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EQUITY INCENTIVE PLAN AND STOCK-BASED COMPENSATION (Tables)
 9 Months Ended
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, 20227,823 
Awards granted 1
(1,317)
Awards forfeited 1
222 
Balance as of September 30, 20236,728 
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 UnitsPerformance Based Restricted Stock Units and Market-Based Units
Shares Underlying RSUsWeighted Average Grant Date Fair Value
Shares Underlying PRSUs 1
Weighted Average Grant Date Fair Value
Balance as of December 31, 20221,465 $111.16 561 $120.22 
Granted853 116.49 464 124.56 
Vested(349)118.30 (24)107.05 
Forfeited(129)119.60 (93)127.04 
Balance as of September 30, 20231,839 $111.69 908 $122.09 
1Based 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, 2022328 $43.00 4.43$16,635 
Options exercised(21)53.03 
Balance as of September 30, 2023307 42.32 3.6615,964 
Options exercisable – September 30, 2023307 $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,
2023202220232022
Cost of revenue$1,236 $618 $2,584 $1,540 
Research and development3,370 1,717 7,912 4,841 
Selling, general and administrative16,402 10,610 42,862 35,565 
Total stock-based compensation expense$21,008 $12,945 $53,358 $41,946