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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2024
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, 2024, 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

 

Balance at December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

Stock options outstanding

 

 

12,297

 

 

$

5.10

 

 

 

3.60

 

 

 

Stock options vested and expected to vest

 

 

12,295

 

 

 

5.10

 

 

 

3.60

 

 

 

Stock options exercisable

 

 

11,796

 

 

 

5.06

 

 

 

3.46

 

 

 

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, 2024, 2023 and 2022, was as follows (in thousands):

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Research and development

 

$

5,897

 

 

$

5,823

 

 

$

5,635

 

Selling, general and administrative

 

 

16,970

 

 

 

14,448

 

 

 

18,821

 

Total stock-based compensation expense

 

$

22,867

 

 

$

20,271

 

 

$

24,456

 

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, 2024, 2023 and 2022, was as follows:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Stock Options:

 

 

 

 

 

 

 

 

 

Expected term (in years)

 

 

 

 

 

 

 

 

6.82

 

Estimated volatility

 

 

 

 

 

 

 

 

55

%

Risk-free interest rate

 

 

 

 

 

 

 

 

1.89

%

Expected dividend yield

 

 

 

 

 

 

 

 

0

%

Employee Stock Purchase Plan Rights:

 

 

 

 

 

 

 

 

 

Expected term (in years)

 

 

0.75

 

 

 

0.75

 

 

 

0.74

 

Estimated volatility

 

 

79

%

 

 

70

%

 

 

56

%

Risk-free interest rate

 

 

4.66

%

 

 

5.29

%

 

 

2.25

%

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, 2023

 

 

14,515

 

 

$

5.20

 

Granted

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

Forfeited/canceled

 

 

(2,218

)

 

 

5.79

 

Balance at December 31, 2024

 

 

12,297

 

 

 

5.10

 

 

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, 2023

 

 

10,686

 

 

$

3.74

 

Granted (1)

 

 

7,729

 

 

 

2.14

 

Vested (1)

 

 

(4,029

)

 

 

4.22

 

Forfeited (1)

 

 

(725

)

 

 

3.02

 

Balance at December 31, 2024

 

 

13,661

 

 

 

2.73

 

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