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Stockholders' Equity and Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2021
Equity [Abstract] |
Stockholders' Equity and Stock-Based Compensation | Stockholders' Equity and Stock-Based Compensation Public Offering In March 2021, the Company closed a follow-on public offering in which it issued and sold approximately 2.5 million shares of common stock (including approximately 0.3 million shares sold pursuant to the full exercise of the underwriters option to purchase additional shares) at an offering price of $34.00 per share, resulting in aggregate net proceeds to the Company of approximately $82.4 million after deducting underwriting discounts, commissions and offering costs. Restricted Stock Awards and Units Restricted stock award (RSA) and restricted stock unit (RSU) activity under our equity incentive plan was as follows (in thousands, except weighted-average grant date fair values):
|  |  | Number of Restricted Stock Awards |  | Weighted-Average Grant Date Fair Value
RSAs at December 31, 2020 |  | 653 |  |  | $ | 21.30 |
| Awards granted |  | — |  |  | — |
| Awards vested |  | — |  |  | — |
RSAs at March 31, 2021 |  | 653 |  |  | $ | 21.30 |
|  |  | Number of Restricted Stock Units |  | Weighted-Average Grant Date Fair Value
RSUs at December 31, 2020 |  | 2,800 |  |  | $ | 20.54 |
| Awards granted |  | 76 |  |  | 38.76 |
| Awards vested |  | (3) |  |  | 18.63 |
| Awards forfeited |  | (7) |  |  | 24.88 |
RSUs at March 31, 2021 |  | 2,866 |  |  | $ | 21.01 |
The total fair value of RSAs and RSUs vested during the three months ended March 31, 2021 was less than $0.1 million in total. Awards outstanding as of March 31, 2021 include 0.7 million performance-based awards that will vest upon meeting certain performance criteria. Stock Options The following table summarizes the Company’s stock option activity during the three months ended March 31, 2021 (in thousands, except weighted-average exercise prices):
| Number of Options |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Outstanding, December 31, 2020 | 3,358 |  |  | $1.53 |  | 5.3 |  | $104,510
Options exercised | (452) |  |  | $1.27 |  |  |  |
Options canceled | (2) |  |  | $4.79 |  |  |  |
Outstanding, March 31, 2021 | 2,904 |  |  | $1.56 |  | 5.1 |  | $89,554
Options exercisable at March 31, 2021 | 2,408 |  |  | $1.15 |  | 4.8 |  | $75,265
Options vested as of March 31, 2021 and expected to vest after March 31, 2021 | 2,904 |  |  | $1.56 |  | 5.1 |  | $89,554
Total intrinsic value of options exercised for the three months ended March 31, 2021 and 2020 was $15.0 million and $6.0 million, respectively. The Company received proceeds of $0.6 million from the exercise of options for each of the three months ended March 31, 2021 and 2020. Employee Stock Purchase Plan There were no purchases under the Company's employee stock purchase plan during the three months ended March 31, 2021.
Stock-Based Compensation Total stock-based compensation expense was included in our consolidated statements of operations as follows (in thousands):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2021 |  | 2020 |  |
Cost of revenues |  |  |  |  | $ | 491 |  |  | $ | 345 |  |  |
Research and development |  |  |  |  | 2,918 |  |  | 1,782 |  |  |
Sales, general and administrative |  |  |  |  | 4,645 |  |  | 1,636 |  |  |
|  |  |  |  | $ | 8,054 |  |  | $ | 3,763 |  |  |
Unrecognized Compensation Costs As of March 31, 2021, total unrecognized stock-based compensation related to unvested stock awards was $58.3 million, which will be recognized over the next five years as follows (in thousands):
Remainder of 2021 | $ | 20,570 |
2022 | 21,754 |
2023 | 12,899 |
2024 | 3,027 |
2025 | 35 |
| $ | 58,285 |
Total unrecognized stock-based compensation includes approximately 0.3 million awards that do not have a measurement date and have been valued as of March 31, 2021. Common Stock Repurchase Plan On November 14, 2019, the Company's Board of Directors authorized the repurchase of up to $10.0 million of its outstanding shares of common stock. As of March 31, 2021, no repurchases had been executed under the program.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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