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Equity and Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

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,
		2021				2020
Common stock outstanding			92,881				91,441
Stock options outstanding			8,967				9,290
RSUs outstanding			2,304				1,893
Shares reserved for future stock options and RSUs grant			10,253				7,910
Shares reserved for future ESPP offering			4,771				4,070
Total shares of common stock reserved			119,176				114,604

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, 2020			9,290			$	32.94
Granted			3,452				35.58
Exercised			(688	)			13.89
Expired			(1,259	)			35.40
Forfeited			(1,828	)			34.07
Outstanding at December 31, 2021			8,967				34.84				6.41			$	2,622
Vested and expected to vest, December 31, 2021			8,535				34.76				6.28				2,460
Exercisable at December 31, 2021			5,241			$	32.80				4.78			$	1,408

Summary of RSU Activity

The following table summarizes RSU activity:

		Shares (In thousands)				Fair Value at Grant
Unvested at December 31, 2020			1,893			$	37.60
Granted			1,808				30.19
Vested			(828	)			37.66
Forfeited			(569	)			42.28
Unvested at December 31, 2021			2,304			$	30.60

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, 2021, 2020 and 2019 was as follows (in thousands):

		Years Ended December 31,
		2021				2020				2019
Research and development		$	40,547			$	46,229			$	41,015
Selling, general and administrative			30,614				26,491				25,252
Total stock-based compensation expense		$	71,161			$	72,720			$	66,267

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,
		2021					2020					2019
Stock Options
Expected term (in years)			5.7					5.7					5.3
Expected volatility			61.9		%			67.1		%			68.0		%
Risk-free interest rate			0.8		%			0.8		%			2.4		%
Expected dividend yield			—					—					—
Weighted average estimated fair value		$	20.21				$	18.36				$	31.98
ESPPs
Expected term (in years)		0.5 - 2.0					0.5 - 2.0					0.5 - 2.0
Expected volatility		47.1 - 104.4			%		47.5 - 77.1			%		48.1 - 62.1			%
Risk-free interest rate		0.0 - 2.2			%		0.1 - 2.9			%		1.3 - 2.9			%
Expected dividend yield			—					—					—
Weighted average estimated fair value		$	12.40				$	17.53				$	19.27

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