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Equity Incentive Plan | 6 Months Ended
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Jun. 30, 2023
Equity [Abstract] |
Equity Incentive Plan | 11. Equity Incentive Plan Option Plan Activity The following table summarizes the stock option activity for the six months ended June 30, 2023:
|  | Shares (in thousands) |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (Years) |
Outstanding at December 31, 2022 |  |  | 20,749 |  |  | $ | 14.61 |  |  |  | 6.44 |
Granted |  |  | 11,688 |  |  | $ | 1.83 |  |  |  |
Exercised |  |  | — |  |  | $ | — |  |  |  |
Expired and forfeited |  |  | (3,659 | ) |  | $ | 9.23 |  |  |  |
Outstanding at June 30, 2023 |  |  | 28,778 |  |  | $ | 10.10 |  |  |  | 6.18 |
The following table summarizes the restricted stock unit activity (“RSUs”) for the six months ended June 30, 2023:
|  | Shares (in thousands) |  |  | Weighted-Average Grant Date Fair Value |
Outstanding at December 31, 2022 |  |  | 3,167 |  |  | $ | 6.46 |
Granted |  |  | 1,758 |  |  | $ | 2.39 |
Released |  |  | (732 | ) |  | $ | 8.12 |
Expired and forfeited |  |  | (1,461 | ) |  | $ | 4.06 |
Outstanding at June 30, 2023 |  |  | 2,732 |  |  | $ | 4.67 |
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 June 30, |  |  | Six Months Ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Research and development |  | $ | 3,846 |  |  | $ | 4,422 |  |  | $ | 6,785 |  |  | $ | 8,985 |
General and administrative |  |  | 5,773 |  |  |  | 2,783 |  |  |  | 8,102 |  |  |  | 5,785 |
Sales and marketing |  |  | 4,281 |  |  |  | 3,148 |  |  |  | 6,960 |  |  |  | 6,498 |
Total stock-based compensation expense |  | $ | 13,900 |  |  | $ | 10,353 |  |  | $ | 21,847 |  |  | $ | 21,268 |
As of June 30, 2023, there was $35.6 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 three years. The fair value of RSUs is estimated based on the closing market price of our common stock on the date of the grant. RSUs generally vest quarterly over a four-year period. We estimated the fair value of each option grant on the grant date using the Black-Scholes option pricing model and for market-based stock option grants using the Monte Carlo simulation model. The following are the weighted-average assumptions:
|  | For the Six Months Ended |
|  | June 30, |
|  | 2023 |  |  | 2022 |
Risk-free interest rate |  |  | 3.6 | % |  |  | 3.1 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
Volatility |  |  | 67.4 | % |  |  | 60.8 | %
Expected life (years) |  | 6 to 10 |  |  |  | 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 with the following weighted-average assumptions:
|  | For the Six Months Ended |
|  | June 30, |
|  | 2023 |  |  | 2022 |
Risk-free interest rate |  |  | 5.1 | % |  |  | 1.5 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
Volatility |  |  | 97.1 | % |  |  | 75.3 | %
Expected life (months) |  |  | 6 |  |  |  | 6 |

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI https://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI https://asc.fasb.org/topic&trid=2197446 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -URI https://asc.fasb.org/topic&trid=2127225 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI https://asc.fasb.org/topic&trid=2235017 + Details
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