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Equity Plans and Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024:

		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, 2023			10,120			$	10.78				4.18			$	37,388
Options granted			1,505				12.46
Options exercised			(240	)			6.82
Options cancelled:
Options forfeited (unvested)			(2	)			9.52
Options expired (vested)			(89	)			15.46
Balance as of March 31, 2024			11,294			$	11.05				4.39			$	23,032
Vested and expected to vest as of March 31, 2024			11,050			$	11.03				4.35			$	22,954
Exercisable as of March 31, 2024			7,653			$	10.56				3.59			$	20,912

Summary of Restricted Stock Units Activity

The following table summarizes the activity of RSUs for the three months ended March 31, 2024:

		Number of Shares (in thousands)				Weighted-Average Grant-Date Fair Value Per Share
Non-vested as of December 31, 2023			4,445			$	11.57
Granted			2,962				12.49
Vested (1)			(1,637	)			11.11
Forfeited			(54	)			12.91
Non-vested as of March 31, 2024			5,716			$	12.16

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, 2024 is as follows:

		Number of Shares (in thousands)				Weighted-Average Grant-Date Fair Value Per Share
Non-vested as of December 31, 2023			557			$	15.95
Granted			558				17.23
Non-vested as of March 31, 2024			1,115			$	16.59

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
		Three Months Ended									Three Months Ended
		March 31,									March 31,
		2024				2023					2024				2023
Weighted-average fair value per share		$	7.88			$	7.28				$	17.23			$	18.25
Risk-free interest rate			4.2	%			4.0	%				4.3	%			4.3	%
Expected life (in years)			4.5				4.5					2.9				2.9
Volatility			0.8				0.8					0.6				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
		March 31,
		2024				2023
Research and development		$	2,665			$	2,112
Selling, general and administrative			8,920				6,830
Cost of sales - product			559				695
Inventories			870				397
Total		$	13,014			$	10,034

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