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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Stock Options
The following is a summary of stock option activity for the three months ended March 31, 2021 (in thousands, except per share data):
Shares
Weighted-
Average
Exercise
Price per Share
Outstanding at December 31, 20205,311 $29.12 
Granted
946 18.96 
Exercised
(1)10.33 
Canceled
(75)33.73 
Outstanding at March 31, 20216,181 $27.51 

Restricted Stock Units
Time-based restricted stock units (RSUs) and performance-based restricted stock units (PSUs) will be settled with our common stock on a one-to-one basis upon vesting. The following is a summary of our stock award activity for the three months ended March 31, 2021 (in thousands, except per share data):
RSUs
PSUs
Total
December 31, 2020393 — 393 
Granted(1)
450 482 932 
Vested
(119)— (119)
Canceled
(6)(3)(9)
Outstanding at March 31, 2021718 479 1,197 
(1) Weighted-average grant date fair value
$18.76 $19.60 $19.20 
For the three months ended March 31, 2021, we granted 0.5 million PSUs to employees and executive officers. The PSUs are subject to vesting based on various performance conditions including achievement of certain regulatory milestones, net product revenue targets and the number of patients with reimbursed therapy, subject to continued service by the employee. Compensation expense related to equity-based awards with performance conditions and terms that provide for a graded vesting schedule is recognized over the requisite service period on a straight-line basis for each separately vesting tranche of the award, and is based on the expected satisfaction of the performance conditions at each reporting date. For performance conditions associated with regulatory milestones, we determined the outcome is not probable of being achieved unless and until the occurrence of the event. As a result, compensation expense will only be recognized, at a point in time, when regulatory approval occurs. We expect stock-based compensation will fluctuate from period to period based on the timing of achievement of regulatory milestones and such fluctuations may be material. For performance conditions associated with the net product revenue and the number of patients receiving reimbursed therapy, we determined the outcome is probable of being achieved and stock-based compensation expense is recognized commencing at the grant date over the implicit service period.
The following table summarizes the components of total stock-based compensation expense included in our condensed consolidated statements of operations:
Three Months Ended March 31,
(In thousands)20212020
Research and development$3,299 $2,729 
Selling, general and administrative4,799 3,665 
Total$8,098 $6,394 
The following table summarizes stock-based compensation expense by award type included in our condensed consolidated statements of operations:
Three Months Ended March 31,
(In thousands)20212020
Time-based stock options and restricted stock units$7,475 $6,242 
Performance-based stock units427 — 
Employee stock purchase plan (ESPP)196 152 
Total$8,098 $6,394 
Shares reserved and available for future issuance under all employee equity plans as of March 31, 2021 and December 31, 2020 were 2.1 million shares and 3.9 million shares, respectively.