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Stockholders' Equity and Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
Stockholders' Equity and Stock-Based Compensation | Stockholders' Equity and Stock-Based Compensation Restricted Stock Awards and Units Restricted stock unit ("RSU") and restricted stock awards ("RSA") activity under our equity incentive plan was as follows:
|  |  | Number of Restricted Stock Units (Thousands) |  | Weighted-Average Grant Date Fair Value
Balance, December 31, 2023 |  | 2,817 |  |  | $ | 13.27 |
| Granted |  | 1,787 |  |  | 14.09 |
| Vested |  | (998) |  |  | 15.08 |
| Forfeited |  | (77) |  |  | 13.94 |
Balance, September 30, 2024 |  | 3,529 |  |  | 13.16 |
|  |  | Number of Restricted Stock Awards (Thousands) |  | Weighted-Average Grant Date Fair Value
Balance, December 31, 2023 |  | 133 |  |  | $ | 30.44 |
| Vested |  | (96) |  |  | 29.20 |
Balance, September 30, 2024 |  | 37 |  |  | 33.66 |
The total fair value of RSUs vested during the nine months ended September 30, 2024, was $15.0 million. Awards outstanding as of September 30, 2024 include 1.3 million performance-based awards that will vest upon meeting certain performance criteria. 0.5 million performance-based awards were granted during the nine months ended September 30, 2024. Stock Options The following table summarizes our stock option activity during the nine months ended September 30, 2024:
| Number of Options (Thousands) |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (Thousands)
Outstanding, December 31, 2023 | 1,398 |  |  | $1.24 |  | 2.5 |  | $17,142
Options exercised | (247) |  |  | 0.89 |  |  |  |
Outstanding, September 30, 2024 | 1,151 |  |  | 1.31 |  | 1.9 |  | 10,795
Options exercisable at September 30, 2024 | 1,151 |  |  | 1.31 |  | 1.9 |  | 10,795
Options vested as of September 30, 2024, and expected to vest after September 30, 2024 | 1,151 |  |  | 1.31 |  | 1.9 |  | 10,795
Total intrinsic value of options exercised for the nine months ended September 30, 2024 and 2023, was $2.7 million and $2.5 million, respectively. We received proceeds of $0.2 million and $0.4 million from the exercise of options for the nine months ended September 30, 2024 and 2023, respectively. Stock-Based Compensation Total stock-based compensation expense was included in our Consolidated Statements of Operations as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30, |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Cost of revenues | $ | 629 |  |  | $ | 508 |  |  | $ | 1,829 |  |  | $ | 1,871 |  |  |
Research and development | 2,046 |  |  | 2,613 |  |  | 5,834 |  |  | 7,537 |  |  |
Sales, general and administrative | 3,852 |  |  | 3,506 |  |  | 11,298 |  |  | 10,237 |  |  |
| $ | 6,527 |  |  | $ | 6,627 |  |  | $ | 18,961 |  |  | $ | 19,645 |  |  |
Unrecognized Compensation Costs As of September 30, 2024, total unrecognized stock-based compensation was $36.5 million, which will be recognized over an average expected recognition period of 2.0 years.

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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 -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent + Details
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