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Stock-Based Compensation and Employee Stock Purchase Program (Tables)
12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Activity Under Stock Incentive Plans

The following is a summary of stock option information and weighted average exercise prices under the Company’s stock incentive plans (in thousands, except share data and price per share):

 

 

 

Shares
Subject to
Outstanding
Options

 

 

Weighted-
Average
Exercise
Price Per
Share

 

 

Aggregate
Intrinsic
Value

 

Outstanding — Balance at December 31, 2020

 

 

22,243

 

 

$

578.40

 

 

$

9,600

 

Options granted

 

 

30,676

 

 

 

110.40

 

 

 

 

Options exercised

 

 

 

 

 

 

 

 

 

Options forfeited

 

 

(11,004

)

 

 

123.60

 

 

 

43,440

 

Options expired

 

 

(6,361

)

 

 

1,160.80

 

 

 

 

Outstanding — Balance at December 31, 2021

 

 

35,554

 

 

 

211.20

 

 

 

 

Options granted

 

 

33,408

 

 

 

44.00

 

 

 

11,880

 

Options exercised

 

 

 

 

 

 

 

 

 

Options forfeited

 

 

(6,658

)

 

 

91.60

 

 

 

 

Options expired

 

 

(2,302

)

 

 

644.80

 

 

 

 

Outstanding — Balance at December 31, 2022

 

 

60,002

 

 

 

114.80

 

 

 

 

Vested and expected to vest — December 31, 2022

 

 

54,018

 

 

 

121.60

 

 

 

 

Exercisable —December 31, 2022

 

 

22,456

 

 

$

215.20

 

 

$

 

Weighted-Average Fair Value Assumption of Stock Option Awards

The fair value of stock option awards was estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumption:

 

 

 

Year Ended December 31,

 

Assumptions

 

2022

 

 

2021

 

Expected term (years)

 

 

6.40

 

 

 

6.31

 

Expected volatility

 

 

122

%

 

 

121

%

Risk-free interest rate

 

 

2.61

%

 

 

0.86

%

Expected dividend yield