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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Schedule of performance-based awards |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Period Granted | ​ | Options Granted | ​ | RSUs Granted | ​ | Options Vested | ​ | RSUs Vested | ​ | Milestone | ​ | Valuation Method
(in thousands)
Q1 2019 | ​ | 200 | ​ | 300 | ​ | 200 | ​ | 300 | ​ | (1) | ​ | Monte-Carlo Simulation
Q2 2019 | ​ | — | ​ | 188 | ​ | — | ​ | 140 | ​ | (2) | ​ | Grant Date Stock Price
Q3 2019 | ​ | — | ​ | 50 | ​ | — | ​ | 50 | ​ | (1) | ​ | Monte-Carlo Simulation
Q1 2020 | ​ | 150 | ​ | 300 | ​ | 150 | ​ | 300 | ​ | (1) | ​ | Monte-Carlo Simulation
Q1 2020 | ​ | — | ​ | 436 | ​ | — | ​ | 408 | ​ | (3) | ​ | Grant Date Stock Price
Q1 2020 | ​ | 129 | ​ | — | ​ | 129 | ​ | — | ​ | (3) | ​ | Black-Scholes-Merton
Q2 2020 | ​ | — | ​ | 21 | ​ | — | ​ | 21 | ​ | (3) | ​ | Grant Date Stock Price
Q3 2020 | ​ | 10 | ​ | — | ​ | 10 | ​ | — | ​ | (4) | ​ | Black-Scholes-Merton
Q3 2020 | ​ | — | ​ | 27 | ​ | — | ​ | 17 | ​ | (3) | ​ | Grant Date Stock Price
Q4 2020 | ​ | — | ​ | 32 | ​ | — | ​ | 19 | ​ | (1) | ​ | Monte-Carlo Simulation
Q4 2020 | ​ | — | ​ | 22 | ​ | — | ​ | 2 | ​ | (5) | ​ | Grant Date Stock Price
Q1 2021 | ​ | 150 | ​ | 125 | ​ | — | ​ | — | ​ | (1) | ​ | Monte-Carlo Simulation
Q1 2021 | ​ | — | ​ | 279 | ​ | — | ​ | 15 | ​ | (3) | ​ | Grant Date Stock Price
Q2 2021 | ​ | 163 | ​ | — | ​ | — | ​ | — | ​ | (1) | ​ | Monte-Carlo Simulation
Q2 2021 | ​ | 29 | ​ | — | ​ | — | ​ | — | ​ | (3) | ​ | Black-Scholes-Merton
Q2 2021 | ​ | — | ​ | 7 | ​ | — | ​ | 2 | ​ | (3) | ​ | Grant Date Stock Price
Q4 2021 | ​ | — | ​ | 20 | ​ | — | ​ | — | ​ | (1) | ​ | Monte-Carlo Simulation
Q4 2021 | ​ | — | ​ | 205 | ​ | — | ​ | 3 | ​ | (3) | ​ | Grant Date Stock Price
Q1 2022 | ​ | 110 | ​ | — | ​ | — | ​ | — | ​ | (3) | ​ | Black-Scholes-Merton
Q1 2022 | ​ | — | ​ | 849 | ​ | — | ​ | — | ​ | (3) | ​ | Grant Date Stock Price
Q2 2022 | ​ | — | ​ | 103 | ​ | — | ​ | — | ​ | (3) | ​ | Grant Date Stock Price
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
________________________________ (1) The awards will vest based on the achievement of certain values of the Company’s common stock at multiple thresholds within certain periods and are contingent upon the completion of requisite service through the date of such vesting. ​ (2) The vesting of the awards will be triggered after the end of the achievement milestone, as measured by the Company. ​ (3) The awards vest based on achievement of certain revenue targets, units, and system implementation, contingent upon the completion of requisite service through the date of such vesting. ​ (4) The awards have vested based on a change of coverage.
​ (5) The awards will vest based on achievement of certain revenue and recruiting targets.
