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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation Stock Options The Company had 5.3 million shares available for grant as of September 30, 2023 under the 2021 Equity Incentive Award Plan. A summary of the Company’s stock option activity and related information are as follows (shares in thousands):
| Nine Months Ended |  |  |  |  |  |
| September 30, 2023 |  |  |  |
| Number of Shares |  | Weighted-Average Exercise Price |  |  |  |  |  |  |  |
Outstanding, beginning of period | 5,353 |  |  | $ | 6.93 |  |  |  |  |  |  |  |  |
Granted | 398 |  |  | 36.83 |  |  |  |  |  |  |  |  |
Exercised | (323) |  |  | 4.67 |  |  |  |  |  |  |  |  |
Forfeited | (14) |  |  | 11.01 |  |  |  |  |  |  |  |  |
Outstanding, end of period | 5,414 |  |  | 9.26 |  |  |  |  |  |  |  |  |
Vested and expected to vest | 5,414 |  |  | 9.26 |  |  |  |  |  |  |  |  |
Exercisable | 3,961 |  |  | 6.50 |  |  |  |  |  |  |  |  |
As of September 30, 2023 and December 31, 2022, the aggregate pre-tax intrinsic value of options outstanding and exercisable was $106.8 million and $126.3 million, respectively, and the aggregate pre-tax intrinsic value of options outstanding were $130.0 million and $185.3 million, respectively. The aggregate pre-tax intrinsic value of options exercised was $8.9 million and $27.9 million during the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, there was a total of $12.4 million of unrecognized stock-based compensation expense related to stock options. 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 September 30, |  | Nine Months Ended September 30, |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |
Expected life (years) | 0.0 |  | 0.0 |  | 6.0 |  | 5.9 |  |  |
Expected volatility | — | % |  | — | % |  | 57 | % |  | 55 | % |  |  |
Risk-free interest rate | — | % |  | — | % |  | 4.0 | % |  | 2.5 | % |  |  |
Expected dividend rate | — | % |  | — | % |  | — | % |  | — | % |  |  |
Weighted-average fair value | $ | — |  |  | $ | — |  |  | $ | 21.02 |  |  | $ | 19.15 |  |  |  |
Restricted Stock Units A summary of the Company’s restricted stock unit or RSU activity and related information are as follows (shares in thousands):
| Nine Months Ended
| September 30, 2023
| Number of Shares |  | Weighted Average Grant Date Fair Value
Outstanding, beginning of period | 742 |  |  | $ | 36.35 |
Awarded | 1,031 |  |  | 36.54 |
Forfeited | (86) |  |  | 35.00 |
Vested | (169) |  |  | 35.87 |
Outstanding, end of period | 1,518 |  |  | 36.61 |
As of September 30, 2023, there was a total of $47.5 million of unrecognized stock-based compensation expense related to RSUs. Employee Stock Purchase Plan As of September 30, 2023, there was approximately $1.2 million of unrecognized cost related to the Company’s Employee Stock Purchase Plan, or ESPP. This cost is expected to be recognized over a weighted average period of 0.4 years. As of September 30, 2023, a total of 1.1 million shares were available for issuance under the ESPP. The fair value of the awards granted under the ESPP for the nine months ended September 30, 2023 to employees was estimated as of the grant date using the Black-Scholes model assuming the weighted-average assumptions listed in the following table:
| Nine Months Ended September 30,
| 2023
Expected life (years) | 0.8
Expected volatility | 55 | %
Risk-free interest rate | 5.0 | %
Expected dividend rate | — | %
Weighted-average fair value | $ | 11.28 |
Total stock-based compensation recognized, before taxes, are as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30, |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |
Cost of sales | $ | 660 |  |  | 337 |  |  | $ | 1,730 |  |  | 712 |  |  |  |
Research and development | 1,375 |  |  | 678 |  |  | 3,506 |  |  | 1,531 |  |  |  |
Sales, general and administrative | 3,922 |  |  | 2,210 |  |  | 10,509 |  |  | 5,209 |  |  |  |
Stock-based compensation capitalized in inventory | (631) |  |  | — |  |  | (1,592) |  |  | — |  |  |  |
Total stock-based compensation | $ | 5,326 |  |  | $ | 3,225 |  |  | $ | 14,153 |  |  | $ | 7,452 |  |  |  |

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent + Details
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