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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of Stock-Based Compensation Expense | The Company recognizes stock-based compensation in the consolidated statements of operations, based on the department to which the related employee reports, as follows:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2024 |  | 2023
|  |  | (in thousands)
Cost of net revenue |  |  |  |  | $ | 181 |  |  | $ | 210 |
Research and development |  |  |  |  | 10,441 |  |  | 11,455 |
Selling, general and administrative |  |  |  |  | 6,439 |  |  | 4,783 |
|  |  |  |  | $ | 17,061 |  |  | $ | 16,448 |
Summary of Restricted Stock Unit Activity | A summary of the Company’s restricted stock unit activity is as follows:
| Number of Shares (in thousands) |  | Weighted-Average Grant-Date Fair Value per Share
Outstanding at December 31, 2023 | 5,632 |  |  | $ | 36.72 |
Granted | 2,299 |  |  | 18.78 |
Vested | (1,313) |  |  | 31.07 |
Canceled | (387) |  |  | 38.48 |
Outstanding at March 31, 2024 | 6,231 |  |  | $ | 31.18 |
Summary of Performance-Based Restricted Stock Unit Activity | A summary of the Company’s performance-based restricted stock unit activity is as follows:
| Number of Shares (in thousands) |  | Weighted-Average Grant-Date Fair Value per Share
Outstanding at December 31, 2023 | 2,653 |  |  | $ | 34.38 |
Granted(1) | 1,460 |  |  | 17.77 |
Vested | (6) |  |  | 58.31 |
Canceled | (598) |  |  | 41.90 |
Outstanding at March 31, 2024 | 3,509 |  |  | $ | 26.15 |
________________ (1) Number of shares granted is based on the maximum percentage achievable in the performance-based restricted stock unit award.
Summary of Employee Stock Purchase Plan, Valuation Assumptions | The fair values of employee stock purchase rights were estimated using the Black-Scholes option pricing model at their respective grant date using the following assumptions:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2024 |  | 2023
Weighted-average grant date fair value per share |  |  |  |  | $ | 6.35 |  |  | $ | 11.97 |
Risk-free interest rate |  |  |  |  | 5.41 | % |  | 4.54 | %
Dividend yield |  |  |  |  | — | % |  | — | %
Expected life (in years) |  |  |  |  | 0.50 |  | 0.50
Volatility |  |  |  |  | 70.46 | % |  | 59.78 | %
Summary of Stock Option Activity | A summary of the Company’s stock options activity is as follows:
| Number of Options (in thousands) |  | Weighted-Average Exercise Price |  | Weighted-Average Contractual Term (in years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023 | 375 |  |  | $ | 17.29 |  |  |  |  |
Granted | 2,688 |  |  | 19.45 |  |  |  |  |
Exercised | (39) |  |  | 7.68 |  |  |  |  |
Canceled | (1) |  |  | 23.75 |  |  |  |  |
Outstanding at March 31, 2024 | 3,023 |  |  | $ | 19.33 |  |  | 8.95 |  | $ | 4,493 |
Vested and expected to vest at March 31, 2024 | 3,023 |  |  | $ | 19.33 |  |  | 8.95 |  | $ | 4,493 |
Exercisable at March 31, 2024 | 335 |  |  | $ | 18.40 |  |  | 1.36 |  | $ | 811 |
Schedule of Stock Options, Valuation Assumptions | The fair values of stock options were estimated using the Black-Scholes option pricing model at their respective grant date using the following assumptions:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2024 |  | 2023(1)
Weighted-average grant date fair value per share |  |  |  |  | $10.84 - $11.24 |  | N/A
Risk-free interest rate |  |  |  |  | 4.33 | % |  | N/A
Dividend yield |  |  |  |  | — | % |  | N/A
Expected life (in years) |  |  |  |  | 6.50 |  | N/A
Volatility |  |  |  |  | 57.50 | % |  | N/A
__________________ (1) No options were granted during the three months ended March 31, 2023.

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (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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