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Stock Incentive Plans and Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock Option Activity The following table summarizes all stock option activity for the year ended December 31, 2019

 

In thousands (except per share amounts and years)

 

Number of

Shares

 

 

Weighted

Average

Exercise

Price

 

 

Weighted

Average

Remaining

Contractual

Term

 

Aggregate

Intrinsic

Value

 

Outstanding as of January 1, 2019

 

 

19,263

 

 

$

4.29

 

 

 

 

 

 

 

Granted

 

 

2,648

 

 

 

17.07

 

 

 

 

 

 

 

Forfeited

 

 

(291

)

 

 

10.31

 

 

 

 

 

 

 

Expired

 

 

(3

)

 

 

4.04

 

 

 

 

 

 

 

Exercised

 

 

(5,998

)

 

 

4.09

 

 

 

 

 

 

 

Outstanding as of December 31, 2019

 

 

15,619

 

 

 

6.43

 

 

6.5 years

 

$

234,499

 

Exercisable as of December 31, 2019

 

 

10,310

 

 

 

3.75

 

 

5.4 years

 

 

182,417

 

Vested and expected to vest as of December 31, 2019

 

 

15,354

 

 

$

6.34

 

 

6.4 years

 

$

231,895

 

Available for future grant as of December 31, 2019

 

 

7,851

 

 

 

 

 

 

 

 

 

 

 

Assumptions Used to Estimate Fair Value of Share-Based Payment Awards

For 2019, 2018, and 2017, the Company used the following assumptions to estimate the fair value of share-based payment awards:

 

 

 

2019

 

 

2018

 

 

2017

 

Risk-free interest rate

 

1.55% - 2.95%

 

 

2.18% - 3.00%

 

 

1.77% - 2.01%

 

Expected dividend yield

 

0.00%

 

 

0.00%

 

 

0.00%

 

Expected option life (years)

 

6.25

 

 

6.25

 

 

6.25

 

Expected volatility

 

92% - 94%

 

 

71% - 92%

 

 

73% - 82%

 

Restricted Stock Unit Activity The following table presents the restricted stock unit activity for the years ended December 31, 2019 and 2018:

 

In thousands (except per share amounts)

 

Shares

 

 

Weighted Average

Grant Date Fair

Value

 

Outstanding as of January 1, 2018

 

 

12,006

 

 

$

2.50

 

Granted

 

 

2,633

 

 

 

4.32

 

Vested

 

 

(4,611

)

 

 

2.20

 

Forfeited

 

 

(395

)

 

 

3.43

 

Outstanding as of December 31, 2018

 

 

9,633

 

 

 

3.12

 

Granted

 

 

1,473

 

 

 

16.83

 

Vested

 

 

(3,970

)

 

 

2.56

 

Forfeited

 

 

(215

)

 

 

3.25

 

Outstanding as of December 31, 2019

 

 

6,921

 

 

$

6.34

 

Stock-Based Compensation Expense Related to Option Awards

The following table presents the stock-based compensation expense related to stock-based awards for the years ended December 31, 2019, 2018, and 2017:

 

In thousands

 

2019

 

 

2018

 

 

2017

 

Research and development

 

$

4,615

 

 

$

2,898

 

 

$

2,122

 

Selling, general and administrative

 

 

26,302

 

 

 

15,908

 

 

 

11,838

 

Stock-based compensation expense

 

$

30,917

 

 

$

18,806

 

 

$

13,960