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Stock Based Compensation
 9 Months Ended
Sep. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Based Compensation Stock Based Compensation
Stock Options
The following table summarizes stock option activity under our 2013 Equity Incentive Plan (the “2013 Plan”) and an Inducement Plan, and related information during the nine months ended September 30, 2019:
 
Shares
Subject to
Outstanding
Options
 
Weighted-
Average Exercise
Price Per Share
Balance at December 31, 2018
7,507,690

 
$
33.25

Options granted
1,962,744

 
27.65

Options exercised
(821,489
)
 
21.68

Options canceled
(996,552
)
 
38.69

Balance at September 30, 2019
7,652,393

 
$
32.35


Performance Stock Options (“PSOs”)
In March 2019, the Compensation Committee of our Board of Directors approved a program to award up to 490,986 PSOs to the management team based on the achievement of certain net revenue goals. The following table summarizes PSO activities under our 2013 Plan and related information during the nine months ended September 30, 2019:
 
Shares
Subject to
Outstanding
PSOs
 
Weighted-
Average Exercise
Price Per Share
Balance at December 31, 2018
143,335

 
$
23.76

Options granted
490,986

 
33.29

Options exercised
(31,667
)
 
23.76

Options canceled
(24,187
)
 
33.29

Balance at September 30, 2019
578,467

 
$
31.45


Restricted Stock Units (“RSUs”)
The following table summarizes RSU activity under our 2013 Plan and Inducement Plan, and related information during the nine months ended September 30, 2019:
 
Shares
Subject to
Outstanding
RSUs
 
Weighted-
Average Grant Date
Fair Value Per Share
Balance at December 31, 2018
979,278

 
$
34.00

RSUs granted
767,143

 
27.75

RSUs released
(359,726
)
 
35.24

RSUs canceled
(133,114
)
 
34.88

Balance at September 30, 2019
1,253,581

 
$
29.73


Performance Stock Units (“PSUs”)
The following table summarizes PSU activity under our 2013 Plan and related information during the nine months ended September 30, 2019:
 
Subject to
Outstanding
PSUs
 
Weighted-
Average Grant Date
Fair Value Per Share
Balance at December 31, 2018
153,503

 
$
29.85

PSUs granted
—

 
—

PSUs released
(52,670
)
 
28.29

PSUs canceled
(87,708
)
 
30.36

Balance at September 30, 2019
13,125

 
$
32.66

 
The table below sets forth the functional classification of stock-based compensation expense for the periods presented (in thousands):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Research and development
$
3,731

 
$
4,379

 
$
17,437

 
$
14,151

Selling, general and administrative
7,315

 
7,014

 
23,756

 
21,436

Stock-based compensation expense included in total expenses
$
11,046

 
$
11,393

 
$
41,193

 
$
35,587

 
 
 
 
 
 
 
 
Capitalized stock-based compensation costs
$
(569
)
 
$
—

 
$
(927
)
 
$
—