at June 30, 2022 | 4,834,171 |  |  |  |  |  |  |
Schedule of Assumptions Used in Estimation of Fair Value of Stock | The fair value of stock options granted under the 2015 Plan was estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Weighted average Black-Scholes fair value of stock options granted | $43.21 |  | $166.66 |  | $62.52 |  | $131.66
Risk-free interest rate | 2.7%-3.2% |  | 0.6%-1.1% |  | 1.4%-3.2% |  | 0.5%-1.1%
Dividend yield | —% |  | —% |  | —% |  | —%
Volatility | 120.5%-136.7% |  | 126.2%-142.0% |  | 120.5%-136.7% |  | 124.7%-142.0%
Expected term (in years) | 4.0-6.2 |  | 4.1-6.1 |  | 4.0-6.2 |  | 4.1-6.1
The ESPP is considered compensatory for financial reporting purposes. As such, the fair value of ESPP shares was estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions:
|  |  | Six Months Ended June 30,
|  |  |  |  | 2022 |  | 2021
Range of Black-Scholes fair values of ESPP shares granted |  |  |  |  | $44.67-$79.74 |  | $128.70-$238.85
Risk-free interest rate |  |  |  |  | 0.6%-1.4% |  | 0.1%
Dividend yield |  |  |  |  | —% |  | —%
Volatility |  |  |  |  | 116.2%-142.9% |  | 120.4%-159.4%
Expected term (in years) |  |  |  |  | 0.5-2 |  | 0.5-2.0
Schedule Of Share Based Compensation Restricted Stock Awards Activity | The following is a summary of RSU activity for the six months ended June 30, 2022:
| Number of Shares |  | Per Share Weighted- Average Fair Value
Outstanding and unvested at December 31, 2021 | 819,828 |  |  | $ | 116.70 |
Granted | 882,828 |  |  | 74.34 |
Vested | (55,425) |  |  | 157.97 |
Forfeited | (71,989) |  |  | 110.57 |
Outstanding and unvested at June 30, 2022 | 1,575,242 |  |  | $ | 91.79 |

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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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