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Stock-Based Compensation and Employee Stock Purchase Program (Tables)
12 Months Ended
Dec. 31, 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, 2021

 

 

35,554

 

 

$

211.20

 

 

$

 

Options granted

 

 

33,408

 

 

 

44.00

 

 

 

11,880

 

Options exercised

 

 

 

 

 

 

 

 

 

Options forfeited

 

 

(6,658

)

 

 

91.60

 

 

 

 

Options expired

 

 

(2,302

)

 

 

644.80

 

 

 

 

Outstanding — Balance at December 31, 2022

 

 

60,002

 

 

 

114.80

 

 

 

 

Options granted

 

 

26,021

 

 

 

6.38

 

 

 

 

Options exercised

 

 

 

 

 

 

 

 

 

Options forfeited

 

 

(5,644

)

 

 

29.58

 

 

 

39,062

 

Options expired

 

 

(301

)

 

 

121.05

 

 

 

 

Outstanding — Balance at December 31, 2023

 

 

80,078

 

 

 

85.30

 

 

 

 

Vested and expected to vest — December 31, 2023

 

 

74,608

 

 

 

89.85

 

 

 

 

Exercisable —December 31, 2023

 

 

41,735

 

 

$

139.82

 

 

$

 

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:

 

 

 

Year Ended December 31,

 

Assumptions

 

2023

 

 

2022

 

Expected term (years)

 

 

7.06

 

 

 

6.40

 

Expected volatility

 

 

124

%

 

 

122

%

Risk-free interest rate

 

 

3.61

%

 

 

2.61

%

Expected dividend yield