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Stockholders' Equity (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option Activity | Activity of stock options under the 2005 Plan, 2011 Plan and 2014 Plan (collectively, the “Plans”) during the year ended December 31, 2023 is set forth below:
|  | Number of Shares |  | Weighted-Average Exercise Price |  | Weighted Average Remaining Contractual Life (in years) |  | Aggregate Intrinsic Value (in thousands)
Balance at December 31, 2022 |  | 841,773 |  |  | $ | 29.73 |  |  |  |  |
Grants |  | — |  |  | $ | — |  |  |  |  |
Exercised |  | (239,395) |  |  | $ | 23.04 |  |  |  |  |
Canceled/Forfeited |  | (6,958) |  |  | $ | 197.74 |  |  |  |  |
Balance at December 31, 2023 |  | 595,420 |  |  | $ | 30.46 |  |  |  |  |
Vested and expected to vest—December 31, 2023 |  | 595,420 |  |  | $ | 30.46 |  |  | 1.97 |  | $ | 131,636 |
Exercisable—December 31, 2023 |  | 595,420 |  |  | $ | 30.46 |  |  | 1.97 |  | $ | 131,636 |
Summary of Unvested Restricted Stock Activity | The activity of unvested restricted stock units (“RSU”) under the Plans is set forth below:
|  | Number of Shares |  | Weighted Average Grant Date Fair Value
Unvested at December 31, 2022 |  | 470,019 |  |  | $ | 202.51 |
Granted |  | 92,805 |  |  | 250.54 |
Released/Vested |  | (179,679) |  |  | 196.51 |
Canceled/Forfeited |  | (36,401) |  |  | 215.90 |
Unvested at December 31, 2023 |  | 346,744 |  |  | $ | 217.07 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The Company used the following assumptions in its Black-Scholes option pricing model to determine the fair value of stock options and ESPP rights:
|  |  |  | Stock Options |  | ESPP Rights
|  |  |  | Year Ended December 31, |  | Year Ended December 31,
|  |  |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Expected term (in years) |  |  |  | 5.62 |  | 2.85 |  | 0.50 |  | 0.50 |  | 0.50
Expected volatility |  |  |  | 42 | % |  | 42 | % |  | 41% |  | 46% |  | 43%
Risk-free interest rate |  |  |  | 2.76 | % |  | 0.38 | % |  | 5.04% |  | 1.30% |  | 0.10%
Expected dividend yield |  |  |  | — | % |  | — | % |  | 0% |  | 0% |  | 0%
Schedule of Stock-based Compensation Expense | The following table sets forth the stock-based compensation expense included in the consolidated statements of operations (in thousands):
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021(1)
Cost of sales |  | $ | 5,330 |  |  | $ | 3,882 |  |  | $ | 2,898 |
Research and development |  | 8,838 |  |  | 5,908 |  |  | 30,037 |
Sales, general and administrative |  | 36,348 |  |  | 27,588 |  |  | 32,828 |
Total |  | $ | 50,516 |  |  | $ | 37,378 |  |  | $ | 65,763 |
(1) The Company recorded a $25.8 million charge to stock-based compensation related to the acceleration of vesting of all replacement stock options in connection with the Merger. Refer to Note “5. Business Combinations” for more information.
Share-Based Payment Arrangement, Performance Shares, Activity | The activity of unvested equity-classified PSUs under the Plans is set forth below:
|  | Number of Shares(1) |  | Weighted Average Grant Date Fair Value(1)
Unvested at December 31, 2022 |  | 25,830 |  |  | $ | 208.86 |
Granted |  | 83,820 |  |  | 260.17 |
Released/Vested |  | (7,259) |  |  | 205.88 |
Canceled/Forfeited |  | (7,614) |  |  | 256.44 |
Unvested at December 31, 2023 |  | 94,777 |  |  | $ | 250.65 |
(1) The table above excludes liability-classified PSUs. During the year ended December 31, 2023, the Company recorded $2.2 million in stock-based compensation for liability-classified PSUs.

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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 -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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