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Equity Plans and Stock-Based Compensation (Tables)

9 Months Ended

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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