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Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows (in thousands).

 

 

Twelve Months Ended December 31,

2019

 

 

Twelve Months Ended December 31,

2018

 

 

 

Beginning of period

 

 

End of period

 

 

Beginning of period

 

 

End of period

 

Cash and cash equivalents

 

$

134,758

 

 

$

189,680

 

 

$

69,418

 

 

$

134,758

 

Restricted cash

 

 

4,826

 

 

 

4,787

 

 

 

2,475

 

 

 

4,826

 

Total cash, cash equivalents and restricted cash shown in

   the statements of cash flows

 

$

139,584

 

 

$

194,467

 

 

$

71,893

 

 

$

139,584

 

 

Schedule of Estimated Useful Lives by Major Asset Category

Estimated useful lives by major asset category are as follows:

 

 

 

Useful Lives

Machinery and equipment

 

5 to 7 years

Computers and software

 

3 years

Furniture and fixtures

 

10 years

Weighted-Average Assumptions Used to Estimate Fair Value of Employee Stock Options The estimated fair value of each stock option and purchase right is then expensed over the requisite service period, which is generally the vesting period. The following weighted-average assumptions were used during these periods:

 

 

Years Ended December 31,

 

 

 

2019

 

 

2018

 

 

2017

 

Stock Options:

 

 

 

 

 

 

 

 

 

 

 

 

Expected volatility

 

 

62

%

 

 

71

%

 

 

68

%

Risk-free interest rate

 

 

2

%

 

 

3

%

 

 

2

%

Expected dividend yield

 

 

0

%

 

 

0

%

 

 

0

%

Expected life of options in years

 

 

5.7

 

 

 

5.7

 

 

 

5.8

 

 

Weighted-Average Assumptions Used to Estimate Fair Value of Employee Stock Purchase Plan Rights

 

 

Years Ended December 31,

 

 

 

2019

 

 

2018

 

 

2017

 

Employee Stock Purchase Plan:

 

 

 

 

 

 

 

 

 

 

 

 

Expected volatility

 

62%-86%

 

 

59%-79%

 

 

44%-62%

 

Risk-free interest rate

 

1.5%-2.4%

 

 

2.1%-2.8%

 

 

1.0%-1.7%

 

Expected dividend yield

 

 

0

%

 

 

0

%

 

 

0

%

Expected life in years

 

0.5-2.0

 

 

0.5-2.0

 

 

0.5-2.0

 

 

Summary of Stock-based Compensation Expense Included in Statements of Operations

The table below summarizes the total stock-based compensation expense included in the Company’s statements of operations for the periods presented (in thousands):

 

 

 

Years Ended December 31,

 

 

 

2019

 

 

2018

 

 

2017

 

Cost of product sales

 

$

2,936

 

 

$

3,863

 

 

$

3,690

 

Research and development

 

 

32,533

 

 

 

32,038

 

 

 

26,485

 

Sales, general and administrative

 

 

46,796

 

 

 

45,663

 

 

 

45,357

 

 

 

$

82,265

 

 

$

81,564

 

 

$

75,532