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Stock-Based Compensation (Tables)

12 Months Ended

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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Tabular disclosure of share-based payment arrangement.

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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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