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Stock-Based Compensation and Employee Stock Purchase Program (Tables)
6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Activity Under Stock Incentive Plans

The following is a summary of stock option information and weighted average exercise prices under the Company’s stock incentive plans (in thousands, except share data and price per share):

 

 

 

Shares
Subject to
Outstanding
Options

 

 

Weighted-
Average
Exercise
Price Per
Share

 

 

Aggregate
Intrinsic
Value

 

Outstanding — Balance at December 31, 2022

 

 

60,002

 

 

$

114.80

 

 

$

 

Options granted

 

 

26,021

 

 

 

6.38

 

 

 

 

Options exercised

 

 

 

 

 

 

 

 

 

Options forfeited

 

 

(1,058

)

 

 

39.05

 

 

 

39,062

 

Options expired

 

 

(210

)

 

 

118.35

 

 

 

 

Outstanding — Balance at June 30, 2023

 

 

84,755

 

 

$

82.21

 

 

$

 

Vested and expected to vest — June 30, 2023

 

 

76,998

 

 

$

87.98

 

 

$

 

Exercisable — June 30, 2023

 

 

35,364

 

 

$

155.85

 

 

$

 

Weighted-Average Fair Value Assumption of Stock Option Awards

The fair value of stock option awards was estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumption:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Expected term (years)

 

 

7.20

 

 

 

6.85

 

 

 

7.06

 

 

 

6.61

 

Expected volatility

 

 

124

%

 

 

123

%

 

 

124

%

 

 

122

%

Risk-free interest rate

 

 

3.59

%

 

 

2.85

%

 

 

3.61

%

 

 

2.48

%

Dividend yield