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Stock-Based Compensation (Tables)

3 Months Ended

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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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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