Equity Compensation Plans (Tables)
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12 Months Ended |
Dec. 31, 2020 |
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| Share-based Payment Arrangement [Abstract] |
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| Summary of Weighted-Average Estimated Grant Date Fair Value per Share |
Based on the assumptions noted above, the weighted average estimated grant date fair value per share of the stock options and restricted stock granted for the years ended December 31, 2020, 2019 and 2018, respectively, was as follows:
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2020 |
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2019 |
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2018 |
| Stock options |
$ |
9.29 |
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$ |
18.07 |
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$ |
15.05 |
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| Restricted and performance stock units |
9.57 |
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17.60 |
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23.34 |
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| Summary of Stock Option Activity |
Activity under the Prior Axogen Plan and the New Axogen Plan during 2020 and 2019 was as follows:
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| Time-Based Stock Options |
Number of
Shares
Outstanding |
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Weighted
Average
Exercise
Price |
|
Weighted
Average
Remaining
Contractual
Term(Years) |
|
Aggregate
Intrinsic
Value |
| Outstanding at December 31, 2018 |
3,893,171 |
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$ |
11.94 |
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|
5.95 |
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$ |
41,020 |
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| Granted |
344,176 |
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18.07 |
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| Forfeited |
(287,609) |
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22.75 |
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| Exercised |
(529,557) |
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5.21 |
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| Outstanding at December 31, 2019 |
3,420,181 |
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$ |
12.69 |
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5.70 |
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$ |
26,074 |
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| Granted |
663,098 |
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9.29 |
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| Forfeited |
(107,541) |
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19.71 |
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| Exercised |
(459,254) |
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5.36 |
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| Outstanding at December 31, 2020 |
3,516,484 |
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$ |
12.79 |
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|
5.93 |
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$ |
25,717,664 |
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| Vested and expected to vest |
3,516,484 |
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$ |
12.79 |
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5.93 |
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$ |
25,717,664 |
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| Exercisable at December 31, 2020 |
2,287,786 |
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$ |
11.34 |
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4.49 |
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$ |
19,626,780 |
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| Schedule of Weighted-Average Assumptions for Options Granted |
The following weighted-average assumptions were used for stock options granted during the year ended December 31:
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Year ended December 31, |
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2020 |
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2019 |
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2018 |
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| Expected term (in years) |
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5.88 |
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5.76 |
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6.22 |
| Expected volatility |
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58.46 |
% |
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54.97 |
% |
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50.99 |
% |
| Risk free rate |
|
0.49 |
% |
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1.71 |
% |
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2.70 |
% |
| Expected dividends |
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— |
% |
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— |
% |
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— |
% |
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| Summary of Stock Unit Activity |
A summary of the Company's RSU and PSU award activity for the fiscal year ended December 31, 2020 is as follows:
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Outstanding Stock Units |
| Restricted and Performance Stock Units |
Number of
Shares
Outstanding |
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Weighted
Average
Grant Date
Fair Value |
|
Weighted Average Remaining Vesting Life |
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Aggregate Intrinsic Value (in thousands) |
| Outstanding at December 31, 2018 |
1,106,363 |
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$ |
22.18 |
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|
2.90 |
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$ |
22,603 |
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| Granted |
217,146 |
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17.60 |
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| Released |
(86,405) |
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16.77 |
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| Forfeited |
(123,407) |
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22.97 |
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| Outstanding at December 31, 2019 |
1,113,697 |
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21.62 |
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2.26 |
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19,800 |
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| Granted |
1,008,869 |
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9.57 |
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| Released |
(247,333) |
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19.66 |
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| Forfeited |
(92,328) |
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18.64 |
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| Outstanding at December 31, 2020 |
1,782,905 |
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$ |
15.23 |
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1.83 |
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$ |
31,825 |
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