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Equity Incentive Plan (Tables) | 6 Months Ended
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Jun. 30, 2023
Equity [Abstract] |
Summary of Stock Option 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 |
Summary of Restricted Stock Unit Activity | 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 |
Summary of Stock-Based Compensation Expense related to Stock-Based Payment Awards Granted | 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 |
Summary of Fair Value of Option Grant on Grant Date and Employee Stock Purchase Plan Using Black-Scholes Option Pricing Model and Market Based Stock Option Grants Monte Carlo Simulation Model | 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 Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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