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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows (in thousands).

 

 

Twelve Months Ended
December 31, 2022

 

 

Twelve Months Ended
December 31, 2021

 

 

 

Beginning of period

 

 

End of period

 

 

Beginning of period

 

 

End of period

 

Cash and cash equivalents

 

$

147,435

 

 

$

114,846

 

 

$

326,028

 

 

$

147,435

 

Restricted cash

 

 

5,770

 

 

 

5,770

 

 

 

5,770

 

 

 

5,770

 

Total cash, cash equivalents and restricted
   cash shown in the statements of cash flows

 

$

153,205

 

 

$

120,616

 

 

$

331,798

 

 

$

153,205

 
Schedule of Estimated Useful Lives by Major Asset Category

Property and equipment are recorded at cost and depreciated over their estimated useful lives using the straight-line method. Leasehold improvements are amortized over the shorter of their estimated useful lives or the term of the lease by use of the straight-line method. Construction-in-process reflects amounts incurred for property, equipment or improvements that have not been placed in service. Maintenance and repair costs are expensed as incurred. When assets are retired or sold, the assets and accumulated depreciation are removed from the respective accounts and any gain or loss is recognized. Estimated useful lives by major asset category are as follows:

 

 

Useful Lives

Machinery and equipment

 

5 to 7 years

Computers and software

 

3 years

Furniture and fixtures

 

10 years
Weighted-Average Assumptions Used to Estimate Fair Value of Employee Stock Options The estimated fair value of each stock option and purchase right is then expensed over the requisite service period, which is generally the vesting period. The following weighted-average assumptions were used during these periods:

 

 

Years Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Stock Options:

 

 

 

 

 

 

 

 

 

Expected volatility

 

 

68

%

 

 

64

%

 

 

63

%

Risk-free interest rate

 

 

3

%

 

 

1

%

 

 

1

%

Expected dividend yield

 

 

0

%

 

 

0

%

 

 

0

%

Expected life of options in years

 

 

5.4

 

 

 

5.4

 

 

 

5.5

 
Weighted-Average Assumptions Used to Estimate Fair Value of Employee Stock Purchase Plan Rights

 

 

Years Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Employee Stock Purchase Plan:

 

 

 

 

 

 

 

 

 

Expected volatility

 

62%-82%

 

 

49%-100%

 

 

50%-76%

 

Risk-free interest rate

 

1.5%-4.6%

 

 

0.0%-0.5%

 

 

0.1%-0.2%

 

Expected dividend yield

 

 

0

%

 

 

0

%

 

 

0

%

Expected life in years

 

0.5-2.0

 

 

0.5-2.0

 

 

0.5-2.0

 
Summary of Stock-based Compensation Expense Included in Statements of Operations

The table below summarizes the total stock-based compensation expense included in the Company’s statements of operations for the periods presented (in thousands):

 

 

Years Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Cost of product sales

 

$

1,106

 

 

$

1,286

 

 

$

2,632

 

Research and development

 

 

22,580

 

 

 

21,969

 

 

 

31,314

 

Sales, general and administrative

 

 

44,515

 

 

 

40,360

 

 

 

50,476

 

 

 

$

68,201

 

 

$

63,615

 

 

$

84,422