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Stock-Based Compensation and Employee Benefits (Tables)
12 Months Ended
Dec. 31, 2022
Stock-Based Compensation and Employee Benefits  
Summary of Option Activities under 2016 and 2014 Plans

Options

Weighted-

Average

Aggregate

Weighted-

Remaining

Intrinsic

    

Number of

Average

Contractual Terms

Value

Options

Exercise Price

(Years)

(in thousands)

Outstanding at December 31, 2021

19,959,815

$

15.89

Granted - at fair value

 

4,685,750

$

12.09

 

Exercised

 

(141,897)

$

4.88

 

Forfeited/Canceled

 

(2,812,347)

$

16.97

 

Outstanding at December 31, 2022

21,691,321

$

15.00

6.0

$

10,714

Exercisable at December 31, 2022

 

15,027,783

$

15.47

4.8

$

9,647

Schedule of options outstanding and exercisable

Information on options outstanding and exercisable as of December 31, 2022 is summarized as follows:

    

Options Outstanding

Options Exercisable

Weighted-

    

Average

Weighted-

Weighted-

Remaining

Average

Average

Number

Contractual Terms

Exercise

Number

Exercise

Range of Exercise Prices

Outstanding

(Years)

Price

Exercisable

Price

$

1.42

-

$

10.05

 

4,801,972

5.2

$

6.64

3,223,663

$

5.99

$

10.78

-

$

14.13

4,598,418

6.4

$

12.72

3,381,021

$

12.67

$

14.30

-

$

17.17

4,857,557

7.2

$

15.91

2,530,714

$

16.08

$

17.30

-

$

19.07

4,406,311

6.9

$

17.93

3,000,465

$

17.94

$

19.19

-

$

36.85

3,027,063

3.4

$

25.98

2,891,920

$

26.22

 

21,691,321

6.0

$

15.00

15,027,783

$

15.47

Schedule of additional information on options

Year Ended December 31,

(in thousands, except weighted-average grant date fair values)

2022

2021

2020

Total intrinsic value of options exercised

 

$

914

$

9,726

$

14,572

Total grant date fair value of options vested

 

$

34,916

$

40,365

$

34,090

Weighted-average grant date fair value of options granted

 

$

7.04

$

9.80

$

10.94

Summary of RSU Activity, under 2014 Plan

RSUs Outstanding

Weighted-Average

    

Number of

    

Grant Date Fair 

RSUs

Value

Balances at December 31, 2021

 

1,843,732

$

17.00

RSUs granted

 

1,686,875

$

13.34

RSUs vested

 

(806,854)

$

16.85

RSUs canceled

 

(390,446)

$

15.43

Balances at December 31, 2022

 

2,333,307

$

14.66

Schedule of Stock-Based Compensation Expense

Year Ended December 31, 

(in thousands)

2022

    

2021

    

2020

Cost of goods sold (1)

$

736

$

1,099

$

583

Research and development

 

18,999

 

18,688

 

13,837

Selling, general and administrative

 

31,002

 

31,577

 

23,740

Stock-based compensation expense

$

50,737

$

51,364

$

38,160

 

  

 

  

 

  

Stock-based compensation expense capitalized into inventory

$

1,187

$

1,025

$

1,460

(1)Stock-based compensation capitalized into inventory is recognized as cost of goods sold when the related product is sold.
Schedule of Weighted Average Assumptions for Black-Scholes Option-Pricing Model Used in Determining Fair Value of Awards

Year Ended December 31, 

 

    

2022

    

2021

    

2020

  

Expected term (years)

 

  

 

  

 

  

Stock options

 

6.1

 

6.1

 

6.1

ESPP

 

0.5

 

0.5

 

0.5

Expected volatility

 

 

 

Stock options

 

62

%  

65

%  

68

%

ESPP

 

70

%  

42

%  

58

%

Risk-free interest rate

 

 

 

Stock options

 

2.37

%  

0.89

%  

1.09

%

ESPP

 

3.77

%  

0.06

%  

0.13

%

Expected dividend yield

 

  

 

  

 

  

Stock options

 

%  

%  

%

ESPP

 

%  

%  

%