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Share-Based Compensation (Tables)
6 Months Ended
Jun. 30, 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 June 30,Six Months Ended June 30,
 2020201920202019
Expected stock price volatility74.9 %74.2 %75.2 %74.2 %
Risk free interest rate0.4 %2.0 %1.6 %2.4 %
Expected life of options (years)(1)
5.675.685.675.68
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 six months ended June 30, 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    
Granted4,225  $9.72    
Exercised(1,663) $6.45    
Forfeited(497) $10.33    
Expired(375) $13.31  
Options outstanding, June 30, 202018,414  $9.40  6.9$105.6  
Vested and unvested expected to vest, June 30, 202017,144  $9.35  6.7$99.4  
Exercisable at June 30, 202010,660  $8.76  5.4$68.2  
Schedule of Non-Vested RSU Activity under the Plan A summary of non-vested RSU activity under the Plan for the six months ended June 30, 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    
Granted3,731  $10.29    
Vested(1,704) $9.04    
Forfeited(335) $10.82    
Non-vested units as of June 30, 20207,484  $11.21  2.6$112.9  
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 June 30,Six Months Ended June 30,
(in thousands)2020201920202019
Equity compensation expense recognized in:
Research and development expense$3,362  $3,952  $8,615  $8,984  
Selling, general, and administrative expense5,046  5,983  12,389  13,695  
Total equity compensation expense$8,408  $9,935  $21,004  $22,679