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Equity Plans and Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Option Activity under Stock-Based Compensation Plans
The following table summarizes the activity of stock options for the three months ended March 31, 2025:
 
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, 202411,142$11.15 3.79$24,210 
Options granted1,60212.72 
Options exercised(670)— 
Options cancelled:
Options forfeited (unvested)(54)12.11 
Options expired (vested)(586)16.36 
Balance as of March 31, 202511,434$11.19 4.20$24,326 
Vested and expected to vest as of March 31, 202511,171$11.15 4.13$24,227 
Exercisable as of March 31, 20257,942$10.67 3.30$22,124 
Summary of Restricted Stock Units Activity
The following table summarizes the activity of RSUs for the three months ended March 31, 2025:
 
Number of Shares
(in thousands)
Weighted-Average
Grant-Date Fair
Value Per Share
Non-vested as of December 31, 20245,363$12.15 
Granted2,62812.70 
Vested (1)
(2,034)12.13 
Forfeited(96)11.96 
Non-vested as of March 31, 20255,861$12.40 
(1)Inclusive of approximately 775,571 RSUs for the three months ended March 31, 2025, 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 three months ended March 31, 2025 is as follows:
 
Number of Shares
(in thousands)
Weighted-Average
Grant-Date Fair
Value Per Share
Non-vested as of December 31, 20241,115$16.59 
Granted51720.19 
Vested (1)
(193)11.62 
Non-vested as of March 31, 20251,439$18.55 
(1)Inclusive of approximately 81,972 PSUs for the three months ended March 31, 2025, 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.
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
March 31,		Three Months Ended
March 31,
2025202420252024
Weighted-average fair value per share$7.37 $7.88 $20.19 $17.23 
Risk-free interest rate4.2 %4.2 %4.2 %4.3 %
Expected life (in years)4.54.52.92.9
Volatility0.70.80.40.6
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,
20252024
Research and development$2,984 $2,665 
Selling, general and administrative9,949 8,920 
Cost of sales - product516 559 
Inventories1,006 870 
Total$14,455 $13,014