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Stock-Based Compensation and Employee Stock Purchase Program (Tables)
6 Months Ended
Jun. 30, 2024
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, 2023

 

 

80,078

 

 

$

85.30

 

 

$

 

Options forfeited

 

 

(3,425

)

 

 

21.71

 

 

 

 

Options expired

 

 

(12,479

)

 

 

164.76

 

 

 

 

Outstanding — Balance at June 30, 2024

 

 

64,174

 

 

$

73.23

 

 

$

 

Vested and expected to vest — June 30, 2024

 

 

72,526

 

 

$

75.84

 

 

$

 

Exercisable — June 30, 2024

 

 

42,084

 

 

$

91.70

 

 

$

 

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,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Expected term (years)

 

 

 

 

 

7.20

 

 

 

 

 

 

7.06

 

Expected volatility

 

 

 

 

 

124

%

 

 

 

 

 

124

%

Risk-free interest rate

 

 

 

 

 

3.59

%

 

 

 

 

 

3.61

%

Dividend yield