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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in thousands) |  | (in thousands)
Cost of net revenue | $ | 174 |  |  | $ | 246 |  |  | $ | 355 |  |  | $ | 456 |
Research and development | 10,088 |  |  | 12,237 |  |  | 20,529 |  |  | 23,692 |
Selling, general and administrative | 7,097 |  |  | 4,714 |  |  | 13,536 |  |  | 9,497 |
| $ | 17,359 |  |  | $ | 17,197 |  |  | $ | 34,420 |  |  | $ | 33,645 |
Summary of Restricted Stock Unit Activity | A summary of the Company’s restricted stock unit activity for all equity plans 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 1 | 2,760 |  |  | 18.70 |
Vested | (1,993) |  |  | 28.47 |
Canceled | (551) |  |  | 38.39 |
Outstanding at June 30, 2024 | 5,848 |  |  | $ | 30.86 |
____________ (1) Includes approximately 80 thousand shares granted under the Inducement Plan at a weighted-average grant-date fair value per share of $18.16.
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) | 1,471 |  |  | 17.78 |
Vested | (58) |  |  | 24.43 |
Canceled | (601) |  |  | 41.88 |
Outstanding at June 30, 2024 | 3,465 |  |  | $ | 26.20 |
________________ (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:
|  |  | Six Months Ended June 30,
|  |  |  |  | 2024 |  | 2023
Weighted-average grant date fair value per share |  |  |  |  | $5.78 - $6.35 |  | $7.56 - $11.97
Risk-free interest rate |  |  |  |  | 5.40% - 5.41% |  | 4.54% - 5.24%
Dividend yield |  |  |  |  | — | % |  | — | %
Expected life (in years) |  |  |  |  | 0.50 |  | 0.50
Volatility |  |  |  |  | 49.76% - 70.46% |  | 51.73% - 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 June 30, 2024 | 3,023 |  |  | $ | 19.33 |  |  | 8.70 |  | $ | 5,884 |
Vested and expected to vest at June 30, 2024 | 2,785 |  |  | $ | 19.32 |  |  | 8.62 |  | $ | 5,447 |
Exercisable at June 30, 2024 | 335 |  |  | $ | 18.40 |  |  | 1.11 |  | $ | 965 |
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:
|  |  | Six Months Ended June 30,
|  |  |  |  | 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 June 30, 2024, and during the six months ended June 30, 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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