Share-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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| Share-based Payment Arrangement [Abstract] |
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| 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, 2021, 2020 and 2019.
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Number of Shares
(in thousands) |
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Weighted-Average Exercise Price |
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Weighted-Average Remaining Contractual Life (in years) |
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Aggregate Intrinsic Value
(in thousands) |
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| Balance as of December 31, 2018 |
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7,591 |
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$ |
4.44 |
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| Granted |
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2,520 |
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$ |
6.00 |
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| Grant inducement |
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1,600 |
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$ |
6.28 |
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| Exercised/released |
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(3,578) |
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$ |
4.03 |
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| Cancelled/forfeited |
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(311) |
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$ |
5.40 |
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| Outstanding at December 31, 2019 |
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7,822 |
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$ |
5.47 |
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6.64 |
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$ |
115,655 |
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| Granted |
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7,129 |
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$ |
15.61 |
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| Granted inducement |
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925 |
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$ |
14.36 |
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| Exercised/released |
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(1,593) |
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$ |
4.39 |
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| Cancelled/forfeited |
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(236) |
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$ |
11.82 |
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| Outstanding at December 31, 2020 |
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14,047 |
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$ |
11.35 |
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7.51 |
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$ |
35,891 |
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| Granted |
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2,277 |
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$ |
14.44 |
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| Exercised/released |
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(3,238) |
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$ |
7.21 |
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| Cancelled/forfeited |
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(1,012) |
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$ |
13.84 |
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| Outstanding at December 31, 2021 |
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12,074 |
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$ |
12.84 |
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7.86 |
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$ |
121,141 |
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| Vested and exercisable options at December 31, 2021 |
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5,849 |
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$ |
11.87 |
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| 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, 2021, 2020 and 2019:
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2021 |
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2020 |
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2019 |
| Expected term (in years) |
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4 years |
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3 years |
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4 years |
| Volatility |
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66
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% |
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52 |
% |
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52 |
% |
| Risk-free interest rate |
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0.46
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% |
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0.55 |
% |
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1.61 |
% |
| Dividend yield |
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0.0
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% |
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0.0 |
% |
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0.0 |
% |
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| Allocation of Share-Based Payments |
Share-based compensation expense for the years ended December 31, 2021, 2020 and 2019 totaled approximately $31.2 million, $17.5 million and $7.4 million, respectively, as shown in the table below.
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| (in thousands) |
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2021 |
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2020 |
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2019 |
| Research and development |
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$ |
4,442
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$ |
3,730 |
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$ |
2,693 |
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| Selling, general and administrative |
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26,432
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13,615 |
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4,721 |
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| Capitalized under inventories |
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369
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109 |
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— |
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| Share-based compensation expense |
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$ |
31,243
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$ |
17,454 |
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$ |
7,414 |
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| Share-based Payment Arrangement, Nonvested Award, Cost |
As of December 31, 2021, the unrecognized share-based cost, and the estimated weighted-average amortization period, using the straight-line attribution method, was as follows (in thousands, except amortization period):
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Unrecognized share-based compensation expense |
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Weighted average remaining amortization period (in years) |
| Stock Options |
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$ |
13,563 |
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1.2 |
| Restricted Stock Units |
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2,197 |
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0.6 |
| ESPP |
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3,296 |
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1.1 |
| Total unrecognized share-based compensation expense |
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$ |
19,056 |
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1.1 |
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