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Equity Plans and Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Option Activity under Stock-Based Compensation Plans

The following table summarizes the activity of stock options for the three months ended March 31, 2023:

		Shares Underlying Outstanding Options (in thousands)				Weighted- Average Exercise Price Per Share				Weighted- Average Remaining Contractual Term (years)				Aggregate Intrinsic Value (in thousands)
Balance as of December 31, 2022			9,339			$	10.70				4.61			$	16,291
Options granted			1,663				11.10
Options exercised			(41	)			5.84
Options cancelled:
Options forfeited (unvested)			(29	)			10.16
Options expired (vested)			(197	)			22.83
Balance as of March 31, 2023			10,735			$	10.56				4.84			$	11,820
Vested and expected to vest as of March 31, 2023			10,435			$	10.53				4.79			$	11,808
Exercisable as of March 31 2023			6,281			$	9.89				3.99			$	11,049

Summary of Restricted Stock Units Activity

The following table summarizes the activity of RSUs for the three months ended March 31, 2023:

		Number of Shares (in thousands)				Weighted-Average Grant-Date Fair Value Per Share
Non-vested as of December 31, 2022			3,479			$	11.00
Granted			2,152				11.06
Vested (1)			(1,236	)			10.12
Forfeited			(101	)			11.65
Non-vested as of March 31, 2023			4,294			$	11.27

Summary Of Performance Based Restricted Stock Unit

We granted market-based performance restricted stock units (“PSUs”) to certain executives. These PSUs vest upon a specified market condition. The summary of PSU activities for the three months ended March 31, 2023 is as follows:

		Number of Shares (in thousands)				Weighted-Average Grant-Date Fair Value Per Share
Non-vested as of December 31, 2022			193			$	11.62
Granted			364				18.25
Non-vested as of March 31, 2023			557			$	15.95

Fair Value-Based Measurements and Weighted-Average Assumptions

The weighted-average assumptions used in the calculations of these fair value measurements are as follows:

		Stock Options									Market-Based Performance Stock Units (“PSUs”)
		Three Months Ended									Three Months Ended
		March 31,									March 31,
		2023				2022					2023				2022
Weighted-average fair value per share		$	7.28			$	8.05				$	18.25			$	11.62
Risk-free interest rate			4.0	%			1.9	%				4.3	%			1.7	%
Expected life (in years)			4.5				4.5					2.9				2.9
Volatility			0.8				0.8					0.9				0.9

Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense recorded in each component of operating expenses in our condensed consolidated statements of operations, and amounts capitalized to our inventories, net (in thousands):

		Three Months Ended
		March 31,
		2023				2022
Research and development		$	2,112			$	1,276
Selling, general and administrative			6,830				5,427
Cost of sales - product			695				160
Inventories, net			397				783
Total		$	10,034			$	7,646

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Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding options that are fully vested and expected to vest. Includes, but is not limited to, unvested options for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur.

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