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Stock-Based Compensation (Tables)

6 Months Ended

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
Granted1			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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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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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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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.

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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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