XML 32 R18.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Equity Plans and Stock-Based Compensation | 9 Months Ended
--- | ---
Sep. 30, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Equity Plans and Stock-Based Compensation | 11. Equity Plans and Stock-Based Compensation In May 2022, our stockholders approved the amendment and restatement of our 2018 Equity Incentive Plan (the “Amended 2018 EIP”) to, among other things, increase the authorized number of shares of common stock by 15,000,000. The maximum number of shares of common stock that may be issued under the Amended 2018 EIP, will not exceed 32,600,000 shares of common stock. As of September 30, 2022, the Amended 2018 EIP and the Amended and Restated 2014 Employee Stock Purchase Plan are our active plans. 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 September 30, 2022, there were 15,475,258 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 |  |  | 2,053 |  |  |  | 12.54 |  |  |  |  |  |  |
Options exercised |  |  | (1,171 | ) |  |  | 8.10 |  |  |  |  |  |  |
Options cancelled: |  |  |  |  |  |  |  |  |  |  |  |
Options forfeited (unvested) |  |  | (105 | ) |  |  | 9.40 |  |  |  |  |  |  |
Options expired (vested) |  |  | (1,828 | ) |  |  | 19.11 |  |  |  |  |  |  |
Balance at September 30, 2022 |  |  | 9,348 |  |  | $ | 10.75 |  |  |  | 4.85 |  |  | $ | 15,323 |
Vested and expected to vest at September 30, 2022 |  |  | 9,081 |  |  | $ | 10.70 |  |  |  | 4.81 |  |  | $ | 15,241 |
Exercisable at September 30, 2022 |  |  | 5,056 |  |  | $ | 10.10 |  |  |  | 3.95 |  |  | $ | 12,300 |
Restricted stock unit activity under our stock-based compensation plans during the nine months ended September 30, 2022 was as follows:
|  | 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 |  |  | 2,145 |  |  |  | 12.43 |
Vested |  |  | (1,195 | ) |  |  | 7.72 |
Forfeited |  |  | (254 | ) |  |  | 10.58 |
Non-vested as of September 30, 2022 |  |  | 3,347 |  |  | $ | 10.98 |
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 nine months ended September 30, 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 September 30, 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 |  |  | Stock Options |  |  | Market-Based Performance Stock Unit (“PSUs”) |
|  | Three Months Ended |  |  | Nine Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |  |  | September 30 |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |  |  | 2022 |
Weighted-average fair value per share |  | $ | - |  |  | $ | 7.91 |  |  | $ | 7.97 |  |  | $ | 6.85 |  |  | $ | 11.62 |
Risk-free interest rate |  |  | - |  |  |  | 0.7 | % |  |  | 2.01 | % |  |  | 0.6 | % |  |  | 1.7 | %
Expected life (in years) |  |  | - |  |  |  | 4.5 |  |  |  | 4.5 |  |  |  | 4.5 |  |  |  | 2.9 |
Volatility |  |  | - |  |  |  | 0.9 |  |  |  | 0.8 |  |  |  | 1.0 |  |  |  | 0.9 |
The components of stock-based compensation expense were as follows (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Research and development |  | $ | 1,532 |  |  | $ | 798 |  |  | $ | 4,271 |  |  | $ | 2,607 |
Selling, general and administrative |  |  | 6,019 |  |  |  | 3,930 |  |  |  | 17,043 |  |  |  | 10,519 |
Cost of sales - product |  |  | 323 |  |  |  | 124 |  |  |  | 626 |  |  |  | 448 |
Inventory |  |  | 739 |  |  |  | 524 |  |  |  | 2,248 |  |  |  | 1,549 |
Total |  | $ | 8,613 |  |  | $ | 5,376 |  |  | $ | 24,188 |  |  | $ | 15,123 |
Compensation expense is based on awards ultimately expected to vest and reflects estimated forfeitures.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI https://asc.fasb.org/topic&trid=2228938 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (l) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 4: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_ShareBasedCompensationAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration