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Stock Incentive Plans (Tables)
6 Months Ended
Jun. 30, 2020
Summary of Stock Option Activity

Options Outstanding

 

    

    

Weighted

    

Weighted

    

 

Number

Average

Average Remaining

Aggregate

 

of

Exercise

Contractual

Intrinsic

 

Shares

Price

Term (Years)

Value

 

Balances at December 31, 2019

    

16,288

    

$

3.56

    

Options granted

 

210

$

9.00

Options canceled

 

(287)

$

5.35

Options exercised

 

(3,460)

$

3.36

Balances at June 30, 2020

 

12,751

$

3.66

 

6.98

$

71,487

Options exercisable at June 30, 2020

 

8,619

$

3.28

 

6.71

$

51,668

Schedule of Assumptions Used to Estimate Fair Value of Options

Stock Options

Three Months Ended

Six Months Ended

June 30, 

 

June 30, 

 

   

2020

   

2019

 

2020

   

2019

 

Dividend yield

 

%

 

%

 

%

 

%

Risk-free interest rate

 

0.28

%

 

2.07

%

 

0.28

%

 

2.15

%

Expected volatility

 

69.3

%

 

56.1

%

 

69.3

%

 

56.1

%

Expected term (years)

 

4.00

 

4.00

 

4.00

 

4.00

Schedule of Stock-Based Compensation Expense by Line Item

Three Months Ended

Six Months Ended

June 30, 

June 30, 

    

2020

   

2019

2020

   

2019

Research and development (1)

$

5,298

$

1,128

$

9,260

$

5,074

Sales and marketing

 

1,013

 

55

 

1,888

 

881

General and administrative

 

1,795

 

852

 

3,340

 

2,887

Total stock-based compensation expense (2)

$

8,106

$

2,035

$

14,488

$

8,842

(1)For the three and six months ended June 30, 2020, stock-based compensation expense recorded in research and development includes $486 and $630 from PSUs classified as liabilities.
(2)Stock-based compensation expense for the three and six months ended June 30, 2019 included a reversal of previously accrued expense of $2,526 due to a decrease in the vesting probability of certain performance-based equity awards.
Schedule of compensation expense related to unvested awards

The following table summarizes total compensation expense related to unvested awards not yet recognized as of June 30, 2020:

Unrecognized Compensation

Expense for Unvested

Awards

Stock options

$

8,276

RSUs

33,063

PSUs (1)

7,048

PSOs

638

Total unrecognized compensation expense

$

49,025

(1)The unrecognized compensation expense for PSUs classified as equity and vesting in fiscal years 2022 and 2023, except for PSUs classified as liabilities, is excluded in the table above as the Company does not have a reasonable basis upon which to estimate the vesting probability of such awards in those future periods.
Restricted stock units ("RSUs")  
Summary of Company's Performance-based Awards

    

    

    

Weighted

Weighted

Number of

Average

Average Remaining

Aggregate

Units

Grant Date

Contractual

Intrinsic

   

Outstanding

   

Fair Value

Term (Years)

Value

Awarded and unvested, December 31, 2019

 

3,951

$

5.66

Granted

 

3,013

$

6.40

Vested

 

(885)

$

4.88

Forfeited

 

(190)

$

5.78

Awarded and unvested, June 30, 2020

 

5,889

$

6.15

1.73

$

54,592

Performance stock units ("PSUs")  
Summary of Company's Performance-based Awards

    

    

    

Weighted

Weighted

Number of

Average

Average Remaining

Aggregate

Units

Grant Date

Contractual

Intrinsic

   

Outstanding

   

Fair Value

Term (Years)

Value

Awarded and unvested, December 31, 2019

5,417

$

6.06

Vested

(276)

$

3.61

Forfeited

(1,370)

$

6.85

Awarded and unvested, June 30, 2020

3,771

$

5.95

1.24

$

34,953

PSUs expected to vest at June 30, 2020

1,625

$

5.56

0.63

$

15,068

Performance stock options ("PSOs")  
Summary of Stock Option Activity

    

    

    

Weighted

Weighted

Number of

Average

Average Remaining

Aggregate

Shares

Exercise

Contractual

Intrinsic

   

Outstanding

   

Price

Term (Years)

Value

Balance as of December 31, 2019

6,583

$

4.54

Canceled

(1,377)

$

6.18

Exercised

(948)

$

3.61

Balance as of June 30, 2020

4,258

$

4.21

7.53

$

21,531

PSOs expected to vest at June 30, 2020

526

$

3.60

7.35

$

2,984

PSOs exercisable at June 30, 2020

2,800

$

3.59

7.30

$

15,892