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Stockholders' Equity (Tables)

12 Months Ended

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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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.

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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.

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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.

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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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