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Stock-based Compensation Expense (Tables) | 3 Months Ended
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Mar. 31, 2023
Stock-based Compensation Expense [Abstract] |
Weighted-Average Assumptions for Stock Options | Employee Stock Options:
|  | Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
Risk-free interest rate |  |  | 3.6 | % |  |  | 1.7 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
Volatility |  |  | 47.5 | % |  |  | 55.2 | %
Expected life* |  | 6.3 years |  |  | 6.3 years |
* | In 2021, our Compensation Committee approved an amendment to the 2011 Equity Incentive Plan, or 2011 Plan, and the 2020 Equity Incentive Plan, or 2020 Plan, that increased the contractual term of stock options granted under these plans from seven years to ten years for stock options granted on January 1, 2022 and thereafter. We determined that we are unable to rely on our historical exercise data as a basis for estimating the expected life of stock options granted to employees following this change because the contractual term changed and we have no other means to reasonably estimate future exercise behavior. We therefore used the simplified method for determining the expected life of stock options granted to employees in the three months ended March 31, 2023 and 2022. Under the simplified method, we calculate the expected term as the average of the time-to-vesting and the contractual life of the options. As we gain additional historical information, we will transition to calculating our expected term based on our historical exercise patterns.
Weighted-Average Assumptions for ESPP | ESPP:
|  | Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
Risk-free interest rate |  |  | 5.2 | % |  |  | 0.6 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
Volatility |  |  | 36.7 | % |  |  | 50.2 | %
Expected life |  | 6 months |  |  | 6 months |
Stock-Based Compensation Expense | The following table summarizes stock-based compensation expense for the three months ended March 31, 2023 and 2022 (in thousands):
|  | Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
Cost of sales |  | $ | 119 |  |  | $ | 160 |
Research, development and patent expense |  |  | 19,567 |  |  |  | 19,082 |
Selling, general and administrative expense |  |  | 7,262 |  |  |  | 6,994 |
Total |  | $ | 26,948 |  |  | $ | 26,236 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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