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Equity Plans and Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2022
Share-based Payment Arrangement, Noncash Expense [Abstract] |
Option Activity under Stock-Based Compensation Plans | 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 |
Summary of Restricted Stock Units Activity | 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 |
Summary Of Performance Based Restricted Stock Unit |
|  | 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 |
Fair Value-Based Measurements and Weighted-Average Assumptions | 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 |
Stock-Based Compensation Expense | 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 |  |

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- Definition Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding options that are fully vested and expected to vest. Includes, but is not limited to, unvested options for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur. + 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 (e)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + 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 (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&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 http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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