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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Share-based Payment Arrangement, Expensed and Capitalized, Amount | Total stock-based compensation recognized, before taxes, are as follows (in thousands):
|  |  | Year Ended December 31,
|  |  | 2023 |  | 2022 |  | 2021 |  |
Cost of sales |  |  | $ | 2,493 |  |  | $ | 1,053 |  |  | $ | 253 |  |  |
Research and development |  |  | 4,798 |  |  | 2,230 |  |  | 783 |  |  |
Sales, general and administrative |  |  | 14,401 |  |  | 7,387 |  |  | 2,760 |  |  |
Stock-based compensation capitalized in inventory |  |  | $ | (2,558) |  |  | $ | (333) |  |  | — |  |  |
Total stock-based compensation |  |  | $ | 19,134 |  |  | $ | 10,337 |  |  | $ | 3,796 |  |  |
Schedule of Stock Option Activity and Related Information | A summary of the Company’s stock option activity and related information are as follows (options in thousands):
|  |  | Year Ended
|  |  | December 31, 2023 |  |
|  |  |  |  | Options |  | Weighted Average Exercise Price |  |  |  |
Outstanding, beginning of period |  |  |  |  | 5,353 |  |  | $ | 6.93 |  |  |  |  |
Granted |  |  |  |  | 398 |  |  | 36.83 |  |  |  |  |
Exercised |  |  |  |  | (520) |  |  | 4.77 |  |  |  |  |
Forfeited |  |  |  |  | (16) |  |  | 11.62 |  |  |  |  |
Outstanding, end of period |  |  |  |  | 5,215 |  |  | 9.42 |  |  |  |  |
Vested and expected to vest |  |  |  |  | 5,215 |  |  | 9.42 |  |  |  |  |
Exercisable |  |  |  |  | 4,042 |  |  | 6.80 |  |  |  |  |
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:
|  |  | Year Ended December 31,
|  |  | 2023 |  | 2022 |  | 2021 |  |
Expected life (years) |  |  | 6.0 |  | 5.9 |  | 6.0 |  |
Expected volatility |  |  | 57 | % |  | 55 | % |  | 50 | % |  |
Risk-free interest rate |  |  | 4.0 | % |  | 2.5 | % |  | 1.0 | % |  |
Expected dividend rate |  |  | — | % |  | — | % |  | — | % |  |
Weighted-average fair value |  |  | $ | 21.02 |  |  | $ | 19.15 |  |  | $ | 4.36 |  |  |
The fair value of the options granted under the 2021 ESPP to employees was estimated as of the grant date using the Black-Scholes model assuming the weighted-average assumptions listed in the following table:
|  |  | Year Ended December 31,
|  |  | 2023 |  | 2022 |  |  |  |
Expected life (years) |  |  | 0.7 |  | 0.7 |  |  |  |
Expected volatility |  |  | 53 | % |  | 56 | % |  |  |  |
Risk-free interest rate |  |  | 5.1 | % |  | 4.2 | % |  |  |  |
Expected dividend rate |  |  | — | % |  | — | % |  |  |  |
Weighted-average fair value |  |  | $ | 11.20 |  |  | $ | 15.11 |  |  |  |  |
Schedule of Restricted Stock Unit Activity | A summary of the Company’s restricted stock unit or RSU activity and related information are as follows (RSUs in thousands):
|  |  | Year Ended
|  |  | December 31, 2023 |  |
|  |  |  |  | Restricted Stock Units |  | Weighted-Average Fair Value |  |  |  |
Outstanding, beginning of period |  |  |  |  | 742 |  |  | $ | 36.35 |  |  |  |  |
Granted |  |  |  |  | 1,144 |  |  | 36.16 |  |  |  |  |
Canceled/forfeited |  |  |  |  | (119) |  |  | 35.31 |  |  |  |  |
Released |  |  |  |  | (202) |  |  | 36.50 |  |  |  |  |
Outstanding, end of period |  |  |  |  | 1,565 |  |  | 36.27 |  |  |  |  |

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