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Stock-Based Compensation and Employee Stock Purchase Program (Tables)
3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Activity Under Stock Incentive Plans

The following is a summary of stock option information and weighted average exercise prices under the Company’s stock incentive plans (in thousands, except share data and price per share):

 

 

 

Shares
Subject to
Outstanding
Options

 

 

Weighted-
Average
Exercise
Price Per
Share

 

 

Aggregate
Intrinsic
Value

 

Outstanding — Balance at December 31, 2023

 

 

80,030

 

 

$

85.30

 

 

$

 

Options granted

 

 

 

 

 

 

 

 

 

Options exercised

 

 

 

 

 

 

 

 

 

Options forfeited

 

 

(1,561

)

 

 

15.13

 

 

 

 

Options expired

 

 

(1,787

)

 

 

70.99

 

 

 

 

Outstanding — Balance at March 31, 2024

 

 

76,682

 

 

$

87.06

 

 

$

 

Vested and expected to vest — March 31, 2024

 

 

72,526

 

 

$

90.78

 

 

$

 

Exercisable — March 31, 2024

 

 

42,084

 

 

$

138.73

 

 

$

 

Weighted-Average Fair Value Assumption of Stock Option Awards

The fair value of stock option awards was estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumption:

 

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

Expected term (years)

 

 

 

 

 

5.85

 

Expected volatility

 

 

 

 

 

124

%

Risk-free interest rate

 

 

 

 

 

3.79

%

Dividend yield