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Stock-Based Compensation and Employee Stock Purchase Program (Tables)
3 Months Ended
Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [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, 2020

 

 

889,759

 

 

$

14.46

 

 

$

240

 

Options granted

 

 

566,853

 

 

 

3.03

 

 

 

 

 

Options exercised

 

 

 

 

 

 

 

 

 

 

Options forfeited

 

 

(105,342

)

 

 

3.66

 

 

 

 

 

Options expired

 

 

(11,120

)

 

 

226.32

 

 

 

 

 

Outstanding — Balance at March 31, 2021

 

 

1,340,150

 

 

$

8.72

 

 

$

7,035

 

Vested and expected to vest — March 31, 2021

 

 

1,304,842

 

 

$

8.83

 

 

$

7,010

 

Exercisable — March 31, 2021

 

 

527,259

 

 

$

16.68

 

 

$

346

 

 

Weighted-Average Fair Value Assumption of Stock Option Awards

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

 

 

 

Three Months Ended March 31,

 

Assumptions

 

2021

 

 

2020

 

Expected term (years)

 

 

6.03

 

 

 

6.03

 

Expected volatility

 

121.2%

 

 

122.5%

 

Risk-free interest rate

 

0.62%

 

 

1.40%

 

Expected dividend yield