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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2020
Share-based Payment Arrangement [Abstract] |
Stock-Based Compensation Expense | We recognize total stock-based compensation expense in our Consolidated Statements of Operations as follows (in thousands):
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
Cost of goods sold | $ | 2,825 |  |  | $ | 4,294 |  |  | $ | 4,629 |
Research and development | 57,116 |  |  | 63,224 |  |  | 56,193 |
General and administrative | 33,295 |  |  | 32,277 |  |  | 27,279 |
Impairment of assets and other costs for terminated program | 1,025 |  |  | — |  |  | — |
Total stock-based compensation | $ | 94,261 |  |  | $ | 99,795 |  |  | $ | 88,101 |
Black-Scholes Option-Pricing Model Assumptions Used to Calculate Fair Value of Employee Stock Options | The following table lists the Black-Scholes option-pricing model assumptions used to calculate the fair value of employee and director stock options, as well as the resulting grant-date fair value:
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
Average risk-free interest rate | 0.4 | % |  | 1.8 | % |  | 2.8 | %
Dividend yield | 0.0 | % |  | 0.0 | % |  | 0.0 | %
Average volatility factor | 64.1 | % |  | 62.2 | % |  | 61.0 | %
Weighted-average expected life | 5.6 years |  | 5.6 years |  | 5.1 years
Weighted-average grant-date fair value of options granted | $ | 10.70 |  | $ | 12.25 |  | $ | 29.86
Stock Option Activity Under Equity Incentive Plans | The table below presents a summary of stock option activity under our equity incentive plans (in thousands, except for price per share and contractual life information):
| Number of Shares |  | Weighted- Average Exercise Price per Share |  | Weighted- Average Remaining Contractual Life (in Years) |  | Aggregate Intrinsic Value(1)
Outstanding at December 31, 2019 | 14,885 |  |  | $ | 25.23 |  |  |  |  |
Options granted | 1,654 |  |  | 19.15 |  |  |  |  |
Options exercised | (1,669) |  |  | 11.69 |  |  |  |  |
Options forfeited & canceled | (1,233) |  |  | 45.70 |  |  |  |  |
Outstanding at December 31, 2020 | 13,637 |  |  | $ | 24.30 |  |  | 3.96 |  | $ | 23,478 |
Exercisable at December 31, 2020 | 9,523 |  |  | 22.99 |  |  | 2.71 |  | $ | 23,468 |
_______________________________________________________________ (1)Aggregate intrinsic value represents the difference between the exercise price of the option and the closing market price of our common stock on December 31, 2020.
Restricted Stock Unit Award Activity | A summary of RSU award activity is as follows (in thousands except for per share amounts):
| Units Issued |  | Weighted- Average Grant Date Fair Value
Balance at December 31, 2019 | 4,935 |  |  | $ | 30.85 |
Granted | 4,686 |  |  | 19.24 |
Vested and released | (1,661) |  |  | 34.83 |
Forfeited and canceled | (866) |  |  | 29.66 |
Balance at December 31, 2020 | 7,094 |  |  | $ | 22.46 |

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