Share-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Option Activity |
The following table summarizes the number of stock options outstanding under the Plan for the years ended December 31, 2022.
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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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| 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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| Granted |
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3,913 |
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$ |
11.14 |
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| Exercised/released |
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(77) |
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$ |
6.55 |
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| Cancelled/forfeited |
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(2,615) |
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$ |
14.32 |
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| Outstanding at December 31, 2022 |
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13,295 |
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$ |
12.09 |
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7.74 |
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$ |
21 |
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| Options exercisable, December 31, 2022 |
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8,345 |
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$ |
11.94 |
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| Vested and expected to vest, December 31, 2022 |
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12,884 |
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$ |
11.98 |
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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, 2022, 2021 and 2020:
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2022 |
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2021 |
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2020 |
| Expected term (in years) |
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5 years |
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4 years |
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3 years |
| Volatility |
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70
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% |
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66 |
% |
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52 |
% |
| Risk-free interest rate |
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2.06
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% |
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0.46 |
% |
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0.55 |
% |
| 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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| Schedule of Un-vested Share Activity |
The following table summarizes the PA and RSU activity for the year ended December 31, 2022:
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Number of Shares
(in thousands) |
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Weighted-Average Grant Date Fair Value |
| Unvested balance, December 31, 2021 |
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347 |
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$ |
13.33 |
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| Granted |
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2,374 |
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$ |
11.16 |
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| Vested |
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(305) |
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$ |
14.17 |
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| Forfeited |
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(436) |
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$ |
12.21 |
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| Unvested balance, December 31, 2022 |
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1,980 |
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$ |
10.84 |
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| Allocation of Share-Based Payments |
Share-based compensation expense for the years ended December 31, 2022, 2021 and 2020 totaled approximately $32.3 million, $31.2 million and $17.5 million, respectively, as shown in the table below.
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| (in thousands) |
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2022 |
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2021 |
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2020 |
| Research and development |
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$ |
3,271
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$ |
4,442 |
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$ |
3,730 |
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| Selling, general and administrative |
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28,438
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26,432 |
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13,615 |
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| Capitalized under inventories |
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591
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369 |
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109 |
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| Share-based compensation expense |
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$ |
32,300
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$ |
31,243 |
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$ |
17,454 |
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| Share-based Payment Arrangement, Nonvested Award, Cost |
As of December 31, 2022, 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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$ |
10,869 |
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1.12 |
| Restricted Stock Units |
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10,584 |
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1.52 |
| ESPP |
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1,327 |
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0.52 |
| Total unrecognized share-based compensation expense |
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$ |
22,780 |
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1.30 |
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