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Equity Plans and Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Summary of Option Activity Under Stock-Based Compensation Plans | The following table summarizes the activity of stock options for the year ended December 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 at December 31, 2023 | 10,120 |  | $ | 10.78 |  |  | 4.18 |  | $ | 37,388 |
Options granted | 1,974 |  | 12.40 |  |  |  |  |
Options exercised | (706) |  | 8.18 |  |  |  |  |
Options cancelled: |  |  |  |  |  |  |
Options forfeited (unvested) | (70) |  | 11.62 |  |  |  |  |
Options expired (vested) | (176) |  | 15.51 |  |  |  |  |
Balance at December 31, 2024 | 11,142 |  | $ | 11.15 |  |  | 3.79 |  | $ | 24,210 |
Vested and expected to vest at December 31, 2024 | 11,004 |  | $ | 11.14 |  |  | 3.76 |  | $ | 24,144 |
Exercisable at December 31, 2024 | 8,408 |  | $ | 10.84 |  |  | 3.11 |  | $ | 22,323 |
Summary of Non-vested Restricted Stock Units Activity | The following table summarizes the activity of RSUs for the year ended December 31, 2024:
| Number of Shares (In thousands) |  | Weighted-Average Grant-Date Fair Value
Non-vested as of December 31, 2023 | 4,445 |  | $ | 11.57 |
Granted | 3,296 |  | 12.43 |
Vested (1) | (1,940) |  | 11.28 |
Forfeited | (438) |  | 12.21 |
Non-vested as of December 31, 2024 | 5,363 |  | $ | 12.15 |
(1)Inclusive of approximately 740,339 RSUs for the year ended December 31, 2024, 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 | The summary of PSU activities for the year ended December 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 December 31, 2024 | 1,115 |  | $ | 16.59 |
Summary of 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 |  | Employee Stock Purchase Plan
| Year Ended December 31, |  | Year Ended December 31, |  | Year Ended December 31,
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Weighted-average fair value | $ | 7.75 |  |  | $ | 7.32 |  |  | $ | 7.95 |  |  | $ | 17.23 |  |  | $ | 18.25 |  |  | $ | 11.62 |  |  | $ | 4.21 |  |  | $ | 5.35 |  |  | $ | 7.37 |
Risk-free interest rate | 4.2 | % |  | 4.0 | % |  | 2.0 | % |  | 4.3 | % |  | 4.3 | % |  | 1.7 | % |  | 4.7 | % |  | 4.9 | % |  | 2.1 | %
Expected life (in years) | 4.5 |  | 4.5 |  | 4.5 |  | 2.9 |  | 2.9 |  | 2.9 |  | 1.2 |  | 1.3 |  | 1.3
Expected volatility | 0.8 |  |  | 0.8 |  |  | 0.8 |  |  | 0.6 |  |  | 0.9 |  |  | 0.9 |  |  | 0.4 |  |  | 0.7 |  |  | 1.0 |
Summary of Stock-Based Compensation Expense | The following table summarizes stock-based compensation expense recorded in each component of operating expenses in our consolidated statements of operations, and amounts capitalized to our inventories (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Employees and directors stock-based compensation expense | $ | 52,619 |  |  | $ | 42,592 |  |  | $ | 32,915 |
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Research and development | $ | 11,849 |  |  | $ | 9,285 |  |  | $ | 5,954 |
Selling, general and administrative | 35,405 |  |  | 29,069 |  |  | 23,118 |
Cost of sales - product | 1,963 |  |  | 1,839 |  |  | 1,123 |
Inventories | 3,402 |  |  | 2,399 |  |  | 2,720 |
Total | $ | 52,619 |  |  | $ | 42,592 |  |  | $ | 32,915 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (e)(1) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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