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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2021
Stock-Based Compensation |
Schedule of total employee, director and non-employee stock-based compensation expense recognized | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended |
​ | ​ | December 31, |
(in thousands) | ​ | 2021 | ​ | 2020 | ​ | 2019 |
General and administrative |  | $ | 12,813 |  | $ | 10,769 |  | $ | 8,854 | ​
Research and development | ​ | ​ | 24,162 | ​ | ​ | 20,850 | ​ |  | 22,997 | ​
​ | ​ | $ | 36,975 | ​ | $ | 31,619 | ​ | $ | 31,851 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended | ​
​ | ​ | December 31, | ​
(in thousands) | ​ | 2021 | ​ | 2020 | ​ | 2019 | ​
Stock options |  | $ | 27,909 |  | $ | 26,045 |  | $ | 30,502 | ​
ESPP | ​ | ​ | 992 | ​ |  | 804 | ​ |  | 687 | ​
RSUs | ​ | ​ | 8,074 | ​ |  | 4,770 | ​ |  | 662 | ​
​ | ​ | $ | 36,975 | ​ | $ | 31,619 | ​ | $ | 31,851 | ​
Schedule of stock options outstanding | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, |
​ | ​ | 2021 | ​ | 2020 | ​ | 2019 |
Exercisable options |  | ​ | 5,576,430 |  | ​ | 4,668,179 |  | ​ | 3,950,965 | ​
Weighted average exercise price per share of exercisable options | ​ | $ | 24.15 | ​ | $ | 21.75 | ​ | $ | 17.79 | ​
Weighted average grant date fair value per share of options granted during the year | ​ | $ | 21.65 | ​ | $ | 16.96 | ​ | $ | 20.74 | ​
Options available for future grants | ​ |  | 3,597,371 | ​ |  | 3,346,092 | ​ |  | 3,975,160 | ​
Weighted average remaining contractual life | ​ |  | 6.65 | ​ |  | 7.00 | ​ |  | 7.32 | ​
Summary of stock option activity | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | Weighted- |  | ​ | ​ |
​ | ​ | ​ | ​ | Weighted- | ​ | Average | ​ | ​ | ​ |
​ | ​ | ​ | ​ | Average | ​ | Remaining | ​ | ​ | ​ |
​ | ​ | ​ | ​ | Exercise | ​ | Contractual | ​ | Aggregate |
​ | ​ | Number of | ​ | Price | ​ | Term | ​ | Intrinsic Value |
​ | ​ | Shares | ​ | (Per Share)(1) | ​ | (in years) | ​ | (in thousands)(2) |
Balances at December 31, 2019 |  | 7,174,319 | ​ |  | 24.03 |  | 7.32 | ​ | $ | 79,116 | ​
Options granted |  | 1,679,324 | ​ | ​ | 33.08 | ​ | ​ | ​ | ​ | ​ | ​
Options forfeited |  | (243,384) | ​ | ​ | 32.93 | ​ | ​ | ​ | ​ | ​ | ​
Options exercised(3) |  | (858,470) | ​ | ​ | 19.36 | ​ | ​ | ​ | ​ | ​ | ​
Balances at December 31, 2020 |  | 7,751,789 | ​ |  | 26.23 |  | 7.00 | ​ | $ | 134,941 | ​
Options granted |  | 1,827,234 | ​ | ​ | 41.22 | ​ | ​ | ​ | ​ | ​ | ​
Options forfeited |  | (382,454) | ​ | ​ | 36.15 | ​ | ​ | ​ | ​ | ​ | ​
Options exercised(3) |  | (520,240) | ​ | ​ | 23.61 | ​ | ​ | ​ | ​ | ​ | ​
Balances at December 31, 2021 |  | 8,676,329 | ​ | $ | 29.11 | ​ | 6.65 | ​ | $ | 100,057 | ​
As of December 31, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Options vested and expected to vest |  | 8,676,329 | ​ | $ | 29.11 |  | 6.65 | ​ | $ | 100,057 | ​
Exercisable |  | 5,576,430 | ​ | $ | 24.15 |  | 5.53 | ​ | $ | 89,287 | ​
