Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity (Tables)

v3.20.4
Stockholders' Equity (Tables)
12 Months Ended
Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of RSU Activity

The following is a summary of RSU activity under our 2014 EIP and Inducement Plan:

 

 

 

RSUs

 

 

 

Shares

 

 

Weighted

Average

Grant Date

Fair Value

 

Balance as of December 31, 2019

 

 

1,910,764

 

 

$

26.93

 

Granted

 

 

3,973,991

 

 

$

12.19

 

Forfeited

 

 

(836,190

)

 

$

18.39

 

Vested

 

 

(1,218,945

)

 

$

19.34

 

Balance as of December 31, 2020

 

 

3,829,620

 

 

$

15.91

 

Summary of Stock Option Activity

The following is a summary of stock option activity under our 2014 EIP and Inducement Plan. The table below also includes the activity relating to options for 275,000 shares of our common stock which were issued in 2017 outside of these plans:

 

 

 

Shares

 

 

Weighted Average Exercise Price

 

 

Weighted Average

Remaining

Contractual

Term (Years)

 

 

Aggregate

Intrinsic Value

(in thousands)

 

Balance as of December 31, 2019

 

 

6,934,262

 

 

$

28.25

 

 

 

5.9

 

 

$

4,103

 

Granted

 

 

2,641,125

 

 

 

12.01

 

 

 

 

 

 

 

 

 

Exercised

 

 

(268,938

)

 

 

14.75

 

 

 

 

 

 

 

 

 

Forfeited or expired

 

 

(1,454,563

)

 

 

30.17

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2020

 

 

7,851,886

 

 

$

22.89

 

 

 

6.4

 

 

$

26,834

 

Vested and expected to vest as of

   December 31, 2020

 

 

7,851,886

 

 

$

22.89

 

 

 

6.4

 

 

$

26,834

 

Exercisable as of December 31, 2020

 

 

3,747,718

 

 

$

26.74

 

 

 

4.5

 

 

$

6,214

 

Summary of Options Estimated with Weighted Average The fair value of each option issued was estimated at the date of grant using the Black-Scholes valuation model. The following table summarizes the weighted-average assumptions used as inputs to the Black-Scholes model and resulting weighted-average grant date fair values of stock options granted during the periods indicated:

 

 

Year ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

Assumptions:

 

 

 

 

 

 

 

 

 

 

 

 

Expected term (years)

 

 

6.0

 

 

 

5.9

 

 

 

4.6

 

Expected volatility

 

 

76.8

%

 

 

76.1

%

 

 

73.5

%

Risk-free interest rate

 

 

0.8

%

 

 

2.1

%

 

 

2.7

%

Expected dividend yield

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

Fair Value:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average estimated grant date fair value per share

 

$

7.96

 

 

$

18.06

 

 

$

22.96

 

Options granted

 

 

2,641,125

 

 

 

2,535,425

 

 

 

2,998,650

 

Total estimated grant date fair value

 

$

21,023,000

 

 

$

45,790,000

 

 

$

68,849,000

 

Schedule of Common Stock Reserved for Future Issuance Under Equity Incentive Plans

The following shares of common stock were reserved for future issuance under our equity incentive plans as of December 31, 2020:

 

 

 

Total Shares Reserved

 

2014 Equity Incentive Plan

 

 

13,545,106

 

2018 Inducement Plan

 

 

2,634,836

 

2014 Employee Stock Purchase Plan

 

 

950,803

 

Total reserved shares of common stock

 

 

17,130,745

 

Schedule of Stock-based Compensation Related to Stock Awards

Total stock-based compensation expense related to all stock awards was as follows:

 

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

 

 

(in thousands)

 

Research and development

 

$

31,527

 

 

$

26,773

 

 

$

16,211

 

General and administrative

 

 

19,824

 

 

 

24,923

 

 

 

17,606

 

Total stock-based compensation expense

 

$

51,351

 

 

$

51,696

 

 

$

33,817