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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2022
Information Regarding Stock Options Outstanding Stock Options Vested and Expected to Vest and Stock Options Exercisable

Information regarding the Company’s stock options outstanding, stock options vested and expected to vest, and stock options exercisable at December 31, 2022, was as follows (in thousands except weighted average exercise price and contractual term):

 

 

 

Number of Shares

 

 

Weighted Average
Exercise
Price

 

 

Weighted Average
Remaining
Contractual Term
(Years)

 

Aggregate
Intrinsic Value

 

Balances at December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

Stock options outstanding

 

 

15,756

 

 

$

5.12

 

 

 

4.85

 

$

173

 

Stock options vested and expected to vest

 

 

15,655

 

 

 

5.12

 

 

 

4.82

 

 

173

 

Stock options exercisable

 

 

12,680

 

 

 

4.98

 

 

 

3.96

 

 

173

 

Recognition of Stock-Based Compensation Expense

Stock-based compensation expense recognized on the Company’s consolidated statements of operations for the years ended December 31, 2022, 2021 and 2020, was as follows (in thousands):

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Research and development

 

$

5,635

 

 

$

4,950

 

 

$

3,739

 

Selling, general and administrative

 

 

18,821

 

 

 

18,621

 

 

 

14,290

 

Total stock-based compensation expense

 

$

24,456

 

 

$

23,571

 

 

$

18,029

 

Weighted Average Assumptions Used to Value Stock-Based Awards

The weighted average assumptions used to value the Company’s stock-based awards for the years ended December 31, 2022, 2021 and 2020, was as follows:

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Stock Options:

 

 

 

 

 

 

 

 

 

Expected term (in years)

 

 

6.82

 

 

 

6.97

 

 

 

6.89

 

Estimated volatility

 

 

55

%

 

 

55

%

 

 

52

%

Risk-free interest rate

 

 

1.89

%

 

 

1.16

%

 

 

0.94

%

Expected dividend yield

 

 

0

%

 

 

0

%

 

 

0

%

Employee Stock Purchase Plan Rights:

 

 

 

 

 

 

 

 

 

Expected term (in years)

 

 

0.74

 

 

 

0.74

 

 

 

0.72

 

Estimated volatility

 

 

56

%

 

 

56

%

 

 

53

%

Risk-free interest rate

 

 

2.25

%

 

 

0.07

%

 

 

0.86

%

Expected dividend yield

 

 

0

%

 

 

0

%

 

 

0

%

2008 Equity Incentive Plan  
Activity Under Equity Incentive Plans Related to Stock Options

Activity under the Company’s equity incentive plans related to stock options is set forth below (in thousands except per share amounts):

 

 

Number of
Options Outstanding

 

 

Weighted Average
Exercise Price
per Share

 

Balance at December 31, 2021

 

 

15,092

 

 

$

5.02

 

Granted

 

 

1,682

 

 

 

5.62

 

Exercised

 

 

(778

)

 

 

3.89

 

Forfeited/canceled

 

 

(240

)

 

 

5.81

 

Balance at December 31, 2022

 

 

15,756

 

 

 

5.12

 

Activity Under Equity Incentive Plans Related to RSUs

Activity under the Company’s equity incentive plans related to RSUs is set forth below (in thousands except per share amounts):

 

 

Number of
RSUs Unvested

 

 

Weighted Average
Grant Date Fair Value
per Share

 

Balance at December 31, 2021

 

 

6,690

 

 

$

5.90

 

Granted (1)

 

 

5,330

 

 

 

5.55

 

Vested (1)

 

 

(2,880

)

 

 

5.66

 

Forfeited (1)

 

 

(643

)

 

 

6.00

 

Balance at December 31, 2022

 

 

8,497

 

 

 

5.76

 

(1)
Includes shares issuable under performance-based restricted stock unit awards.