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Stock Benefit Plans and Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of Compensation Cost for Stock-Based Compensation Arrangements | The compensation cost that has been included in the Company’s consolidated statements of operations for all stock-based compensation arrangements is detailed as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Cost of sales |  | $ | 4,961 |  |  | $ | 25,082 |  |  | $ | 2,597 |
Research and development |  |  | 27,030 |  |  |  | 18,741 |  |  |  | 5,016 |
Sales, general and administrative |  |  | 41,286 |  |  |  | 37,421 |  |  |  | 32,943 |
Total |  | $ | 73,277 |  |  | $ | 81,244 |  |  | $ | 40,556 |
Summary of Stock Option Activity | A summary of the Company’s stock option activity under the equity plans and related information is as follows (in thousands, except as indicated and per share data):
|  | Shares |  |  | Weighted average exercise price |  |  | Weighted average remaining contractual term (in years) |  |  | Aggregate intrinsic value |
Outstanding at December 31, 2023 |  |  | 2,468 |  |  | $ | 3.20 |  |  |  |  |  |  |
Exercised |  |  | (283 | ) |  |  | 2.52 |  |  |  |  |  |  |
Forfeited |  |  | (27 | ) |  |  | 14.74 |  |  |  |  |  |  |
Outstanding at December 31, 2024 |  |  | 2,158 |  |  | $ | 3.15 |  |  |  | 3.00 |  |  | $ | 13,298 |
Options vested and expected to vest at December 31, 2024 |  |  | 2,158 |  |  | $ | 3.15 |  |  |  | 3.00 |  |  | $ | 13,298 |
Options exercisable at December 31, 2024 |  |  | 2,155 |  |  | $ | 3.13 |  |  |  | 2.99 |  |  | $ | 13,296 |
Summary of Information about Restricted Stock Awards, Restricted Stock Units and Performance-Based Restricted Units Activity | The following table summarizes information about the restricted stock units and performance-based restricted units activity (in thousands, except as indicated and per share data):
|  | Shares |  |  | Weighted average grant date fair value |  |  | Weighted average remaining recognition period (in years) |
Unvested at December 31, 2023 |  |  | 7,713 |  |  | $ | 13.56 |  |  |  |
Awarded |  |  | 5,189 |  |  |  | 12.56 |  |  |  |
Vested |  |  | (4,616 | ) |  |  | 7.10 |  |  |  |
Forfeited |  |  | (860 | ) |  |  | 13.78 |  |  |  |
Unvested at December 31, 2024 |  |  | 7,426 |  |  | $ | 12.92 |  |  |  | 1.06 |
Schedule of Assumptions used to Estimate Fair Value of Stock Options Granted and Stock Purchase Rights under ESPP | The Company estimates the fair value of shares issued to employees under the ESPP using the Black-Scholes option-pricing model. The assumptions used to estimate the fair value of stock purchase rights under the ESPP are as follows:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Risk-free interest rate |  | 4.44% - 5.41% |  |  | 4.54% - 5.41% |  |  | 0.07% - 4.54% |
Expected dividend yield |  |  | — |  |  |  | — |  |  |  | — |
Expected term (years) |  |  | 0.50 |  |  | 0.41 - 0.60 |  |  | 0.50 - 0.60 |
Volatility |  | 54.47% - 91.91% |  |  | 40.87% - 62.77% |  |  | 50.29% - 64.53% |
Summary of Common Stock Reserved for Future Issuance | Common stock reserved for future issuance consists of the following (in thousands):
|  | December 31, 2024 |
Stock options outstanding |  |  | 2,158 |
Unvested restricted stock units |  |  | 7,426 |
Employee stock purchase plan |  |  | 714 |
Senior convertible notes |  |  | 17,246 |
Warrants outstanding |  |  | 9,316 |
Authorized for future grant under the Distributor and Development Services plans |  |  | 424 |
Authorized for future grant under the Management Objective Strategic Incentive Plan |  |  | 1 |
Authorized for future grant under the Company Equity plans |  |  | 4,528 |
|  |  | 41,813 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (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
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