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Equity and Stock-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [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, |
|  | 2023 |  |  | 2022 |
Common stock outstanding |  |  | 98,770 |  |  |  | 94,166 |
Stock options outstanding |  |  | 11,104 |  |  |  | 9,088 |
RSUs outstanding |  |  | 4,404 |  |  |  | 3,669 |
Shares reserved for future stock options and RSUs grant |  |  | 10,769 |  |  |  | 11,524 |
Shares reserved for future ESPP offering |  |  | 5,952 |  |  |  | 5,373 |
Total shares of common stock reserved |  |  | 130,999 |  |  |  | 123,820 |
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 Price per Share |  |  | Weighted Average Remaining Contractual Life (In Years) |  |  | Aggregate Intrinsic Value (In thousands) |
Outstanding at December 31, 2022 |  |  | 9,088 |  |  | $ | 29.19 |  |  |  |  |  |  |
Granted |  |  | 5,738 |  |  |  | 7.27 |  |  |  |  |  |  |
Exercised |  |  | (122 | ) |  |  | 12.42 |  |  |  |  |  |  |
Forfeited |  |  | (1,725 | ) |  |  | 22.49 |  |  |  |  |  |  |
Expired |  |  | (1,875 | ) |  |  | 34.38 |  |  |  |  |  |  |
Outstanding at December 31, 2023 |  |  | 11,104 |  |  |  | 18.21 |  |  |  | 7.26 |  |  | $ | 83 |
Vested and expected to vest, December 31, 2023 |  |  | 10,224 |  |  |  | 19.21 |  |  |  | 7.11 |  |  |  | 68 |
Exercisable at December 31, 2023 |  |  | 4,688 |  |  | $ | 30.66 |  |  |  | 5.04 |  |  | $ | — |
Summary of RSU,PRSU and TSR Awards | The following table summarizes the activities of RSUs, PRSUs and TSR awards:
|  | Shares (In thousands) |  |  | Weighted Average Fair Value at Grant |
Unvested at December 31, 2022 |  |  | 3,669 |  |  | $ | 18.80 |
Granted |  |  | 4,612 |  |  |  | 11.61 |
Vested |  |  | (2,002 | ) |  |  | 14.70 |
Forfeited |  |  | (1,875 | ) |  |  | 20.58 |
Unvested at December 31, 2023 |  |  | 4,404 |  |  | $ | 12.37 |
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, 2023, 2022 and 2021 was as follows (in thousands):
|  | Years Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Research and development |  | $ | 25,462 |  |  | $ | 34,861 |  |  | $ | 40,547 |
Selling, general and administrative |  |  | 25,305 |  |  |  | 30,740 |  |  |  | 30,614 |
Total stock-based compensation expense |  | $ | 50,767 |  |  | $ | 65,601 |  |  | $ | 71,161 |
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, |  |
|  | 2023 |  |  |  | 2022 |  |  |  | 2021 |  |
Stock Options |  |  |  |  |  |  |  |  |  |  |  |
Expected term (in years) |  |  | 6.1 |  |  |  |  | 5.7 |  |  |  |  | 5.7 |  |
Expected volatility |  |  | 92.8 |  | % |  |  | 66.8 |  | % |  |  | 61.9 |  | %
Risk-free interest rate |  |  | 3.0 |  | % |  |  | 2.2 |  | % |  |  | 0.8 |  | %
Expected dividend yield |  |  | — |  |  |  |  | — |  |  |  |  | — |  |
Weighted average estimated fair value |  | $ | 4.67 |  |  |  | $ | 7.88 |  |  |  | $ | 20.21 |  |
ESPPs |  |  |  |  |  |  |  |  |  |  |  |
Expected term (in years) |  | 0.5 - 2.0 |  |  |  | 0.5 - 2.0 |  |  |  | 0.5 - 2.0 |  |
Expected volatility |  | 56.7 - 271.2 |  | % |  | 58.5 - 97.6 |  | % |  | 47.1 - 104.4 |  | %
Risk-free interest rate |  | 0.2 - 5.2 |  | % |  | 0.1 - 4.5 |  | % |  | 0.0 - 2.2 |  | %
Expected dividend yield |  |  | — |  |  |  |  | — |  |  |  |  | — |  |
Weighted average estimated fair value |  | $ | 5.64 |  |  |  | $ | 8.60 |  |  |  | $ | 12.40 |  |
Schedule of Assumptions used to Estimate Fair Value of TSR Awards | The assumptions used to estimate the fair value of the TSR awards using the Monte Carlo valuation model were as follows:
|  | Year Ended December 31, |  |
|  | 2023 |  |  |  | 2022 |  |
TSR awards |  |  |  |  |  |  |  |
Expected term (in years) |  |  | 3.9 |  |  |  |  | 3.9 |  |
Expected volatility |  | 69.0 - 73.3 |  | % |  |  | 69.0 |  | %
Risk-free interest rate |  | 1.8 - 4.2 |  | % |  |  | 1.8 |  | %
Expected dividend yield |  |  | — |  |  |  |  | — |  |
Weighted average estimated fair value |  | $ | 28.90 |  |  |  | $ | 24.01 |  |

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