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Stockholders' Equity (Tables) | 12 Months Ended
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Dec. 31, 2023
Stockholders' Equity [Abstract] |
Stock Option Activity | The following table summarizes the stock option activity under our stock plans for the year ended December 31, 2023 (in thousands, except per share and contractual life data):
|  | Number of Shares |  |  | Weighted Average Exercise Price Per Share |  |  | Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2022 |  |  | 14,970 |  |  | $ | 50.57 |  |  |  |  |  |  |
Granted |  |  | 2,407 |  |  | $ | 38.80 |  |  |  |  |  |  |
Exercised |  |  | (1,444 | ) |  | $ | 45.06 |  |  |  |  |  |  |
Cancelled/forfeited/expired |  |  | (1,842 | ) |  | $ | 55.90 |  |  |  |  |  |  |
Outstanding at December 31, 2023 |  |  | 14,091 |  |  | $ | 48.43 |  |  |  | 4.74 |  |  | $ | 78,542 |
Exercisable at December 31, 2023 |  |  | 9,703 |  |  | $ | 52.24 |  |  |  | 3.20 |  |  | $ | 28,349 |
Restricted Stock Unit Activity | The following table summarizes the RSU activity for the year ended December 31, 2023 (in thousands, except per share data):
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value Per Share |
Non-vested at December 31, 2022 |  |  | 2,766 |  |  | $ | 48.30 |
Granted |  |  | 1,707 |  |  | $ | 40.51 |
Vested |  |  | (1,055 | ) |  | $ | 51.64 |
Cancelled/forfeited |  |  | (179 | ) |  | $ | 42.90 |
Non-vested at December 31, 2023 |  |  | 3,239 |  |  | $ | 43.40 |
Performance Restricted Stock Unit Activity | The following table summarizes the PRSU activity for the year ended December 31, 2023 (in thousands, except per share data):
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value Per Share |
Non-vested at December 31, 2022 |  |  | 143 |  |  | $ | 52.59 |
Granted |  |  | 158 |  |  | $ | 57.43 |
Vested |  |  | (75 | ) |  | $ | 52.43 |
Non-vested at December 31, 2023 |  |  | 226 |  |  | $ | 56.04 |
Stock-Based Compensation Expense | The following table summarizes stock-based compensation expense for the years ended December 31, 2023, 2022 and 2021 (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Cost of sales |  | $ | 499 |  |  | $ | 533 |  |  | $ | 456 |
Research, development and patent |  |  | 77,826 |  |  |  | 73,704 |  |  |  | 87,522 |
Selling, general and administrative |  |  | 27,484 |  |  |  | 26,027 |  |  |  | 32,700 |
Total |  | $ | 105,809 |  |  | $ | 100,264 |  |  | $ | 120,678 |
Weighted-Average Assumptions for Stock Options | Employee Stock Options:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Risk-free interest rate |  |  | 3.8 | % |  |  | 2.1 | % |  |  | 0.6 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Volatility |  |  | 46.8 | % |  |  | 54.5 | % |  |  | 54.0 | %
Expected life |  | 6.3 years |  |  | 6.3 years |  |  | 4.9 years |
Board of Director Stock Options:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Risk-free interest rate |  |  | 3.8 | % |  |  | 2.9 | % |  |  | 1.2 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Volatility |  |  | 52.7 | % |  |  | 56.2 | % |  |  | 55.9 | %
Expected life |  | 7.7 years |  |  | 7.4 years |  |  | 7.3 years |
Weighted-Average Assumptions for ESPP | ESPP:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Risk-free interest rate |  |  | 5.3 | % |  |  | 1.2 | % |  |  | 0.1 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Volatility |  |  | 36.0 | % |  |  | 50.1 | % |  |  | 42.4 | %
Expected life |  | 6 months |  |  | 6 months |  |  | 6 months |

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