Stock-Based Compensation

3 Months Ended

Mar. 31, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

9. Stock-Based Compensation

The Company classifies stock-based compensation expense in the accompanying condensed consolidated statements of operations and comprehensive loss based on the department to which a recipient belongs. The following table sets forth stock-based compensation expense related to equity awards granted to employees and consultants for all periods presented (in thousands):

	Three Months Ended March 31,
	2020		2019
Research and development	$	5,192	$	2,963
Selling, general and administrative		5,560		4,018
Total	$	10,752	$	6,981

The following summarizes option and other equity award activity under the 2012 Equity Incentive Plan and 2015 Stock Option and Incentive Plan: 

	Shares Subject to			Weighted Average
	Outstanding Options			Exercise Price per Share
Balance at December 31, 2019		4,574,158		$	31.81
Options granted		801,937			70.08
Options exercised		(107,870	)		16.88
Options canceled/forfeited		(27,486	)		44.50
Balance at March 31, 2020		5,240,739			37.91
	Shares Subject to			Weighted Average
	Outstanding Awards			Grant Date Fair Value
Balance at December 31, 2019		741,096		$	46.59
RSUs awarded		333,324			70.09
RSUs released		(125,243	)		43.19
RSUs forfeited		(8,004	)		47.68
Balance at March 31, 2020		941,173			55.36

Restricted stock units (“RSUs”) settle into shares of common stock upon vesting and the fair value is the market price on the date of grant.

In relation to stock options and awards that vest upon the achievement of performance criteria, there was $0.3 million and zero in stock-based compensation expense recorded for the three months ended March 31, 2020 and 2019, respectively. The Company begins to recognize expenses related to these stock options and awards during the period upon concluding that certain performance criteria are considered probable.