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Stockholders' Equity (Tables) | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
Schedule of Stock Options | A summary of the Company’s stock option activity for its Plans is as follows:
|  | Outstanding Stock Options (in thousands) |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Life (in years) |  | Aggregate Intrinsic Value (in millions)
Balance as of December 31, 2023 |  | 4,112 |  |  | $ | 10.84 |  |  | 6.3 |  | $ | 18.7 |
Granted 1 |  | 220 |  |  | $ | 15.73 |  |  |  |  |
Exercised |  | (810) |  |  | $ | 6.46 |  |  |  |  |
Cancelled/forfeited |  | (77) |  |  | $ | 12.03 |  |  |  |  |
Balance as of September 30, 2024 1 |  | 3,445 |  |  | $ | 12.16 |  |  | 6.3 |  | $ | 6.8 |
Vested and exercisable as of September 30, 2024 |  | 2,619 |  |  | $ | 11.93 |  |  | 5.8 |  | $ | 5.6 |
______________ (1)Represents 0.2 million of target award stock options with both service-based and performance-based conditions.
Schedule of Weighted-Average Assumptions and Ranges of Fair Value of Common Stock | For the nine months ended September 30, 2024, the per-share fair value of each stock option granted was determined on the date of grant using the following weighted-average assumptions:
|  | Nine Months Ended September 30, 2024
Expected volatility |  | 58.1 | %
Expected term (in years) |  | 5.9
Expected dividend yield |  | 0 | %
Risk-free interest rate |  | 4.2 | %
Schedule of Outstanding Nonvested RSUs | A summary of the Company’s outstanding nonvested restricted stock units (RSUs) for its Plans is as follows:
|  | Number of Units (in thousands) |  | Weighted-Average Grant-Date Fair Value
Nonvested as of December 31, 2023 1 |  | 6,788 |  |  | $ | 12.42 |
Granted 2 |  | 2,112 |  |  | $ | 14.65 |
Vested |  | (2,240) |  |  | $ | 12.67 |
Forfeited 1 |  | (1,504) |  |  | $ | 14.20 |
Nonvested as of September 30, 2024 2 |  | 5,156 |  |  | $ | 12.71 |
______________ (1)Includes 0.2 million of target award RSUs with both service-based and performance-based conditions. (2)Includes less than 0.1 million of target award RSUs with both service-based and performance-based conditions.
Schedule of Stock-based Compensation Expense | The Company recognized stock-based compensation under the Plans and ESPP as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Research and development |  | $ | 3.7 |  |  | $ | 2.9 |  |  | $ | 9.4 |  |  | $ | 8.4 |
Sales and marketing |  | 2.3 |  |  | 3.5 |  |  | 7.6 |  |  | 10.7 |
General and administrative |  | 4.2 |  |  | 3.0 |  |  | 12.2 |  |  | 10.2 |
Total stock-based compensation |  | $ | 10.2 |  |  | $ | 9.4 |  |  | $ | 29.2 |  |  | $ | 29.3 |

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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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