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Equity Plans and Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2022
Share-based Payment Arrangement, Noncash Expense [Abstract] |
Equity Plans and Stock-Based Compensation | 11. Equity Plans and Stock-Based Compensation As of March 31, 2022, the 2018 Equity Incentive Plan, as amended (“Amended 2018 EIP”), the Amended 2021 Inducement Plan and the Amended and Restated 2014 Employee Stock Purchase Plan are our active plans. Under the Amended 2018 EIP, the aggregate number of shares of our common stock that may be issued to employees and directors (subject to adjustment for certain changes in capitalization) is 22,517,869. The Amended 2018 EIP is administered by our Board of Directors, or a designated committee of the Board of Directors, and awards granted under the Amended 2018 EIP have a term of 7 years unless earlier terminated by the Board of Directors. As of March 31, 2022, there were 785,592 shares of common stock reserved for issuance under the Amended 2018 EIP. Activity under our stock plans is set forth below:
|  | Shares Underlying Outstanding Options (in thousands) |  |  | Weighted- Average Exercise Price Per Share |  |  | Weighted- Average Remaining Contractual Term (years) |  |  | Aggregate Intrinsic Value (in thousands) |
Balance as of December 31, 2021 |  |  | 10,399 |  |  | $ | 11.55 |  |  |  | 4.16 |  |  |  | 42,756 |
Options granted |  |  | 1,793 |  |  |  | 12.70 |  |  |  |  |  |  |
Options exercised |  |  | (155 | ) |  |  | 7.24 |  |  |  |  |  |  |
Options cancelled: |  |  |  |  |  |  |  |  |  |  |  |
Options forfeited (unvested) |  |  | (25 | ) |  |  | 9.40 |  |  |  |  |  |  |
Options expired (vested) |  |  | (38 | ) |  |  | 35.48 |  |  |  |  |  |  |
Balance as of March 31, 2022 |  |  | 11,974 |  |  | $ | 11.71 |  |  |  | 4.58 |  |  | $ | 20,270 |
Vested and expected to vest as of March 31, 2022 |  |  | 11,494 |  |  | $ | 11.70 |  |  |  | 4.31 |  |  | $ | 19,947 |
Exercisable as of March 31 2022 |  |  | 6,473 |  |  | $ | 12.48 |  |  |  | 3.09 |  |  | $ | 13,042 |
Restricted stock unit activity under our stock-based compensation plans during the three months ended March 31, 2022 was as follows (in thousands except per share amounts):
|  | Number of Shares (in thousands) |  |  | Weighted-Average Grant-Date Fair Value Per Share |
Non-vested as of December 31, 2021 |  |  | 2,651 |  |  | $ | 8.30 |
Granted |  |  | 1,761 |  |  |  | 12.65 |
Vested |  |  | (999 | ) |  |  | 8.25 |
Forfeited |  |  | (24 | ) |  |  | 11.49 |
Non-vested as of March 31, 2022 |  |  | 3,389 |  |  | $ | 10.56 |
We granted performance-based restricted stock unit (“PSU”) to certain executives. These PSUs vest upon a specified market condition. The summary of PSU activities for the three months ended March 31, 2022 is as follows:
|  | Number of Shares (in thousands) |  |  | Weighted-Average Grant-Date Fair Value Per Share |
Non-vested as of December 31, 2021 |  |  | 237 |  |  | $ | 8.40 |
Granted |  |  | 193 |  |  |  | 11.62 |
Vested |  |  | (237 | ) |  |  | 8.40 |
Non-vested as of March 31, 2022 |  |  | 193 |  |  | $ | 11.62 |
The fair value-based measurement of each option is estimated on the date of grant using the Black-Scholes option valuation model. The fair value of each RSU is determined at the date of grant using our closing stock price. The fair value of each PSU is estimated using the Monte Carlo simulation method on the date of grant. The weighted-average assumptions used in the calculations of these fair value measurements are as follows:
|  | Stock Options |  |  |  | Market-Based Performance Stock Unit (“PSUs”) |
|  | Three Months Ended |  |  |  | Three Months Ended |
|  | March 31, |  |  |  | March 31, |
|  | 2022 |  |  | 2021 |  |  |  | 2022 |
Weighted-average fair value per share |  | $ | 8.05 |  |  | $ | 6.72 |  |  |  | $ | 11.62 |
Risk-free interest rate |  |  | 1.9 | % |  |  | 0.5 | % |  |  |  | 1.7 | %
Expected life (in years) |  |  | 4.5 |  |  |  | 4.5 |  |  |  |  | 2.9 |
Volatility |  |  | 0.8 |  |  |  | 1.0 |  |  |  |  | 0.9 |
The components of stock-based compensation expense were as follows (in thousands):
|  | Three Months Ended |  |
|  | March 31, |  |
|  | 2022 |  |  | 2021 |  |
Research and development |  | $ | 1,276 |  |  | $ | 872 |  |
Selling, general and administrative |  |  | 5,427 |  |  |  | 3,144 |  |
Cost of sales - product |  |  | 160 |  |  |  | 170 |  |
Inventory |  |  | 783 |  |  |  | 537 |  |
Total |  | $ | 7,646 |  |  | $ | 4,723 |  |
Compensation expense is based on awards ultimately expected to vest and reflects estimated forfeitures.

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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