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Equity Incentive Plan | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
Equity Incentive Plan | 10. Equity Incentive Plan Option Plan Activity The following table summarizes the stock option activity for the six months ended June 30, 2024:
|  | Shares (in thousands) |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (Years) |
Outstanding at December 31, 2023 |  |  | 24,575 |  |  | $ | 7.06 |  |  |  | 5.60 |
Granted |  |  | 6,826 |  |  | $ | 2.23 |  |  |  |
Exercised |  |  | (372 | ) |  | $ | 2.46 |  |  |  |
Expired and forfeited |  |  | (3,584 | ) |  | $ | 11.17 |  |  |  |
Outstanding at June 30, 2024 |  |  | 27,445 |  |  | $ | 5.38 |  |  |  | 7.74 |
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, |
|  | 2024 |  |  | 2023 |
Risk-free interest rate |  |  | 4.2 | % |  |  | 3.6 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
Volatility |  |  | 74.9 | % |  |  | 67.4 | %
Expected life (years) |  | 6 to 10 |  |  | 6 to 10 |
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. The following are the weighted average assumptions:
|  | For the Six Months Ended |
|  | June 30, |
|  | 2024 |  |  | 2023 |
Risk-free interest rate |  |  | 5.4 | % |  |  | 5.1 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
Volatility |  |  | 83.6 | % |  |  | 97.1 | %
Expected life (months) |  |  | 6 |  |  |  | 6 |
The following table summarizes the restricted stock unit activity (“RSUs”) for the six months ended June 30, 2024:
|  | Shares (in thousands) |  |  | Weighted-Average Grant Date Fair Value |
Outstanding at December 31, 2023 |  |  | 1,405 |  |  | $ | 4.43 |
Granted |  |  | 1,482 |  |  | $ | 2.30 |
Released |  |  | (829 | ) |  | $ | 2.63 |
Expired and forfeited |  |  | (415 | ) |  | $ | 3.67 |
Outstanding at June 30, 2024 |  |  | 1,642 |  |  | $ | 2.97 |
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. 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, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Research and development |  | $ | 553 |  |  | $ | 2,694 |  |  | $ | 1,254 |  |  | $ | 4,430 |
General and administrative |  |  | 2,060 |  |  |  | 6,925 |  |  |  | 3,938 |  |  |  | 10,457 |
Sales and marketing |  |  | 1,957 |  |  |  | 4,281 |  |  |  | 2,753 |  |  |  | 6,960 |
Total stock-based compensation expense |  | $ | 4,570 |  |  | $ | 13,900 |  |  | $ | 7,945 |  |  | $ | 21,847 |
As of June 30, 2024, there was $23.6 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.

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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 -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
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