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Stock Incentive Plans and Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock Option Activity The following table summarizes all stock option activity for the year ended December 31, 2020

 

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, 2020

 

 

15,619

 

 

$

6.43

 

 

 

 

 

 

 

Granted

 

 

3,101

 

 

 

14.43

 

 

 

 

 

 

 

Forfeited

 

 

(403

)

 

 

15.53

 

 

 

 

 

 

 

Expired

 

 

(30

)

 

 

13.82

 

 

 

 

 

 

 

Exercised

 

 

(1,623

)

 

 

3.18

 

 

 

 

 

 

 

Outstanding as of December 31, 2020

 

 

16,664

 

 

 

8.00

 

 

6.5 years

 

$

23,174

 

Exercisable as of December 31, 2020

 

 

11,533

 

 

 

5.46

 

 

5.6 years

 

$

22,110

 

Vested and expected to vest as of December 31, 2020

 

 

16,408

 

 

$

7.91

 

 

6.5 years

 

$

23,121

 

Available for future grant as of December 31, 2020

 

 

21,885

 

 

 

 

 

 

 

 

 

 

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

For 2020, 2019, and 2018, the Company used the following assumptions to estimate the fair value of share-based payment awards:

 

 

 

2020

 

 

2019

 

 

2018

 

Risk-free interest rate

 

0.33% - 1.74%

 

 

1.55% - 2.95%

 

 

2.18% - 3.00%

 

Expected dividend yield

 

0.00%

 

 

0.00%

 

 

0.00%

 

Expected option life (years)

 

6.25

 

 

6.25

 

 

6.25

 

Expected volatility

 

84% - 99%

 

 

92% - 94%

 

 

71% - 92%

 
Restricted Stock Unit Activity The following table presents the restricted stock unit activity for the years ended December 31, 2020 and 2019:

 

In thousands (except per share amounts)

 

Shares

 

 

Weighted Average

Grant Date Fair

Value

 

Outstanding as of January 1, 2020

 

 

6,921

 

 

 

6.34

 

Granted

 

 

3,460

 

 

 

13.12

 

Vested

 

 

(2,508

)

 

 

5.12

 

Forfeited

 

 

(163

)

 

 

11.72

 

Outstanding as of December 31, 2020

 

 

7,710

 

 

$

9.67

 
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, 2020, 2019, and 2018:

 

In thousands

 

2020

 

 

2019

 

 

2018

 

Research and development

 

$

6,568

 

 

$

4,615

 

 

$

2,898

 

Selling, general and administrative

 

 

39,245

 

 

 

26,302

 

 

 

15,908

 

Stock-based compensation expense

 

$

45,813

 

 

$

30,917

 

 

$

18,806