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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Share-based Payment Arrangement, Expensed and Capitalized, Amount | Stock-based compensation expense consisted of the following:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Cost of goods sold | $ | 269 |  |  | $ | 236 |  |  | $ | 753 |  |  | $ | 693 |
Selling, general, and administrative expenses | 16,022 |  |  | 24,065 |  |  | 53,330 |  |  | 77,516 |
Total stock-based compensation expense | $ | 16,291 |  |  | $ | 24,301 |  |  | $ | 54,083 |  |  | $ | 78,209 |
Share-based Payment Arrangement, Option, Activity | A summary of stock option activity for the nine months ended September 30, 2023 is as follows:
| Number of Stock Options |  | Weighted Average Exercise Price |  | Weighted average contractual term (years) |  | Aggregate intrinsic value
Balance at December 31, 2022 | 2,965,144 |  |  | $ | 7.23 |  |  | 4.5 |  | $ | 21,243 |
Granted | — |  |  | — |  |  |  |  |
Exercised | (727,932) |  |  | 6.47 |  |  |  |  | 4,852 |
Forfeited | — |  |  | — |  |  |  |  |
Balance at September 30, 2023 | 2,237,212 |  |  | $ | 7.48 |  |  | 4.3 |  | $ | 14,980 |
Exercisable as of September 30, 2023 | 2,237,212 |  |  | $ | 7.48 |  |  | 4.3 |  | $ | 14,980 |
Vested as of September 30, 2023 | 1,911,222 |  |  | 5.70 |  |  | 3.8 |  |
Unvested as of September 30, 2023 | 325,990 |  |  | $ | 17.95 |  |  | 7.5 |  |
Share-based Payment Arrangement, Restricted Stock Unit, Activity | A summary of RSU activity for the nine months ended September 30, 2023 is as follows:
| Number of Restricted Stock Units |  | Weighted Average Grant Date Fair Value
Unvested as of December 31, 2022 | 3,314,420 |  |  | $ | 29.06 |
Granted | 1,677,009 |  | 13.27 |
Forfeited | (292,959) |  | 23.27 |
Released | (839,551) |  | 20.82 |
Vested and not yet released | (371,198) |  | 29.48 |
Unvested as of September 30, 2023 | 3,487,721 |  |  | $ | 23.89 |
Schedule of Nonvested Performance-based Units Activity | The PSUs are divided into eight substantially equal tranches, each one vesting on the date the 90-day trailing volume-weighted average trading price of the Company’s Class A common stock exceeds the stock price hurdle, as set forth in the table below, provided that no PSUs may vest prior to the six month anniversary of the Direct Listing.
Tranche |  | Number of PSUs |  | Stock Price Hurdle
1 |  | 549,712 |  |  | $ | 47.75 |
2 |  | 549,710 |  |  | $ | 55.71 |
3 |  | 549,712 |  |  | $ | 63.67 |
4 |  | 549,710 |  |  | $ | 71.63 |
5 |  | 549,712 |  |  | $ | 79.59 |
6 |  | 549,710 |  |  | $ | 87.55 |
7 |  | 549,712 |  |  | $ | 95.50 |
8 |  | 549,710 |  |  | $ | 103.46 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following range of assumptions was used for ESPP purchase rights granted:
|  |  | Nine Months Ended September 30,
|  |  |  |  | 2023 |  | 2022
ESPP purchase rights |  |  |  |  |  |  |
Risk-free interest rates |  |  |  |  | 4.0% - 5.2% |  | 1.5% - 2.6%
Expected dividend yield |  |  |  |  | — |  | —
Expected term |  |  |  |  | 0.5 - 2.0 years |  | 0.5 - 2.0 years
Volatility |  |  |  |  | 60 | % |  | 53 | %
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award | The following table presents other relevant ESPP information:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Shares purchased under the ESPP | — |  |  | — |  |  | 116,936 |  |  | 118,329 |
Stock-based compensation expense related to ESPP | $ | 608 |  |  | $ | 638 |  |  | $ | 2,020 |  |  | $ | 2,095 |
Employee contributions | $ | 459 |  |  | $ | 539 |  |  | $ | 1,455 |  |  | $ | 2,126 |

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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