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Equity Plans and Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Option Activity under Stock-Based Compensation Plans
The following table summarizes the activity of stock options for the six months ended June 30, 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 granted1,81912.41 
Options exercised(723)9.31 
Options cancelled:
Options forfeited (unvested)(131)12.33 
Options expired (vested)(751)16.50 
Balance as of June 30, 202511,356$11.10 3.92$7,621 
Vested and expected to vest as of June 30, 202511,135$11.08 3.87$7,621 
Exercisable as of June 30, 20258,163$10.64 3.05$7,619 
Summary of Restricted Stock Units Activity
The following table summarizes the activity of RSUs for the six months ended June 30, 2025:
 
Number of Shares
(in thousands)
Weighted-Average
Grant-Date Fair
Value Per Share
Non-vested as of December 31, 20245,363$12.15 
Granted2,73812.63 
Vested (1)
(2,148)12.05 
Forfeited(251)12.30 
Non-vested as of June 30, 20255,702$12.41 
(1)Inclusive of approximately 813,695 RSUs for the six months ended June 30, 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 six months ended June 30, 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 June 30, 20251,439$18.55 
(1)Inclusive of approximately 81,972 PSUs for the six months ended June 30, 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
Stock Options
Market-Based Performance Stock Units
Three Months Ended
June 30,		Six Months Ended
June 30,		Six Months Ended
June 30,
202520242025202420252024
Weighted-average fair value per share$5.36 $7.48 $7.13 $7.84 $20.19 $17.23 
Risk-free interest rate4.0%4.3%4.2%4.2%4.2%4.3%
Expected life (in years)4.54.54.54.52.92.9
Volatility0.60.80.70.80.40.6
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
June 30,		Six Months Ended
June 30,
2025202420252024
Research and development$2,834 $2,881 $5,818 $5,546 
Selling, general and administrative8,823 9,255 18,772 18,175 
Cost of sales - product430 549 946 1,108 
Inventories892 833 1,898 1,703 
Total$12,979 $13,518 $27,434 $26,532