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Equity Plans and Stock-Based Compensation (Tables)
 12 Months Ended
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, 202310,120$10.78 4.18$37,388 
Options granted1,97412.40 
Options exercised(706)8.18 
Options cancelled:
Options forfeited (unvested)(70)11.62 
Options expired (vested)(176)15.51 
Balance at December 31, 202411,142$11.15 3.79$24,210 
Vested and expected to vest at December 31, 202411,004$11.14 3.76$24,144 
Exercisable at December 31, 20248,408$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, 20234,445$11.57 
Granted3,29612.43 
Vested (1)
(1,940)11.28 
Forfeited(438)12.21 
Non-vested as of December 31, 20245,363$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, 2023557$15.95 
Granted55817.23 
Non-vested as of December 31, 20241,115$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,
202420232022202420232022202420232022
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 rate4.2 %4.0 %2.0 %4.3 %4.3 %1.7 %4.7 %4.9 %2.1 %
Expected life (in years)4.54.54.52.92.92.91.21.31.3
Expected volatility0.8 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,
202420232022
Employees and directors stock-based compensation expense$52,619 $42,592 $32,915 
Year Ended December 31,
202420232022
Research and development$11,849 $9,285 $5,954 
Selling, general and administrative35,405 29,069 23,118 
Cost of sales - product1,963 1,839 1,123 
Inventories3,402 2,399 2,720 
Total$52,619 $42,592 $32,915