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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2022
Share-based Payment Arrangement [Abstract] |
Schedule of Stock Option Activity and Related Information | A summary of the Company’s stock option activity and related information are as follows (shares in thousands):
| Six Months Ended |  |  |  |  |  |
| June 30, 2022 |  |  |  |
| Number of Shares |  | Weighted Average Exercise Price |  |  |  |  |  |  |  |
Outstanding, beginning of period | 6,365 |  |  | $ | 5.34 |  |  |  |  |  |  |  |  |
Granted | 254 |  |  | 35.58 |  |  |  |  |  |  |  |  |
Exercised | (802) |  |  | 3.57 |  |  |  |  |  |  |  |  |
Forfeited | (151) |  |  | 7.09 |  |  |  |  |  |  |  |  |
Outstanding, end of period | 5,666 |  |  | 6.90 |  |  |  |  |  |  |  |  |
Vested and expected to vest | 5,666 |  |  | 6.90 |  |  |  |  |  |  |  |  |
Exercisable | 2,933 |  |  | 4.63 |  |  |  |  |  |  |  |  |
Schedule of Fair Value Assumptions | The fair value of the options granted to employees or directors was estimated as of the grant date using the Black-Scholes model assuming the weighted-average assumptions listed in the following table:
| Three Months Ended June 30, |  | Six Months Ended June 30, |
| 2022 |  | 2021 |  | 2022 |  | 2021 |  |  |
Expected life (years) | 5.8 |  | 6.0 |  | 5.9 |  | 6.0 |  |  |
Expected volatility | 56 | % |  | 52 | % |  | 55 | % |  | 49 | % |  |  |
Risk-free interest rate | 2.9 | % |  | 1.1 | % |  | 2.5 | % |  | 1.1 | % |  |  |
Expected dividend rate | — | % |  | — | % |  | — | % |  | — | % |  |  |
Weighted-average fair value | $ | 20.07 |  |  | $ | 3.59 |  |  | $ | 19.15 |  |  | $ | 3.14 |  |  |  |
The fair value of the awards granted under the ESPP for the six months ended June 30, 2022 to employees was estimated as of the grant date using the Black-Scholes model assuming the weighted-average assumptions listed in the following table:
| Six Months Ended June 30, |  |
| 2022 |  |  |  |  |  |
Expected life (years) | 0.8 |  |  |  |  |  |
Expected volatility | 57 | % |  |  |  |  |  |
Risk-free interest rate | 1.8 | % |  |  |  |  |  |
Expected dividend rate | — | % |  |  |  |  |  |
Weighted-average fair value | $ | 12.25 |  |  |  |  |  |  |
Share-based Payment Arrangement, Outstanding Award, Activity, Excluding Option | A summary of the Company’s restricted stock unit (“RSU”) activity and related information are as follows (restricted stock units in thousands):
| Six Months Ended |  |  |  |  |  |
| June 30, 2022 |  |  |  |
| Number of Shares |  | Weighted Average Grant Date Fair Value |  |  |  |  |  |  |  |
Outstanding, beginning of period | 35 |  |  | $ | 34.78 |  |  |  |  |  |  |  |  |
Awarded | 538 |  |  | 34.14 |  |  |  |  |  |  |  |  |
Forfeited | (14) |  |  | 31.76 |  |  |  |  |  |  |  |  |
Outstanding, end of period | 559 |  |  | 34.22 |  |  |  |  |  |  |  |  |
Share-based Payment Arrangement, Expensed and Capitalized, Amount | Total stock-based compensation recognized, before taxes, are as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30, |
| 2022 |  | 2021 |  | 2022 |  | 2021 |  |  |
Cost of sales | $ | 252 |  |  | $ | 51 |  |  | $ | 375 |  |  | $ | 74 |  |  |  |
Research and development | 553 |  |  | 155 |  |  | 853 |  |  | 307 |  |  |  |
Sales, general and administrative | 1,871 |  |  | 519 |  |  | 3,000 |  |  | 994 |  |  |  |
Total stock-based compensation | $ | 2,676 |  |  | $ | 725 |  |  | $ | 4,228 |  |  | $ | 1,375 |  |  |  |

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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14.F) -URI http://asc.fasb.org/extlink&oid=122041274&loc=d3e301413-122809 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 + Details
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- Definition Tabular disclosure of activity for outstanding award under share-based payment arrangement excluding share and unit options and nonvested award. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding and exercisable options that are fully vested and expected to vest. Includes, but is not limited to, unvested options for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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