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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of stock-based compensation expense of consolidated statements | Stock-based compensation expense is included in the following line items in the accompanying consolidated statements of operations for the years ended:
| December 31,
(in thousands) |  | 2023 |  | 2022 |  | 2021
Costs of goods sold |  | $ | 796 |  |  | $ | 215 |  |  | $ | 157 |
Sales and marketing |  | 2,982 |  |  | 2,341 |  |  | 2,905 |
Research and development |  | 3,875 |  |  | 2,640 |  |  | 1,923 |
General and administrative |  | 6,764 |  |  | 10,395 |  |  | 5,934 |
Total stock-based compensation expense |  | $ | 14,418 |  |  | $ | 15,591 |  |  | $ | 10,919 |
Schedule of weighted-average assumptions for options granted | The following weighted-average assumptions were used in the calculation of fair value for stock options granted for the following periods:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Expected term (in years) |  | 5.40 |  | 6.01 |  | 5.88
Expected volatility |  | 59.32 | % |  | 61.17 | % |  | 58.38 | %
Risk free interest rate |  | 3.52 | % |  | 2.31 | % |  | 1.02 | %
Expected dividends |  | — | % |  | — | % |  | — | %
The following are the weighted average assumptions used in the valuation of ESPP options for the years ended December 31:
|  | December 31,
|  | 2023 |  | 2022 |  | 2021
Expected term (in years) |  | 0.5 |  | 0.5 |  | 0.5
Expected volatility |  | 53.6 | % |  | 66.5 | % |  | 48.0 | %
Risk-free interest rate |  | 5.1 | % |  | 1.1 | % |  | 0.1 | %
Expected dividends |  | — | % |  | — | % |  | — | %
Schedule of stock option activity | The following table summarizes the Company's stock option activity for the year ended December 31, 2023:
| Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (Years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2022 | 3,894,856 |  |  | $ | 14.38 |  |  | 6.78 |  | $ | 2,783 |
Granted (1) | 1,393,464 |  |  | $ | 7.88 |  |  |  |  |
Forfeited | (740,319) |  |  | $ | 13.09 |  |  |  |  |
Exercised | (175,758) |  |  | $ | 5.94 |  |  |  |  |
Outstanding at December 31, 2023 | 4,372,243 |  |  | $ | 12.87 |  |  | 6.43 |  | $ | 87 |
Exercisable at December 31, 2023 | 2,281,681 |  |  | $ | 16.33 |  |  | 4.26 |  | $ | 0 |
(1) Options granted include 215,800 inducement shares. in accordance with Nasdaq Listing Rule 5635(c)(4).
Schedule of stock unit activity | The following table summarizes the activity for restricted stock units for the indicated periods:
| Outstanding Restricted Stock Units
| Stock Units |  | Weighted Average Fair Value at Date of Grant per Share |  | Weighted Average Remaining Vesting Life (Years) |  | Aggregate Intrinsic Value (in thousands)
Unvested December 31, 2022 | 1,861,106 |  |  | $ | 11.13 |  |  | 1.60 |  | $ | 18,574 |
Granted (1) | 1,359,500 |  |  | $ | 8.10 |  |  |  |  |
Released | (324,731) |  |  | $ | 16.23 |  |  |  |  |
Forfeited | (560,645) |  |  | $ | 9.70 |  |  |  |  |
Unvested December 31, 2023 | 2,335,230 |  |  | $ | 9.00 |  |  | 1.39 |  | $ | 15,950 |
(1) RSU granted include 112,500 inducements shares. in accordance with Nasdaq Listing Rule 5635(c)(4). The following table summarizes the activity for performance stock units for the indicated periods:
| Outstanding Performance Stock Units
| Stock Units |  | Weighted Average Fair Value at Date of Grant per Share |  | Weighted Average Remaining Vesting Life (Years) |  | Aggregate Intrinsic Value (in thousands)
Unvested December 31, 2022 | 1,112,031 |  |  | $ | 15.90 |  |  | 1.86 |  | $ | 11,098 |
Granted | 747,870 |  |  | 8.29 |  |  |  |  |
Released | (41,833) |  |  | 12.00 |  |  |  |  |
Forfeited | (560,656) |  |  | 15.46 |  |  |  |  |
Unvested December 31, 2023 | 1,257,412 |  |  | $ | 11.69 |  |  | 1.76 |  | $ | 8,588 |

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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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