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Equity Plans and Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 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 nine months ended September 30, 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 |  |  | 1,968 |  |  |  | 11.14 |  |  |  |  |  |  |
Options exercised |  |  | (556 | ) |  |  | 7.80 |  |  |  |  |  |  |
Options cancelled: |  |  |  |  |  |  |  |  |  |  |  |
Options forfeited (unvested) |  |  | (83 | ) |  |  | 10.96 |  |  |  |  |  |  |
Options expired (vested) |  |  | (260 | ) |  |  | 21.42 |  |  |  |  |  |  |
Balance as of September 30, 2023 |  |  | 10,408 |  |  | $ | 10.66 |  |  |  | 4.38 |  |  | $ | 46,599 |
Vested and expected to vest as of September 30, 2023 |  |  | 10,211 |  |  | $ | 10.65 |  |  |  | 4.35 |  |  | $ | 45,949 |
Exercisable as of September 30, 2023 |  |  | 6,843 |  |  | $ | 10.17 |  |  |  | 3.64 |  |  | $ | 34,772 |
Summary of Restricted Stock Units Activity |
|  | 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 |  |  | 2,497 |  |  |  | 11.16 |
Vested (1) |  |  | (1,456 | ) |  |  | 10.08 |
Forfeited |  |  | (218 | ) |  |  | 11.49 |
Non-vested as of September 30, 2023 |  |  | 4,302 |  |  | $ | 11.38 |
(1) Inclusive of approximately 582,838 RSUs for the nine months ended September 30, 2023, which were not converted into shares due to net share settlement in order to cover the required amount of employee withholding taxes. The value of the withheld shares was classified as a reduction to additional paid-in capital.
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 nine months ended September 30, 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 September 30, 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 |  |  | Stock Options |  |  | Market-Based Performance Stock Units (“PSUs”) |
|  | Three Months Ended |  |  | Nine Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |  |  | September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Weighted-average fair value per share |  | $ | 8.61 |  |  | $ | - |  |  | $ | 7.30 |  |  | $ | 7.97 |  |  | $ | 18.25 |  |  | $ | 11.62 |
Risk-free interest rate |  |  | 4.2 | % |  |  | - |  |  |  | 4.0 | % |  |  | 2.01 | % |  |  | 4.3 | % |  |  | 1.7 | %
Expected life (in years) |  |  | 4.5 |  |  |  | - |  |  |  | 4.5 |  |  |  | 4.5 |  |  |  | 2.9 |  |  |  | 2.9 |
Volatility |  |  | 0.8 |  |  |  | - |  |  |  | 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 (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Research and development |  | $ | 2,339 |  |  | $ | 1,532 |  |  | $ | 6,752 |  |  | $ | 4,271 |
Selling, general and administrative |  |  | 7,320 |  |  |  | 6,019 |  |  |  | 21,353 |  |  |  | 17,043 |
Cost of sales - product |  |  | 369 |  |  |  | 323 |  |  |  | 1,463 |  |  |  | 626 |
Inventories |  |  | 659 |  |  |  | 739 |  |  |  | 1,715 |  |  |  | 2,248 |
Total |  | $ | 10,687 |  |  | $ | 8,613 |  |  | $ | 31,283 |  |  | $ | 24,188 |

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