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Equity and Stock-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Summary of Common Stock Reserved for Future Issuance | Shares of Common Stock outstanding, shares of stock plans outstanding and shares reserved for future issuance related to stock options and RSUs grant and the Company’s Employee Stock Purchase Plan (“ESPP”) purchases are as follows (in thousands):
|  | December 31, |
|  | 2018 |  |  | 2017 |
Common stock outstanding |  |  | 85,432 |  |  |  | 82,498 |
Stock options outstanding |  |  | 10,430 |  |  |  | 11,550 |
RSUs outstanding |  |  | 1,428 |  |  |  | 1,562 |
Common stock warrants outstanding |  |  | 4 |  |  |  | 4 |
Shares reserved for future stock options and RSUs grant |  |  | 6,041 |  |  |  | 4,190 |
Shares reserved for future ESPP offering |  |  | 2,618 |  |  |  | 2,024 |
Total shares of common stock reserved |  |  | 105,953 |  |  |  | 101,828 |
Summary of Stock Option Transactions | Stock option transactions, including forfeited options granted under the 2014 Plan as well as prior plans, are summarized below:
|  | Shares (In thousands) |  |  | Weighted Average Exercise per Share |  |  | Weighted Average Remaining Contractual Life (In Years) |  |  | Aggregate Intrinsic Value (In thousands) |
Outstanding at December 31, 2017 |  |  | 11,550 |  |  | $ | 14.82 |  |  |  |  |  |  |  |  |
Granted |  |  | 1,307 |  |  |  | 53.64 |  |  |  |  |  |  |  |  |
Exercised |  |  | (2,271 | ) |  |  | 11.20 |  |  |  |  |  |  |  |  |
Expired |  |  | (7 | ) |  |  | 5.82 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (149 | ) |  |  | 30.55 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2018 |  |  | 10,430 |  |  |  | 20.25 |  |  |  | 5.47 |  |  | $ | 281,436 |
Vested and expected to vest, December 31, 2018 |  |  | 10,430 |  |  |  | 20.25 |  |  |  | 5.47 |  |  |  | 281,436 |
Exercisable at December 31, 2018 |  |  | 7,644 |  |  | $ | 13.83 |  |  |  | 4.47 |  |  | $ | 248,206 |
Summary of RSU Activity | The following table summarizes RSU activity:
|  | Shares (In thousands) |  |  | Fair Value at Grant |
Unvested at December 31, 2017 |  |  | 1,562 |  |  | $ | 24.75 |
Granted |  |  | 706 |  |  |  | 53.69 |
Vested |  |  | (727 | ) |  |  | 24.70 |
Forfeited |  |  | (113 | ) |  |  | 35.12 |
Unvested at December 31, 2018 |  |  | 1,428 |  |  | $ | 38.26 |
Schedule of Allocated Stock-Based Compensation Expense | Stock-based compensation expense allocated to research and development and general and administrative expense for the years ended December 31, 2018, 2017 and 2016 was as follows (in thousands):
|  | Years Ended December 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Research and development |  | $ | 30,491 |  |  | $ | 21,807 |  |  | $ | 19,070 |
General and administrative |  |  | 21,651 |  |  |  | 15,732 |  |  |  | 13,062 |
Total stock-based compensation expense |  | $ | 52,142 |  |  | $ | 37,539 |  |  | $ | 32,132 |
Schedule of Assumptions used to Estimate Fair Value of Stock Options Granted and Employee Stock Purchase Plans | The assumptions used to estimate the fair value of stock options granted and ESPPs using the Black-Scholes option valuation model were as follows:
|  | Years Ended December 31,
|  | 2018 |  |  |  | 2017 |  |  |  | 2016 |  |
Stock Options |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expected term (in years) |  |  | 5.4 |  |  |  |  | 5.7 |  |  |  |  | 5.3 |  |
Expected volatility |  |  | 67.9 |  | % |  |  | 71.5 |  | % |  |  | 69.9 |  | %
Risk-free interest rate |  |  | 2.7 |  | % |  |  | 2.2 |  | % |  |  | 1.4 |  | %
Expected dividend yield |  |  | — |  |  |  |  | — |  |  |  |  | — |  |
Weighted average estimated fair value |  | $ | 32.12 |  |  |  | $ | 16.96 |  |  |  | $ | 11.49 |  |
ESPPs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expected term (in years) |  | 0.5 - 2.0 |  |  |  | 0.5 - 2.0 |  |  |  | 0.5 - 2.0 |  |
Expected volatility |  | 47.3 - 75.3 |  | % |  | 52.8 - 77.2 |  | % |  | 61.9 - 80.7 |  | %
Risk-free interest rate |  | 0.8 - 2.9 |  | % |  | 0.5 - 1.6 |  | % |  | 0.2 - 1.0 |  | %
Expected dividend yield |  |  | — |  |  |  |  | — |  |  |  |  | — |  |
Weighted average estimated fair value |  | $ | 16.27 |  |  |  | $ | 9.41 |  |  |  | $ | 9.94 |  |
Schedule of Warrants to Purchase Shares of Common Stock | The following warrants to purchase shares of Common Stock were issued in connection with certain facility and equipment lease financing arrangements and are outstanding at December 31, 2018:
Year of Issuance |  | Number of Shares |  |  | Exercise Price per Share |  |  | Reason for Issuance |  | Expiration Date
2000 |  |  | 4,430 |  |  | $ | 15.00 |  |  | Issued in connection with lease agreement |  | Five years after initial public offering or upon merger or sale of the Company’s assets, whichever occurs first
|  |  | 4,430 |  |  |  |  |  |  |  |  |

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- Definition Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed. + 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 http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14.F) -URI http://asc.fasb.org/extlink&oid=115993241&loc=d3e301413-122809 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5047-113901 + 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 http://asc.fasb.org/extlink&oid=109197908&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 http://asc.fasb.org/extlink&oid=109197908&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 http://asc.fasb.org/extlink&oid=109197908&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 http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(i)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68057994&loc=d3e25284-112666 + Details
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