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Employee Equity-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

The following table summarizes option activity under all plans for the nine months ended September 30, 2020:


	Number of Shares	Weighted Average Exercise Price per Share
Options Outstanding January 1, 2020	10,132,562	$	12.28
Granted	1,693,083	8.55
Forfeited	(486,864)	13.86
Exercised	(2,219,281)	2.01
Expired	(167,187)	19.83
Options Outstanding September 30, 2020	8,952,313	$	13.89

Inputs to Calculate Estimated Fair Value of Options Awarded

The table below summarizes the resulting weighted average inputs used to calculate the estimated fair value of options awarded for the three months ended September 30, 2020 and 2019:


	Three Months Ended September 30,
	2020			2019
Expected term (in years)	6.14			6.46
Volatility	62		%	59		%
Expected dividends	—			—
Risk free interest rates	0.42		%	1.47		%
Weighted average fair value	$	8.10		$	9.66

Stock Option Supplemental Information

The following table shows summary information for outstanding options and options that are exercisable (vested) as of September 30, 2020:


	Options Outstanding		Options Exercisable
Number of options	8,952,313		4,767,274
Weighted average remaining contractual term (in years)	6.26		4.51
Weighted average exercise price	$	13.89	$	13.28
Weighted average fair value	$	8.73	$	8.60
Aggregate intrinsic value (in thousands)	$	15,514	$	12,387

Restricted Stock Unit (RSU) Activity

The following table summarizes RSU and restricted stock award activity for the nine months ended September 30, 2020:


	Number of Shares	Weighted Average Grant Date Fair Value per Share
Outstanding January 1, 2020	14,332	$	16.66
Granted	807,751	11.47
Forfeited	(31,307)	9.72
Vested/released	(68,641)	9.85
Outstanding September 30, 2020	722,135	$	11.80

Equity-Based Compensation Expenses

The table below summarizes equity-based compensation expense for the three and nine months ended September 30, 2020 and 2019 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Cost of sales	$	119	$	65	$	249	$	172
Research and development	1,349		897		2,807		3,226
Sales, general and administrative	3,208		2,169		9,235		6,011
	$	4,676	$	3,131	$	12,291	$	9,409

The table below summarizes share-based compensation cost capitalized to inventory or inventory transferred to property and equipment (also referred to as instruments) for the three and nine months ended September 30, 2020 and 2019 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Cost capitalized to inventory	$	61	$	92	$	199	$	332

The table below summarizes share-based compensation cost in connection with performance-based stock options for the nine months ended September 30, 2020 and 2019 (in thousands):


	Nine Months Ended September 30,
	2020		2019
Performance-based stock option expense	$	109	$	107

The table below summarizes share-based compensation cost in connection with performance-based stock options for the nine months ended September 30, 2020 and 2019 (in thousands):


	Nine Months Ended September 30,
	2020		2019
Performance-based RSU expense	$	401	$	—