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Share-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of Fair Value of Options
The fair value of the stock options granted is estimated on the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions:
 Three Months Ended March 31,
 20202019
Expected stock price volatility75.2 %74.2 %
Risk free interest rate1.7 %2.5 %
Expected life of options (years)(1)
5.675.68
Expected annual dividend per share$—  $—  
 ______________________________
(1) The average expected life is determined using actual historical data.
Schedule of Stock Options Activity
A summary of the Company's stock options for the three months ended March 31, 2020 were as follows:
Number of
Shares
Weighted Average Exercise 
Price
Weighted Average Remaining
Years
Aggregate
Intrinsic
Value
 (in thousands)  (in millions)
Options outstanding, December 31, 201916,724  $9.15    
Granted3,944  $9.57    
Exercised(968) $6.28    
Forfeited(355) $10.40    
Expired(259) $13.08  
Options outstanding, March 31, 202019,086  $9.30  7.0$23.5  
Vested and unvested expected to vest, March 31, 202017,629  $9.23  6.8$23.4  
Exercisable at March 31, 202010,808  $8.59  5.4$21.4  
Schedule of Non-Vested RSU Activity under the Plan A summary of non-vested RSU activity under the Plan for the three months ended March 31, 2020 is as follows:
Number of Shares
Weighted
Average Grant
Date Fair
Value
Weighted 
Average
Remaining 
Years
Aggregate
Intrinsic
Value
(in thousands)(in millions)
Non-vested units as of December 31, 20195,792  $11.18    
Granted3,600  $10.25    
Vested(1,600) $8.94    
Forfeited(230) $10.67    
Non-vested units as of March 31, 20207,562  $11.18  2.7$69.9  
Schedule of Equity Compensation Expenses
The following table summarizes information related to compensation expense recognized in the Consolidated Statements of Operations related to the equity awards:
 Three Months Ended March 31,
(in thousands)20202019
Equity compensation expense recognized in:
Research and development expense$5,253  $5,032  
Selling, general, and administrative expense7,343  7,712  
Total equity compensation expense$12,596  $12,744