XML 54 R25.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Stock-Based Compensation (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Stock details | The Company's outstanding equity awards and shares reserved for future issuance under its 2020 and 2016 Equity Incentive Plans and 2020 Employee Stock Purchase Plan are summarized below:
| March 31, 2024 |  | December 31, 2023
Common stock awards reserved for future issuance under 2020 and 2016 Equity Incentive Plans | 7,435,442 |  |  | 7,054,222 |
Common stock awards reserved for future issuance under the 2020 Employee Stock Purchase Plan | 2,859,434 |  |  | 2,859,434 |
Stock options issued and outstanding (unvested and vested) under 2020 and 2016 Equity Incentive Plans | 5,217,617 |  |  | 4,760,366 |
Restricted stock units issued and outstanding (unvested) under 2020 Equity Incentive Plan | 1,981,673 |  |  | 1,708,725 |
Total shares of common stock reserved | 17,494,166 |  |  | 16,382,747 |
Stock-based compensation | Stock-based compensation expense was recognized in the accompanying Condensed Statements of Operations and Comprehensive Loss as follows:
| Three Months Ended March 31,
| 2024 |  | 2023
Cost of sales | $ | 135 |  |  | $ | — |
Research and development | 1,465 |  |  | 1,163 |
Selling, general and administrative | 3,919 |  |  | 2,743 |
Total stock-based compensation | $ | 5,519 |  |  | $ | 3,906 |
Valuation assumptions of stock options | The fair value of granted stock options was estimated as of the date of grant using the Black-Scholes option-pricing model, based on the following inputs:
| Three Months Ended March 31,
| 2024 |  | 2023
Expected term (in years) | 6.25 |  | 6.25
Weighted average risk-free interest rate | 4.08 | % |  | 4.20 | %
Weighted average volatility | 71.23 | % |  | 71.9 | %
Dividend yield rate | — | % |  | — | %
Weighted-average grant-date fair value per stock option | $ | 35.09 |  |  | $ | 15.07 |
Stock option activity | Stock option activity during the three months ended March 31, 2024 was as follows:
| Number of Shares |  | Weighted- Average Exercise Price/Share |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value(1)
Outstanding - December 31, 2023 | 4,760,366 |  |  | $ | 16.62 |  |  | 7.53 |  | $ | 34,128 |
Granted | 633,887 |  |  | $ | 35.09 |  |  |  |  |
Exercised | (49,310) |  |  | $ | 16.21 |  |  |  |  |
Forfeited | (127,326) |  |  | $ | 18.03 |  |  |  |  |
Expired | — |  |  | — |  |  |  |  |
Outstanding— March 31, 2024 | 5,217,617 |  |  | $ | 18.83 |  |  | 7.46 |  | $ | 96,254 |
Exercisable— March 31, 2024 | 2,972,207 |  |  | $ | 15.51 |  |  | 6.41 |  | $ | 65,826 |
Unvested—March 31, 2024 | 2,245,410 |  |  | $ | 23.22 |  |  | 8.86 |  | $ | 30,428 |
(1) The aggregate intrinsic value is calculated as the difference between the exercise price of the options and the fair value of the Company’s common stock as of March 31, 2024.
Restricted stock unit activity | Restricted stock unit activity during the three months ended March 31, 2024 was as follows:
| Number of Shares |  | Weighted- Average Exercise Price/Share
Outstanding - December 31, 2023 | 1,708,725 |  |  | $ | 16.31 |
Granted | 596,726 |  |  | $ | 36.03 |
Vested | (207,718) |  |  | $ | 16.11 |
Forfeited | (116,060) |  |  | $ | 17.62 |
Outstanding— March 31, 2024 | 1,981,673 |  |  | $ | 22.19 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + 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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References No definition available. + Details
Name: | us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(27)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-3 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-4 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-5 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481142/505-10-45-2 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-10 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-8 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 480 -SubTopic 10 -Section S99 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480244/480-10-S99-1 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-6 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-7 + Details
Name: | us-gaap_ScheduleOfStockByClassTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration