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Equity Incentive Plans (Tables)
12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Summary of Stock Option Plan Activity

The following table summarizes the stock option plan activity:

 

 

 

Outstanding Options

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

Average

 

 

 

Number of

 

 

Exercise

 

 

 

Shares

 

 

Price

 

Balance at December 31, 2020

 

 

18,912,529

 

 

$

19.59

 

Granted

 

 

2,053,980

 

 

$

12.39

 

Exercised

 

 

(369,978

)

 

$

15.29

 

Cancelled

 

 

(1,652,594

)

 

$

21.69

 

Balance at December 31, 2021

 

 

18,943,937

 

 

$

18.71

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding RSUs

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

Average

 

 

 

Number of

 

 

Grant Date

 

 

 

Shares

 

 

Fair Value

 

Balance at December 31, 2020

 

 

602,741

 

 

$

15.84

 

Granted

 

 

2,448,957

 

 

$

10.86

 

Released

 

 

(154,487

)

 

$

15.98

 

Forfeited

 

 

(94,018

)

 

$

15.07

 

Balance at December 31, 2021

 

 

2,803,193

 

 

$

11.51

 

Schedule of Options Exercisable, Vested or Expected to Vest

 

 

 

Years Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

Average

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

Exercise

 

 

 

 

 

 

Exercise

 

 

 

 

 

 

Exercise

 

 

 

Options

 

 

Price

 

 

Options

 

 

Price

 

 

Options

 

 

Price

 

Exercisable at end of year

 

 

12,243,887

 

 

$

19.13

 

 

 

10,237,202

 

 

$

18.74

 

 

 

7,436,379

 

 

$

17.02

 

Options vested or expected to vest

 

 

18,416,243

 

 

$

18.77

 

 

 

18,179,553

 

 

$

19.58

 

 

 

15,962,432

 

 

$

20.31

 

 

 

Schedule of Exercise Prices And Weighted-average Remaining Contractual Lives For Options Outstanding

Exercise prices and weighted-average remaining contractual lives for the options outstanding as of December 31, 2021 were:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

Average

 

 

Weighted-

 

 

 

 

 

 

Exercise

 

 

 

 

 

 

 

Remaining

 

 

Average

 

 

 

 

 

 

Price of

 

Outstanding

 

 

Range of

 

Contractual

 

 

Exercise

 

 

Options

 

 

Options

 

Options

 

 

Exercise Prices

 

Life (in years)

 

 

Price

 

 

Exercisable

 

 

Exercisable

 

 

2,697,794

 

 

$7.20–$10.55

 

 

5.28

 

 

$

9.09

 

 

 

1,598,055

 

 

$

8.17

 

 

2,266,285

 

 

$10.64–$15.15

 

 

5.84

 

 

 

13.40

 

 

 

1,663,593

 

 

 

13.39

 

 

3,307,235

 

 

$15.22-$15.72

 

 

8.54

 

 

 

15.71

 

 

 

1,035,174

 

 

 

15.70

 

 

2,824,254

 

 

$15.75–$18.18

 

 

5.73

 

 

 

16.94

 

 

 

2,518,197

 

 

 

16.91

 

 

3,045,374

 

 

$18.26–$24.97

 

 

6.56

 

 

 

23.04

 

 

 

2,276,351

 

 

 

23.17

 

 

3,102,637

 

 

$25.02

 

 

7.76

 

 

 

25.02

 

 

 

1,619,032

 

 

 

25.02

 

 

1,700,358

 

 

$25.06–$39.00

 

 

5.23

 

 

 

30.53

 

 

 

1,533,485

 

 

 

30.52

 

 

18,943,937

 

 

 

 

 

6.59

 

 

 

18.71

 

 

 

12,243,887

 

 

 

19.13

 

 

Summary of Stock-Based Compensation Expense related to Stock-Based Payment Awards

The following table summarizes stock-based compensation expense related to stock-based payment awards pursuant to our equity compensation arrangements (in thousands):

 

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Research and development

 

$

19,482

 

 

$

20,731

 

 

$

19,202

 

General and administrative

 

 

11,816

 

 

 

15,601

 

 

 

13,564

 

Sales and marketing

 

 

15,553

 

 

 

13,886

 

 

 

18,645

 

Total stock-based compensation expense

 

$

46,851

 

 

$

50,218

 

 

$

51,411

 

 

Summary of Fair Value of Option Grant and ESPP Purchase Right on Grant Date Using Black-Scholes Option Pricing Model

We estimated the fair value of each option grant and ESPP purchase right on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions:

Options:

 

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Risk-free interest rate

 

 

1.1

%

 

 

0.5

%

 

 

1.8

%

Dividend yield

 

 

%

 

 

%

 

 

%

Volatility

 

 

62.6

%

 

 

69.4

%

 

 

66.5

%

Expected life (years)

 

 

6

 

 

 

6

 

 

 

6

 

 

 

ESPP:

 

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Risk-free interest rate

 

 

0.1

%

 

 

0.1

%

 

 

1.9

%

Dividend yield

 

 

%

 

 

%

 

 

%

Volatility

 

 

46.9

%

 

 

67.7

%

 

 

52.1

%

Expected life (months)

 

 

6

 

 

 

6

 

 

 

6