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Stock-Based Compensation (Tables)

12 Months Ended

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

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​

​

​

​

​

​

​

​

​

​

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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Tabular disclosure of the changes in outstanding nonvested restricted stock shares.

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Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

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