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Stockholders' Equity
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Common Stock

As December 31, 2022, there were 200,000,000 shares of common stock authorized, and 78,350,984 and 75,584,911 shares issued and outstanding, respectively. As of December 31, 2021, there were 200,000,000 shares of common stock authorized, and 74,980,546 and 72,234,303 shares issued and outstanding, respectively. The par value for the common stock is $0.001 per share.

Preferred Stock

As of December 31, 2022 and 2021, there were 5,000,000 shares of preferred stock authorized, and zero shares issued and outstanding. The par value for the preferred stock is $0.001 per share.
Stock-Based Compensation

The Company’s stock-based compensation generally includes stock options, restricted stock units (“RSUs”), performance-vesting restricted stock units (“PRSUs”), and purchases under the Company’s 2019 Employee Stock Purchase Plan. Stock-based compensation expense related to RSUs is based on the market value of the underlying stock on the date of grant and the related expense is recognized ratably over the requisite service period. The stock-based compensation expense related to PRSUs is estimated at the grant date based on the expectation that performance goals will be achieved at the stated target level. The amount of compensation cost recognized depends on the relative satisfaction of the performance condition based on performance to date.

Stock Option Plans

The Company’s 2019 Stock Incentive Plan, as amended and restated (the “2019 Plan”), became effective on April 11, 2019. The 2019 Plan allows the Company to grant incentive stock options and RSUs to its employees and directors to participate in the Company’s future performance through stock-based awards at the discretion of the board of directors. On April 19, 2021, the Company’s board of directors amended the plan and authorized 5,000,000 new shares for issuance. The number of shares authorized for issuance is 40,067,744 shares in the aggregate. Options to acquire common stock granted thereunder have ten-year terms. As of December 31, 2022, approximately 1.2 million shares of common stock remained available for issuance (taking into account all option exercises and other equity award settlements through December 31, 2022).

Employee Stock Purchase Plan

There are 1,000,000 shares authorized and reserved for issuance under the 2019 Employee Stock Purchase Plan. As of December 31, 2022, approximately 0.4 million shares of common stock remained available for issuance under the 2019 Employee Stock Purchase Plan (taking into account all share purchases through December 31, 2022).

Inducement Plan

There are 6,159,009 shares of common stock authorized and reserved for issuance under the Inducement Plan. On February 9, 2022, the Company’s board of directors amended the plan and authorized 2,790,961 new shares for issuance. As of December 31, 2022, 0.9 million shares of common stock remained available for issuance under the Inducement Plan (taking into account all option exercises and other equity award settlements through December 31, 2022).
Stock Option Activity    
    
A summary of the Company’s stock option activity and weighted average exercise prices follows:
Stock Option Activity
Options
(In thousands)		Weighted
Average
Exercise Price		Weighted Average Remaining Contractual Term
(In years)		Aggregate Intrinsic Value (In thousands)
Balance outstanding at December 31, 20195,799 $16.57 
Granted737 31.21 
Exercised(1,683)12.69 
Cancelled or expired(521)23.27 
Balance outstanding at December 31, 20204,332 $19.78 7.04$183,825 
Options vested and expected to vest1,470 $23.88 8.44$56,382 
Options exercisable at December 31, 20202,280 $14.80 5.65$108,128 
Balance outstanding at December 31, 20204,332 $19.78 
Granted1,705 48.24 
Exercised(863)13.55 
Cancelled or expired(392)32.94 
Balance outstanding at December 31, 20214,782 $27.52 6.77$62,300 
Options vested and expected to vest1,419 $36.41 8.61$11,387 
Options exercisable at December 31, 20212,564 $17.87 5.05$46,932 
Balance outstanding at December 31, 20214,782 $27.52 
Granted993 20.34 
Exercised(264)5.07 
Cancelled or expired(1,052)41.56 
Balance outstanding at December 31, 20224,459 $24.25 6.08$1,327 
Options vested and expected to vest1,047 $29.80 8.06$242 
Options exercisable at December 31, 20222,758 $21.26 4.94$986 

The total fair value of stock options exercised during the years ended December 31, 2022 and 2021 was approximately $11.3 million and $6.6 million, respectively. As of December 31, 2022, there was approximately $18.3 million of total unrecognized compensation cost related to nonvested share-based compensation arrangements. That cost is expected to be recognized over a weighted average period of approximately 2.5 years.

The per share weighted average fair value of stock options granted during the years ended December 31, 2022, 2021 and 2020 was $10.20, $28.68, and $13.84, respectively. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions for the periods presented:
Year Ended December 31,
202220212020
Dividend yield—%—%—%
Risk-free interest rate
1.62% – 4.20%
0.46% – 1.33%
0.26% – 0.66%
Expected life (in years)555
Historical volatility
53.87% – 64.13%
53.51% – 54.55%
46.50% – 53.91%
A description of the methods used in the significant assumptions used to estimate the fair value of stock-based-based compensation awards follows:
•Dividend yield – The Company uses 0% as it has never issued dividends and does not anticipate issuing dividends in the near term.
•Risk-free interest rate – The Company uses the market yield on U.S. Treasury securities at five years with constant maturity, representing the current expected life of stock options in years.
•Expected life – The Company uses historical data to estimate the expected life of a stock option.
•Historical volatility – The Company uses a trailing five year from grant date to determine volatility.

Restricted Stock Unit and Performance-Vesting Restricted Stock Unit Activity

A summary of the Company’s RSUs and PRSUs activity and weighted average exercise prices follows:
Restricted Stock Unit Activity
Number of Shares
(In thousands)		Weighted Average
Grant Date Fair Value
(Per Share)		Aggregate Fair Value
(In thousands)
Balance outstanding at December 31, 20193,049 $24.73 $112,848 
Awarded2,530 26.51 
Released(1,906)23.40 
Forfeited(723)25.19 
Non-vested and outstanding at December 31, 20202,950 $27.00 $183,781 
Balance outstanding at December 31, 20202,950 $27.00 $183,781 
Awarded3,066 
Released(1,596)
Forfeited(688)
Non-vested and outstanding at December 31, 20213,732 $43.63 $133,308 
Balance outstanding at December 31, 20213,732 $43.63 $133,308 
Awarded4,927 
Released(1,938)
Forfeited(1,486)
Non-vested and outstanding at December 31, 20225,235 $25.42 $53,080 
Expected to vest3,280 $25.87 $33,260 

RSUs granted to employees generally vest over a three to four-year period, or upon achievement of certain performance conditions. As of December 31, 2022, total unrecognized compensation cost, adjusted for estimated forfeitures, related to nonvested RSUs and PRSUs was approximately $109.1 million and the weighted-average remaining vesting period was 2.7 years.

For the year ended December 31, 2022, the Company opted to settle cash awards related to the bonus entirely in cash. The Company accrued approximately $10.4 million for cash awards related to bonus, and recorded a corresponding expense which is included as a component of operating expenses in the accompanying consolidated financial statements. For the year ended December 31, 2021, the Company accrued approximately $18.4 million for cash awards related to bonuses to be settled in shares of the Company’s stock and recorded a corresponding expense, which is included as a component of stock-based compensation expense in the accompanying consolidated financial statements.

Stock-based compensation expense recognized in the Company’s consolidated statements of operations and cash flows was $109.6 million, $69.7 million, and $65.9 million for the years ended December 31, 2022, 2021, and 2020, respectively.