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EQUITY INCENTIVE PLAN AND STOCK-BASED COMPENSATION (Tables) | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Share-Based Awards Available for Grant Under 2016 Plan | A summary of awards available for grant under the Company’s 2016 Equity Incentive Plan is as follows (in thousands):
| Shares Available for Grant
Balance as of December 31, 2022 | 7,823 |
Awards granted 1 | (1,317) |
Awards forfeited 1 | 222 |
Balance as of September 30, 2023 | 6,728 |
1 Awards granted and forfeited include PRSUs, which are based on the maximum number of PRSUs in the key executive grant agreements. The actual number of PRSUs granted will be based on company performance criteria and relative Total Shareholder Return, as discussed in Note 12, Equity Incentive Plan and Stock-Based Compensation.
Schedule of Restricted Stock Units, Activity | The fair value of market based PRSUs were estimated at the date of grant using the Monte-Carlo option pricing model. A summary is as follows (in thousands, except weighted average grant date fair value):
| Restricted Stock Units |  | Performance Based Restricted Stock Units and Market-Based Units
| Shares Underlying RSUs |  | Weighted Average Grant Date Fair Value |  | Shares Underlying PRSUs 1 |  | Weighted Average Grant Date Fair Value
Balance as of December 31, 2022 | 1,465 |  |  | $ | 111.16 |  |  | 561 |  |  | $ | 120.22 |
Granted | 853 |  |  | 116.49 |  |  | 464 |  |  | 124.56 |
Vested | (349) |  |  | 118.30 |  |  | (24) |  |  | 107.05 |
Forfeited | (129) |  |  | 119.60 |  |  | (93) |  |  | 127.04 |
Balance as of September 30, 2023 | 1,839 |  |  | $ | 111.69 |  |  | 908 |  |  | $ | 122.09 |
1 Based on the maximum number of PRSUs in the key executive grant agreements. The actual number of PRSUs granted will be based on company performance criteria and relative Total Shareholder Return, as discussed in Note 12, Equity Incentive Plan and Stock-Based Compensation.
Schedule of Stock Option Activity Under 2006 and 2016 Plans | The following table summarizes stock option activity during the nine months ended September 30, 2023 (in thousands, except weighted average exercise price per share and years):
|  |  | Options Outstanding
| Options Outstanding |  | Weighted- Average Exercise Price Per Share |  | Weighted- Average Remaining Contractual Life (years) |  | Aggregate Intrinsic Value
Balance as of December 31, 2022 | 328 |  |  | $ | 43.00 |  |  | 4.43 |  | $ | 16,635 |
Options exercised | (21) |  |  | 53.03 |  |  |  |  |
Balance as of September 30, 2023 | 307 |  |  | 42.32 |  |  | 3.66 |  | 15,964 |
Options exercisable – September 30, 2023 | 307 |  |  | $ | 42.32 |  |  | 3.66 |  | $ | 15,964 |
Schedule of Total Stock-Based Compensation Expense Included in Statements of Operations and Comprehensive Loss | The following table summarizes the total stock-based compensation expense included in the unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022 (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Cost of revenue | $ | 1,236 |  |  | $ | 618 |  |  | $ | 2,584 |  |  | $ | 1,540 |
Research and development | 3,370 |  |  | 1,717 |  |  | 7,912 |  |  | 4,841 |
Selling, general and administrative | 16,402 |  |  | 10,610 |  |  | 42,862 |  |  | 35,565 |
Total stock-based compensation expense | $ | 21,008 |  |  | $ | 12,945 |  |  | $ | 53,358 |  |  | $ | 41,946 |

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