Schedule of stock options outstanding and exercisable by exercise price | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Stock Options Outstanding | ​ | Stock Options Exercisable |
​ | ​ | ​ | ​ | Weighted- | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
​ | ​ | ​ | ​ | Average | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
​ |  | ​ |  | Remaining |  | Weighted- |  | ​ |  | Weighted- |
Range of | ​ | ​ | ​ | Contractual | ​ | Average | ​ | ​ | ​ | Average |
Exercise | ​ | Number of | ​ | Term | ​ | Exercise Price | ​ | Number of | ​ | Exercise Price |
Prices | ​ | Shares | ​ | (in years) | ​ | Per Share | ​ | Shares | ​ | Per Share |
$4.25 – $10.28 |  | 151,488 |  | 1.68 | ​ | $ | 4.29 |  | 151,488 | ​ | $ | 4.29 | ​
$10.52 – $15.78 |  | 1,508,709 |  | 3.33 | ​ | $ | 13.15 |  | 1,507,724 | ​ | $ | 13.15 | ​
$15.91 – $23.87 |  | 1,777,216 |  | 5.52 | ​ | $ | 22.77 |  | 1,756,016 | ​ | $ | 22.76 | ​
$23.96 – $35.94 | ​ | 2,312,270 | ​ | 7.91 | ​ | $ | 32.08 | ​ | 1,168,530 | ​ | $ | 31.65 | ​
$35.99 – $53.99 | ​ | 2,926,646 | ​ | 8.31 | ​ | $ | 40.12 | ​ | 992,672 | ​ | $ | 37.52 | ​
​ |  | 8,676,329 |  | 6.65 | ​ | $ | 29.11 |  | 5,576,430 | ​ | $ | 24.15 | ​
Schedule of weighted average assumptions used for estimation of fair value of stock options | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Options | ​
​ |  | 2021 |  | 2020 |  | 2019 |
Common stock fair value per share | ​ | $ | 30.65 - 49.47 | ​ | $ | 20.69 - 45.91 | ​ | $ | 29.96 - 44.19 | ​
Expected volatility | ​ |  | 53.91% - 56.82% | ​ |  | 52.93% - 58.95% | ​ |  | 60.67% - 61.33% | ​
Risk-free interest rate | ​ |  | 0.47% - 1.33% | ​ |  | 0.29% - 1.71% | ​ |  | 1.37% - 2.60% | ​
Expected dividend yield | ​ |  | — | ​ |  | — | ​ |  | — | ​
Expected term (in years) | ​ |  | 6.00 - 7.65 | ​ |  | 5.23 - 7.65 | ​ |  | 5.23 - 6.59 | ​
Schedule of weighted average assumptions used for estimation of fair value of ESPP | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ESPP | ​
​ |  | 2021 |  | 2020 |  | 2019 | ​
Expected term (years) |  | 0.5 - 2.0 |  | 0.5 - 2.0 |  | 0.5 - 2.0 | ​
Expected volatility | ​ | 46.08% - 66.37% | ​ | 50.77% - 66.37% | ​ | 50.77% - 71.37% | ​
Risk-free interest rate |  | 0.04% - 1.65% | ​ | 0.09% - 1.65% | ​ | 1.47% - 2.70% | ​
Expected dividend yield | ​ | — | ​ | — | ​ | — | ​
Summary of restricted stock unity activity | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted-
​ | ​ | ​ | ​ | Average
​ | ​ | ​ | ​ | Grant Date
​ | ​ | Number of | ​ | Fair Value
​ | ​ | Shares | ​ | (Per Unit)
Unvested at December 31, 2019 |  | 90,006 | ​ | $ | 34.66
Granted |  | 348,288 | ​ | ​ | 32.51
Vested |  | (62,355) | ​ | ​ | 32.61
Forfeited | ​ | (17,114) | ​ | ​ | 32.33
Unvested at December 31, 2020 |  | 358,825 | ​ | $ | 33.04
Granted |  | 670,700 | ​ | ​ | 39.11
Vested |  | (151,555) | ​ | ​ | 32.76
Forfeited | ​ | (51,822) | ​ | ​ | 36.68
Unvested at December 31, 2021 |  | 826,148 | ​ | $ | 37.79

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