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Stockholders' Equity
 9 Months Ended
Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stockholders' Equity

10.

Stockholders’ Equity

Stock Options

During the nine months ended September 30, 2020, the Company had the following activities under its equity incentive plans:

 

  

 

 

Available

for Grant

 

 

Shares

 

 

Weighted

Average

Exercise

Price

 

 

Weighted

Average

Remaining

Contractual

Term (in years)

 

 

Aggregate

Intrinsic Value

 

Balance at December 31, 2019

 

 

2,192,545

 

 

 

9,287,901

 

 

$

9.44

 

 

 

 

 

 

 

 

 

 

Shares authorized

 

 

2,000,000

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Granted (1)

 

 

(1,179,578

)

 

 

934,218

 

 

 

49.08

 

 

 

 

 

 

 

 

 

 

Exercised (2)

 

 

92,459

 

 

 

(2,704,469

)

 

 

9.61

 

 

 

 

 

 

 

 

 

 

Forfeited and expired (3)

 

 

122,135

 

 

 

(110,468

)

 

 

23.90

 

 

 

 

 

 

 

 

 

Outstanding at September 30, 2020

 

 

3,227,561

 

 

 

7,407,182

 

 

$

14.16

 

 

 

6.75

 

 

$

301,653,026

 

Vested and expected to vest, net of estimated forfeiture

   at September 30, 2020

 

 

 

 

 

 

7,136,579

 

 

$

13.70

 

 

 

6.67

 

 

$

293,912,662

 

Exercisable at September 30, 2020

 

 

 

 

 

 

4,434,932

 

 

$

8.46

 

 

 

5.49

 

 

$

205,536,129

 

 

(1)

The difference between shares granted in the number of shares available for grant and outstanding options represents the RSUs and RSAs granted for the period.

(2)

Shares presented as available for grant represents shares repurchased for tax withholding upon vesting of RSUs.

(3)

The difference between shares forfeited and expired in the number of shares available for grant and those outstanding represents RSUs canceled during the period.

 

 

Restricted Stock

During the nine months ended September 30, 2020, the activity for restricted stock is summarized as follows:

 

 

 

Shares

 

 

Weighted

Average

Grant-Date

Fair Value

 

Balance at December 31, 2019

 

 

399,823

 

 

$

10.54

 

Granted

 

 

245,360

 

 

 

48.08

 

Vested

 

 

(230,986

)

 

 

9.98

 

Canceled

 

 

(11,667

)

 

 

10.95

 

Unvested at September 30, 2020

 

 

402,530

 

 

$

33.74

 

 

Stock-based Compensation

Total stock-based compensation expense was $5.9 million and $15.9 million during the three and nine months ended September 30, 2020, respectively, and $2.9 million and $8.5 million during the same respective periods ended September 30, 2019. As of September 30, 2020, $35.7 million, $7.7 million and $107,000 of total unrecognized compensation expenses associated with outstanding employee stock options, unvested restricted stock, and the ESPP, net of estimated forfeitures, respectively, were expected to be recognized over a weighted-average period of 2.40, 1.65 and 0.12 years, respectively.

Equity Follow-On Offering

In June 2020, the Company completed an equity follow-on offering of 5,980,000 shares of its common stock at a sale price of $58.00 per share. The Company received net proceeds of $325.7 million, after deducting underwriting discounts, commissions and offering expenses.