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Stock Incentive Plans and Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Stock Option Activity The following table summarizes all stock option activity for the year ended December 31, 2021:

 

In thousands (except per share amounts and years)

 

Number of
Shares

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term

 

Aggregate
Intrinsic
Value

 

Outstanding as of January 1, 2021

 

 

16,664

 

 

$

8.00

 

 

 

 

 

 

Granted

 

 

4,813

 

 

 

5.12

 

 

 

 

 

 

Forfeited

 

 

(1,481

)

 

 

10.88

 

 

 

 

 

 

Expired

 

 

(299

)

 

 

12.04

 

 

 

 

 

 

Exercised

 

 

(1,204

)

 

 

2.43

 

 

 

 

 

 

Outstanding as of December 31, 2021

 

 

18,493

 

 

 

7.32

 

 

6.4 years

 

$

7,762

 

Exercisable as of December 31, 2021

 

 

12,487

 

 

 

6.81

 

 

5.2 years

 

$

7,744

 

Vested and expected to vest as of December 31, 2021

 

 

18,193

 

 

$

7.30

 

 

6.3 years

 

$

7,761

 

Available for future grant as of December 31, 2021

 

 

13,229

 

 

 

 

 

 

 

 

 

Assumptions Used to Estimate Fair Value of Share-Based Payment Awards

For 2021, 2020, and 2019, the Company used the following assumptions to estimate the fair value of share-based payment awards:

 

 

 

2021

 

2020

 

2019

Risk-free interest rate

 

0.53% - 1.36%

 

0.33% - 1.74%

 

1.55% - 2.95%

Expected dividend yield

 

0.00%

 

0.00%

 

0.00%

Expected option life (years)

 

6.25

 

6.25

 

6.25

Expected volatility

 

96% - 99%

 

84% - 99%

 

92% - 94%

Restricted Stock Unit Activity The following table presents the restricted stock unit activity for the years ended December 31, 2021 and 2020:

 

In thousands (except per share amounts)

 

Shares

 

 

Weighted Average
Grant Date Fair
Value

 

Outstanding as of January 1, 2021

 

 

7,710

 

 

 

9.67

 

Granted

 

 

7,725

 

 

 

5.07

 

Vested

 

 

(4,057

)

 

 

5.98

 

Forfeited

 

 

(2,101

)

 

 

8.57

 

Outstanding as of December 31, 2021

 

 

9,277

 

 

$

7.70

 

Stock-Based Compensation Expense Related to Option Awards

The following table presents the stock-based compensation expense related to stock-based awards for the years ended December 31, 2021, 2020, and 2019:

 

In thousands

 

2021

 

 

2020

 

 

2019

 

Research and development

 

$

4,327

 

 

$

6,568

 

 

$

4,615

 

Selling, general and administrative

 

 

32,305

 

 

 

39,245

 

 

 

26,302

 

Restructuring

 

 

306

 

 

 

 

 

 

 

Stock-based compensation expense

 

$

36,938

 

 

$

45,813

 

 

$

30,917