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Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Schedule of Estimated Grant-Date Fair Value of ESPP
The estimated grant-date fair value of the ESPP purchase rights was calculated using the Black-Scholes option-pricing model, based on the following assumptions:
Three Months Ended March 31, 2022
Risk-free interest rate0.60%
Expected volatility78.38%
Expected term (in years)0.50
Fair value of common stock$17.00
Summary of Stock Option Activities
A summary of the stock option activity, including the CEO Performance Award, for the three months ended March 31, 2022 is as follows (in thousands, except share amounts, per share amounts, and years):
 
Options
Outstanding
Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Life (Years)
Aggregate
Intrinsic
Value
Outstanding at December 31, 2021
7,684,778$12.91 9.04$188,722 
Exercised(534,019)$1.63 
Cancelled/Forfeited(1,642,827)$19.33 
Outstanding at March 31, 2022
5,507,932$12.09 6.77$30,556 
 Vested and exercisable at March 31, 2022
2,061,512$5.68 7.00$15,548 
Summary of Estimated Grant Date Fair Value of Company's Stock Based Option Awards
The estimated grant-date fair value of the Company’s stock-based option awards was calculated using the Black-Scholes option-pricing model, based on the following assumptions:
Three Months Ended March 31,
20212022
Risk-free interest rate
0.33% - 1.04%
—
Expected volatility50.00%—
Expected term (in years)
4.05 - 6.22
—
Summary of Nonvested Restricted Stock Unit Awards
The following table summarizes the activity related to RSUs for the three months ended March 31, 2022:
 
RSUs
Outstanding
Weighted-Average
Grant Date Fair
Value per Share
Unvested and outstanding at December 31, 2021
5,949,798 $46.54 
Granted142,183 $22.26 
Vested(627,927)$41.18 
Cancelled(685,941)$49.98 
Unvested and outstanding at March 31, 2022
4,778,113 $46.03 
Vested and outstanding at March 31, 2022
190,028 $16.15 
Summary of Nonvested Shareholder Value Awards Activity
The following table summarizes the activity related to SVAs for the three months ended March 31, 2022:
 
SVAs
Outstanding
Weighted-Average
Grant Date Fair
Value per Share
Unvested and outstanding at December 31, 2021
315,559 $5.29 
Vested(84,478)$3.26 
Cancelled(8,384)$2.97 
Unvested and outstanding at March 31, 2022
222,697 $6.15 
Vested and outstanding at March 31, 2022
— $— 
Summary of Total Stock-based Compensation Expense
Total stock-based compensation expense was as follows (in thousands):
Three Months Ended March 31,
20212022
Research and development$1,669 $17,464 
Selling, general and administrative4,620 10,063 
Total stock-based compensation expense$6,289 $27,527