Summary of stock option activity |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Outstanding Options and RSUs
​ |  | ​ |  | ​ |  | ​ |  | Weighted- |  | ​
​ | ​ | ​ | ​ | ​ | ​ | Weighted- | ​ | Average | ​ | ​
​ | ​ | Shares | ​ | ​ | ​ | Average | ​ | Remaining | ​ | Aggregate
​ | ​ | Available for | ​ | Number of | ​ | Exercise | ​ | Contractual | ​ | Intrinsic
(in thousands, except for contractual life and exercise price) | ​ | Grant | ​ | Shares | ​ | Price | ​ | Life | ​ | Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (in years) | ​ | ​
Balance at December 31, 2021 |  | 4,319 |  | 5,900 | ​ | $ | 17.54 |  | 5.40 | ​ | $ | 451,505
Additional shares authorized |  | 3,500 | ​ | — | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Options granted |  | (264) |  | 264 | ​ | $ | 61.49 | ​ | ​ | ​ | ​ | ​
Options exercised |  | — |  | (701) | ​ | $ | 6.53 | ​ | ​ | ​ | ​ | ​
Options forfeited/cancelled |  | 28 |  | (28) | ​ | $ | 36.77 | ​ | ​ | ​ | ​ | ​
RSUs granted | ​ | (4,698) | ​ | — | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
RSUs forfeited/cancelled | ​ | 308 | ​ | — | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at June 30, 2022 |  | 3,193 |  | 5,435 | ​ | $ | 21.00 | ​ | 5.39 | ​ | $ | 112,272
Exercisable at June 30, 2022 | ​ | ​ |  | 4,550 | ​ | $ | 12.00 | ​ | 4.79 | ​ | $ | 108,487
Vested and expected to vest at June 30, 2022 | ​ | ​ |  | 5,380 | ​ | $ | 20.55 | ​ | 5.36 | ​ | $ | 112,049
Restricted stock units |
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted-
​ | ​ | ​ | ​ | Average
​ | ​ | ​ | ​ | Grant Date
(in thousands, except for grant date fair value) | ​ | Shares | ​ | Fair Value
​ | ​ | ​ | ​ | ​ | ​
Balance at December 31, 2021 | ​ | 3,988 | ​ | $ | 74.33
Granted | ​ | 4,698 | ​ | $ | 43.60
Vested | ​ | (777) | ​ | $ | 56.05
Cancelled/forfeited | ​ | (308) | ​ | $ | 59.83
Balance at June 30, 2022 | ​ | 7,601 | ​ | $ | 58.05
Summary of stock-based compensation expenses | The following tables present the effect of employee and non-employee stock-based compensation expense on selected statements of operations line items for the three and six months ended June 30, 2022 and 2021.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended June 30,
​ | ​ | 2022 | ​ | 2021
​ |  | Employee |  | Non-Employee |  | Total |  | Employee |  | Non-Employee |  | Total
​ | ​ | (in thousands)
Cost of revenues | ​ | $ | 2,063 | ​ | $ | — | ​ | $ | 2,063 | ​ | $ | 1,275 | ​ | $ | — | ​ | $ | 1,275
Research and development | ​ |  | 11,938 | ​ |  | 520 | ​ |  | 12,458 | ​ |  | 6,276 | ​ |  | 340 | ​ |  | 6,616
Selling, general and administrative | ​ |  | 26,296 | ​ |  | 156 | ​ |  | 26,452 | ​ |  | 27,146 | ​ |  | 66 | ​ |  | 27,212
Total | ​ | $ | 40,297 | ​ | $ | 676 | ​ | $ | 40,973 | ​ | $ | 34,697 | ​ | $ | 406 | ​ | $ | 35,103
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six months ended June 30, |
​ | ​ | 2022 | ​ | 2021 |
​ |  | Employee |  | Non-Employee |  | Total |  | Employee |  | Non-Employee |  | Total |
​ |  | (in thousands) | ​
Cost of revenues | ​ | $ | 3,779 | ​ | $ | — | ​ | $ | 3,779 | ​ | $ | 1,983 | ​ | $ | — | ​ | $ | 1,983 | ​
Research and development | ​ |  | 20,944 | ​ |  | 935 | ​ |  | 21,879 | ​ |  | 9,926 | ​ |  | 564 | ​ |  | 10,490 | ​
Selling, general and administrative | ​ |  | 50,171 | ​ |  | 231 | ​ |  | 50,402 | ​ |  | 45,751 | ​ |  | 111 | ​ |  | 45,862 | ​
Total | ​ | $ | 74,894 | ​ | $ | 1,166 | ​ | $ | 76,060 | ​ | $ | 57,660 | ​ | $ | 675 | ​ | $ | 58,335 | ​
As of June 30, 2022, approximately $344.5 million of unrecognized compensation expense, adjusted for estimated forfeitures, related to unvested option awards and RSUs will be recognized over a weighted-average period of approximately 2.8 years.
Employee stock options |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Schedule of assumptions used in valuation of fair value |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended June 30, | ​ | Six months ended June 30,
​ |  | 2022 |  |  | 2021 |  | ​ | 2022 | ​ | 2021 | ​
Expected term (years) |  | ​ | ​ | ​ | 10.00 | ​ |  | 5.11 | ​ | — | 10.00 | ​ | ​ | 5.12 | ​ | — | 10.00 | ​ | ​ | 5.11 | ​ | — | 10.00 | ​
Expected volatility |  | 56.15 | % | — | 56.38 | % |  | 56.01 | % | — | 63.30 | % | ​ | 55.91 | % | — | 62.30 | % | ​ | 55.33 | % | — | 63.30 | %
Expected dividend rate |  | ​ | ​ | ​ | 0.00 | % |  | ​ | ​ | ​ | 0.00 | % | ​ | ​ | ​ | ​ | 0.00 | % | ​ | ​ | ​ | ​ | 0.00 | %
Risk-free interest rate |  | 2.72 | % | — | 2.74 | % |  | 0.81 | % | — | 1.67 | % | ​ | 1.62 | % | — | 2.74 | % | ​ | 0.81 | % | — | 1.67 | %

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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14.F) -URI http://asc.fasb.org/extlink&oid=122041274&loc=d3e301413-122809 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 + Details
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- Definition Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding restricted stock units that are fully vested and expected to vest. Includes, but is not limited to, unvested restricted stock units for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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