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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

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):

			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

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 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

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

Schedule of Restricted Stock Unit Activity

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

Schedule of Share-based Payment Arrangement, Expensed and Capitalized, Amount

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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Tabular disclosure of share-based payment arrangement.

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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.

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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.

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