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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of Classification of Stock Based Compensation Expense | The following table presents classification of stock-based compensation expense within the consolidated statements of operations:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Cost of sales | $ | 4,935 |  |  | $ | 5,177 |  |  | $ | 5,382 |
Research and development | 16,662 |  |  | 15,493 |  |  | 11,816 |
Sales and marketing | 3,902 |  |  | 3,639 |  |  | 2,818 |
General and administrative | 24,404 |  |  | 23,532 |  |  | 19,614 |
Total stock-based compensation | $ | 49,903 |  |  | $ | 47,841 |  |  | $ | 39,630 |
Restricted stock unit activity | Restricted stock unit activity was as follows:
| Number of Shares |  | Weighted Average Grant Date Fair Value Per Share
Beginning, January 1, 2024 | 773,814 |  | $ | 26.19 |
Granted | 1,244,993 |  | 24.78 |
Vested | (231,188) |  | 29.25 |
Forfeited | (105,071) |  | 24.71 |
Balance, December 31, 2024 | 1,682,548 |  | 24.82 |
Performance-based restricted stock unit activity was as follows:
| Number of Shares |  | Weighted Average Grant Date Fair Value Per Share
Beginning, January 1, 2024 | 116,945 |  | $ | 24.05 |
Granted | 134,850 |  | 26.08 |
Vested | (9,000) |  | 28.55 |
Forfeited | (54,000) |  | 22.87 |
Balance, December 31, 2024 | 188,795 |  | 25.62 |
Summary of Weighted Average Valuation Assumptions Used for Options | Following are the weighted average valuation assumptions used for option awards during the periods presented:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Valuation assumptions |  |  |  |  |
Expected dividend yield | — | % |  | — | % |  | — | %
Expected volatility | 65 | % |  | 66 | % |  | 57 | %
Expected term (years) | 5.32 |  | 4.92 |  | 4.78
Risk-free interest rate | 4.22 | % |  | 3.77 | % |  | 2.13 | %
Summary of Stock Option Activity | Stock option activity was as follows:
| Number of shares |  | Weighted average exercise price |  | Weighted average remaining contractual term (years) |  | Aggregate intrinsic value
Beginning, January 1, 2024 | 11,274,277 |  | $ | 30.06 |  |  |  |  |
Granted | 1,264,176 |  | 25.19 |  |  |  |  |
Exercised | (169,820) |  | 8.78 |  |  |  |  |
Forfeited | (226,832) |  | 31.20 |  |  |  |  |
Expired | (220,648) |  | 47.79 |  |  |  |  |
Balance, December 31, 2024 | 11,921,153 |  | 29.49 |  |  | 6.31 |  | $ | 30,996 |
Exercisable, December 31, 2024 | 8,873,733 |  | 30.14 |  |  | 5.65 |  | $ | 30,985 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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