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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2020
Equity [Abstract] |
Stockholders' Equity | 9. Stockholders’ Equity Common Stock Offering In October 2019, we sold 9.9 million shares of our common stock at a public offering price of $17.50 per share. We received total net cash proceeds of $162.2 million (net of $10.3 million in issuance costs) from the sale of the common stock. Public Offering Warrants In June 2014, as a component of our public offering, we sold 600,000 pre-funded warrants to purchase shares of our common stock. The pre-funded warrants have an exercise price of $0.01 per share and expire on June 30, 2021. During the nine months ended September 30, 2020, warrant holders exercised 267,870 warrants, which resulted in the issuance of 267,870 shares for net cash proceeds of $2,679. As of September 30, 2020, 195,574 warrants from the June 2014 public offering remain outstanding. Stock Option Activity The following table summarizes the stock option activity for the nine months ended September 30, 2020:
|  | Shares (in thousands) |  |  | Weighted- average Exercise Price |  |  | Weighted- average Remaining Contractual Term (Years) |
Balance at December 31, 2019 |  |  | 16,665 |  |  | $ | 20.47 |  |  |  | 7.87 |
Granted |  |  | 316 |  |  | $ | 18.32 |  |  |  |  |
Exercised |  |  | (159 | ) |  | $ | 11.54 |  |  |  |  |
Expired and forfeited |  |  | (740 | ) |  | $ | 21.92 |  |  |  |  |
Balance at September 30, 2020 |  |  | 16,082 |  |  | $ | 20.45 |  |  |  | 7.06 |
For the nine months ended September 30, 2020, 159,000 shares of common stock were issued pursuant to the exercise of stock options, resulting in net proceeds of $1.8 million. Stock-based Compensation The following table summarizes stock-based compensation expense related to stock-based payment awards granted pursuant to all of our equity compensation arrangements (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Research and development |  | $ | 4,612 |  |  | $ | 4,365 |  |  | $ | 14,580 |  |  | $ | 14,123 |
General and administrative |  |  | 3,277 |  |  |  | 2,939 |  |  |  | 10,012 |  |  |  | 10,333 |
Sales and marketing |  |  | 3,206 |  |  |  | 2,400 |  |  |  | 9,591 |  |  |  | 15,856 |
Total stock-based compensation expense |  | $ | 11,095 |  |  | $ | 9,704 |  |  | $ | 34,183 |  |  | $ | 40,312 |
As of September 30, 2020, there was $90.9 million of total unrecognized compensation cost related to non-vested, stock-based payment awards granted under all of our equity compensation plans and all non-plan option grants. Total unrecognized compensation cost will be adjusted for future changes in estimated forfeitures. We expect to recognize this compensation cost over a weighted-average period of 2.5 years. We estimated the fair value of each option grant on the grant date using the Black-Scholes option pricing model with the following weighted-average assumptions:
|  | September 30, |
|  | 2020 |  |  | 2019 |
Risk-free interest rate |  |  | 0.9 | % |  |  | 2.1 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
Volatility |  |  | 67.3 | % |  |  | 67.4 | %
Expected life (years) |  |  | 6 |  |  |  | 6 |
We estimated the fair value of each purchase right granted under our 1997 Employee Stock Purchase Plan, as amended, at the beginning of each new offering period using the Black-Scholes option pricing model. There were no new offering periods during the three months ended September 30, 2020 and 2019.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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