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STOCK PLANS
 6 Months Ended
Jun. 30, 2023
Stockholders' Equity Note [Abstract]  
STOCK PLANS STOCK PLANS
Stock Incentive Plans

The Company’s Amended and Restated 2011 Stock Incentive Plan, or 2011 Plan, was originally adopted by its board of directors and approved by its stockholders in June 2011 and was amended and restated in June 2014, June 2016, June 2019, June 2021 and June 2023. In June 2023, the Company’s stockholders approved the amendment and restatement which increased the number of shares of common stock authorized for issuance as equity awards under the 2011 Plan by 3,300,000 shares. The 2011 Plan allows the granting of incentive stock options, non-statutory stock options, restricted stock units and other stock-based awards.
Stock-Based Compensation
The Company recognized stock-based compensation expense in the periods presented as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Cost of goods sold$1,436 $1,478 $3,160 $2,830 
Research and development1,722 1,520 3,597 2,978 
Selling, general and administrative7,797 8,546 16,188 16,925 
        Total$10,955 $11,544 $22,945 $22,733 
Stock-based compensation from:
    Stock options$5,742 $6,542 $12,206 $13,327 
    Restricted stock units4,969 4,717 10,219 8,830 
    Employee stock purchase plan244 285 520 576 
        Total$10,955 $11,544 $22,945 $22,733 
Equity Awards
The following tables contain information about the Company’s stock option and restricted stock unit, or RSU, activity for the six months ended June 30, 2023:
Stock Options Number of
Stock Options		 Weighted Average Exercise Price (Per Share)
 Outstanding at December 31, 2022
6,272,994 $52.38 
     Granted1,426,343 39.15 
     Exercised(61,896)30.91 
     Forfeited(106,927)57.38 
     Expired(88,438)55.06 
 Outstanding at June 30, 2023
7,442,076 49.91 
Restricted Stock Units Number of
Restricted
Stock Units		 Weighted Average Grant Date Fair Value (Per Share)
Unvested at December 31, 2022
1,149,462 $57.26 
     Granted759,762 39.24 
     Vested(368,641)54.96 
     Forfeited(95,349)58.56 
Unvested at June 30, 2023
1,445,234 48.27 
The weighted average fair value of stock options granted during the six months ended June 30, 2023 was $16.22 per share. The fair values of stock options granted were estimated using the Black-Scholes option valuation model with the following weighted average assumptions:
Black-Scholes Weighted Average AssumptionSix Months Ended June 30, 2023
Expected dividend yieldNone
Risk-free interest rate4.00%
Expected volatility41.32%
Expected term of options4.86 years
Employee Stock Purchase Plan
The Company’s Amended and Restated 2014 Employee Stock Purchase Plan, or ESPP, features two six-month offering periods per year, running from January 1 to June 30 and July 1 to December 31. Under the ESPP, employees may elect to contribute after-tax earnings to purchase shares at 85% of the closing fair market value of the Company’s common stock on either the offering date or the purchase date, whichever is lesser. During the six months ended June 30, 2023, 50,634 shares were purchased and issued through the ESPP.