Stock Incentive Plans (Tables)
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12 Months Ended |
Dec. 31, 2023 |
Share-Based Payment Arrangement [Abstract] |
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Summary of Options, RSUs Activity under 2014 Equity Incentive Plan and 2016 Inducement Plan and Related Information |
The following table summarizes option and RSUs activity under the Company’s 2014 Plan, 2016 Plan and 2019 Plan, and related information: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Shares Available for Grant | | Stock Options Outstanding | | Weighted- Average Exercise Price | | Number of RSU Shares | | Weighted- Average Grant Date Fair Value | Balance—December 31, 2022 | 1,490,462 | | | 2,921,925 | | | $ | 28.13 | | | 3,094,396 | | | $ | 37.39 | | Additional options authorized | 2,141,330 | | | — | | | — | | | — | | | — | | Common stock awards for services | (21,965) | | | — | | | — | | | — | | | — | | RSUs granted | (4,028,424) | | | — | | | — | | | 4,028,424 | | | 10.52 | | RSUs vested | — | | | — | | | — | | | (989,314) | | | 36.43 | | Options granted | (680,788) | | | 680,788 | | | 12.60 | | | — | | | — | | Options exercised | — | | | (27,903) | | | 4.29 | | | — | | | — | | Repurchases of common stock under employee incentive plans | 322,163 | | | — | | | — | | | — | | | — | | RSUs forfeited | 1,126,731 | | | — | | | — | | | (1,126,731) | | | 22.92 | | Options forfeited | 265,395 | | | (265,395) | | | 26.90 | | | — | | | — | | Options expired | 254,207 | | | (254,207) | | | 27.13 | | | — | | | — | | Balance—December 31, 2023 | 869,111 | | | 3,055,208 | | | $ | 25.21 | | | 5,006,775 | | | $ | 19.02 | |
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Summary of Options Outstanding and Exercisable Vested or Expected to Vest |
Options outstanding that have vested and are expected to vest at December 31, 2023 are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Number of Shares Issued (In thousands) | | Weighted Average Exercise Price | | Weighted Average Remaining Contractual Life (Years) | | Aggregate Intrinsic Value (In thousands) | Vested | 1,786 | | | $ | 26.21 | | | 6.27 | | $ | 1,751 | | Expected to Vest | 1,191 | | | 23.56 | | | 8.59 | | 530 | | Total | 2,977 | | | | | | | $ | 2,281 | |
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Summary of Weighted-Average Assumptions Used to Estimate Fair Value of Share-Based Awards |
The estimated fair values of employee stock options and ESPP shares were estimated using the Black-Scholes option pricing model based on the following weighted average assumptions: | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2023 | | 2022 | | 2021 | Employee stock options | | | | | | Expected term (in years) | 5.61 | | 5.96 | | 5.94 | Expected volatility | 77.86 | % | | 77.62 | % | | 77.70 | % | Risk-free interest rate | 3.67 | % | | 2.74 | % | | 0.80 | % | Expected dividend yield | — | % | | — | % | | — | % | Employee stock purchase plan | | | | | | Expected term (in years) | 0.5 | | 0.5 | | 0.5 | Expected volatility | 75.91% – 93.38% | | 67.79% – 77.88% | | 53.10% – 67.79% | Risk-free interest rate | 5.26% – 5.47% | | 2.51% – 4.76% | | 0.09% – 0.19% | Expected dividend yield | — | % | | — | % | | — | % |
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Summary of Expense Relating to Employee and Nonemployee Stock-Based Payment Awards from Stock Options and RSUs |
The following table summarizes stock-based compensation expense relating to employee and nonemployee stock-based awards for the years ended December 31, 2023, 2022 and 2021, included on the consolidated statements of operations as follows (in thousands): | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2023 | | 2022 | | 2021 | Cost of testing services | $ | 1,854 | | | $ | 1,529 | | | $ | 2,358 | | Cost of product | 1,165 | | | 1,120 | | | 579 | | Cost of patient and digital solutions | 1,377 | | | 1,331 | | | 728 | | Research and development | 6,556 | | | 7,391 | | | 7,126 | | Sales and marketing | 12,470 | | | 14,403 | | | 10,887 | | General and administrative | 25,664 | | | 20,779 | | | 14,403 | | Total | $ | 49,086 | | | $ | 46,553 | | | $ | 36,081 | |
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