XML 25 R16.htm IDEA: XBRL DOCUMENT
v3.23.3

Equity Incentive Plan | 9 Months Ended
--- | ---
Sep. 30, 2023
Equity [Abstract] |
Equity Incentive Plan | 11. Equity Incentive Plan Option Plan Activity The following table summarizes the stock option activity for the nine months ended September 30, 2023:
|  | Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (Years) |
Outstanding at December 31, 2022 |  |  | 20,749,349 |  |  | $ | 14.61 |  |  |  | 6.44 |
Granted |  |  | 16,116,979 |  |  | $ | 1.70 |  |  |  |
Exercised |  |  | (369 | ) |  | $ | 1.32 |  |  |  |
Expired and forfeited |  |  | (5,548,978 | ) |  | $ | 9.47 |  |  |  |
Outstanding at September 30, 2023 |  |  | 31,316,981 |  |  | $ | 8.88 |  |  |  | 6.53 |
The following table summarizes the restricted stock unit activity (“RSUs”) for the nine months ended September 30, 2023:
|  | Shares |  |  | Weighted-Average Grant Date Fair Value |
Outstanding at December 31, 2022 |  |  | 3,167,397 |  |  | $ | 6.46 |
Granted |  |  | 1,757,506 |  |  | $ | 2.39 |
Released |  |  | (1,351,303 | ) |  | $ | 6.48 |
Expired and forfeited |  |  | (1,787,579 | ) |  | $ | 4.21 |
Outstanding at September 30, 2023 |  |  | 1,786,021 |  |  | $ | 4.68 |
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, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Research and development |  | $ | 2,308 |  |  | $ | 4,921 |  |  | $ | 9,092 |  |  | $ | 13,906 |
General and administrative |  |  | 2,874 |  |  |  | 2,932 |  |  |  | 10,977 |  |  |  | 8,717 |
Sales and marketing |  |  | 1,501 |  |  |  | 3,345 |  |  |  | 8,461 |  |  |  | 9,843 |
Total stock-based compensation expense |  | $ | 6,683 |  |  | $ | 11,198 |  |  | $ | 28,530 |  |  | $ | 32,466 |
As of September 30, 2023, there was $30.4 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 3 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 Nine Months Ended |
|  | September 30, |
|  | 2023 |  |  | 2022 |
Risk-free interest rate |  |  | 3.7 | % |  |  | 3.1 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
Volatility |  |  | 68.1 | % |  |  | 61.1 | %
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. There were no new offering periods during the three months ended September 30, 2023.

X
- 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 -Topic 710 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//710/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 712 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//712/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//715/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent + Details
Name: | us-gaap_CompensationAndEmployeeBenefitPlansTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration