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Equity and Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

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 RSU grants and the Company’s Employee Stock Purchase Plan (“ESPP”) purchases are as follows (in thousands):

		December 31,
		2020				2019
Common stock outstanding			91,441				87,657
Stock options outstanding			9,290				10,018
RSUs outstanding			1,893				1,483
Shares reserved for future stock options and RSUs grant			7,910				7,725
Shares reserved for future ESPP offering			4,070				3,337
Total shares of common stock reserved			114,604				110,220

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, 2019			10,018			$	26.63
Granted			2,692				31.55
Exercised			(3,113	)			10.73
Expired			(73	)			39.92
Forfeited			(234	)			40.11
Outstanding at December 31, 2020			9,290				32.94				6.60			$	86,013
Vested and expected to vest, December 31, 2020			8,929				32.76				6.50				84,125
Exercisable at December 31, 2020			5,576			$	29.50				5.10			$	66,943

Summary of RSU Activity

The following table summarizes RSU activity:

		Shares (In thousands)				Fair Value at Grant
Unvested at December 31, 2019			1,483			$	49.05
Granted			1,354				29.99
Vested			(813	)			45.55
Forfeited			(131	)			39.25
Unvested at December 31, 2020			1,893			$	37.60

Schedule of Recorded Stock-Based Compensation Expense

Stock-based compensation expense was recorded directly to research and development and selling, general and administrative expense for the years ended December 31, 2020, 2019 and 2018 was as follows (in thousands):

		Years Ended December 31,
		2020				2019				2018
Research and development		$	46,229			$	41,015			$	30,491
Selling, general and administrative			26,491				25,252				21,651
Total stock-based compensation expense		$	72,720			$	66,267			$	52,142

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,
		2020					2019					2018
Stock Options
Expected term (in years)			5.7					5.3					5.4
Expected volatility			67.1		%			68.0		%			67.9		%
Risk-free interest rate			0.8		%			2.4		%			2.7		%
Expected dividend yield			—					—					—
Weighted average estimated fair value		$	18.36				$	31.98				$	32.12
ESPPs
Expected term (in years)		0.5 - 2.0					0.5 - 2.0					0.5 - 2.0
Expected volatility		47.5 - 77.1			%		48.1 - 62.1			%		47.3 - 75.3			%
Risk-free interest rate		0.1 - 2.9			%		1.3 - 2.9			%		0.8 - 2.9			%
Expected dividend yield			—					—					—
Weighted average estimated fair value		$	17.53				$	19.27				$	16.27

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