Annual report pursuant to Section 13 and 15(d)

Share-Based Compensation (Tables)

v3.20.4
Share-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of Option Activity
The following table summarizes the number of options outstanding under the Plan and inducement grants outside of the Plan for the years ended December 31, 2020, 2019 and 2018.
Number of Shares (in thousands) Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (in thousands)
Balance as of December 31, 2017 4,864  $ 3.87 
Granted 3,003  $ 5.29 
Exercised/released (276) $ 3.53 
Outstanding at December 31, 2018 7,591  $ 4.44  4.17 $ 18,076 
Granted 2,520  $ 6.00 
Granted inducement 1,600  $ 6.28 
Exercised/released (3,578) $ 4.03 
Cancelled/forfeited (311) $ 5.40 
Outstanding at December 31, 2019 7,822  $ 5.47  6.64 $ 115,655 
Granted 7,568  $ 15.61 
Inducement grants 925  $ 14.36 
Exercised/released (1,593) $ 4.39 
Balance as of Cancelled/forfeited (236) $ 11.82 
Outstanding at December 31, 2020 14,486  $ 11.35  7.51 $ 35,891 
Vested and expected to vest at December 31, 2020 3,246  $ 8.03 
Exercisable - Options at December 31, 2020 5,063  $ 6.94 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The following weighted average assumptions were used to estimate the fair value of the options granted during the years ended December 31, 2020, 2019 and 2018:
2020 2019 2018
Expected term (in years) 3 years 4 years 4 years
Volatility 52  % 52  % 55  %
Risk-free interest rate 0.55  % 1.61  % 2.04  %
Dividend yield 0.0  % 0.0  % 0.0  %
Allocation of Share-Based Payments
Share-based compensation expense before taxes for the years ended December 31, 2020, 2019 and 2018 totaled approximately $17.5 million, $7.4 million and $6.9 million, respectively, as shown in the table below.
(in thousands) 2020 2019 2018
Share-based compensation expense
Research and development $ 3,729  $ 2,693  $ 2,697 
General and administrative 13,616  4,721  4,163 
Capitalized under inventories 109  —  — 
Share-based compensation expense $ 17,454  $ 7,414  $ 6,860