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Equity Plans and Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 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 six months ended June 30, 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			1,685				12.39
Options exercised			(316	)			7.28
Options cancelled:
Options forfeited (unvested)			(2	)			9.52
Options expired (vested)			(144	)			14.63
Balance as of June 30, 2024			11,343			$	11.07				4.22			$	14,929
Vested and expected to vest as of June 30, 2024			11,141			$	11.05				4.17			$	14,923
Exercisable as of June 30, 2024			8,118			$	10.65				3.51			$	14,696

Summary of Restricted Stock Units Activity

The following table summarizes the activity of RSUs for the six months ended June 30, 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			3,072				12.45
Vested (1)			(1,743	)			11.07
Forfeited			(105	)			12.48
Non-vested as of June 30, 2024			5,669			$	12.18

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 six months ended June 30, 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 June 30, 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								Stock Options									Market-Based Performance Stock Units
		Three Months Ended								Six Months Ended									Six Months Ended
		June 30,								June 30,									June 30,
		2024				2023				2024				2023					2024				2023
Weighted-average fair value per share		$	7.48			$	7.13			$	7.84			$	7.26				$	17.23			$	18.25
Risk-free interest rate			4.3	%			3.8	%			4.2	%			4.0	%				4.3	%			4.3	%
Expected life (in years)			4.5				4.5				4.5				4.5					2.9				2.9
Volatility			0.8				0.8				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								Six Months Ended
		June 30,								June 30,
		2024				2023				2024				2023
Research and development		$	2,881			$	2,301			$	5,546			$	4,413
Selling, general and administrative			9,255				7,202				18,175				14,033
Cost of sales - product			549				399				1,108				1,094
Inventories			833				660				1,703				1,056
Total		$	13,518			$	10,562			$	26,532			$	20,596

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