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Share-Based Compensation (Tables) | 6 Months Ended
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Jul. 03, 2022
Share-Based Payment Arrangement [Abstract] |
Schedule of Black-Scholes Option Pricing Model Assumptions |
| Six Months Ended
| July 3, 2022 |  |
Expected volatility: | 47.2% |  |
Expected term (in years): | 6.25 |  |
Risk-free interest rate: | 1.9% |  |
Schedule of Stock Option Activity | The following table summarizes our stock option activity during the six months ended July 3, 2022:
| Number of Stock Options (in thousands) |  | Weighted Average Exercise Price Per Share |  | Aggregate Intrinsic Value (in thousands) |  | Weighted-Average Remaining Contractual Life
Balance outstanding as of January 2, 2022 | 986 |  |  | $ | 14.29 |  |  |  |  |
Granted | 549 |  |  | $ | 11.24 |  |  |  |  |
Exercised | — |  |  | $ | — |  |  |  |  |
Forfeited or canceled | (99) |  |  | $ | 13.25 |  |  |  |  |
Balance outstanding as of July 3, 2022 | 1,436 |  |  | $ | 13.22 |  |  | $ | — |  |  | 7.03 years
Balance vested and exercisable as of July 3, 2022 | 435 |  |  | $ | 14.00 |  |  | $ | — |  |  | 5.49 years
Schedule of Restricted Common Stock Unit Activity | The following table summarizes our restricted common stock unit activity during the six months ended July 3, 2022:
| Number of Restricted Common Stock Units (in thousands) |  | Weighted Average Grant Date Fair Value Per Share
Balance outstanding as of January 2, 2022 | 1,745 |  |  | $ | 8.34 |
Granted | 409 |  |  | $ | 9.68 |
Vested | (991) |  |  | $ | 8.51 |
Forfeited or canceled | (73) |  |  | $ | 14.63 |
Balance outstanding as of July 3, 2022 | 1,090 |  |  | $ | 8.18 |
Schedule of Black-Scholes ESPP Pricing Model Assumptions | The fair value of the 2021 ESPP is estimated on the date of grant using a Black-Scholes option-pricing model that uses assumptions noted in the following table. The risk-free interest rate used in the option valuation model was based on yields available on the grant dates for U.S. Treasury Strips with maturity consistent with the expected life assumption. Expected volatility is based on an average of the historical, daily volatility of a peer group of similar companies over a period consistent with the expected life assumption ending on the grant date. We assumed no dividend yield in the valuation of the options granted as we have never declared or paid dividends on our common stock and currently intend to retain earnings for use in operations.
| Six Months Ended July 3, 2022
Expected volatility: | 47.2%
Expected term (in years): | 0.50
Risk-free interest rate: | 0.60%
Weighted average grant-date fair value per share | $3.20
Schedule of Share-based Compensation Expense | Share-based compensation expense was allocated in the condensed consolidated statements of operations as follows:
| Three Months Ended |  | Six Months Ended
| July 3, 2022 |  | July 4, 2021 |  | July 3, 2022 |  | July 4, 2021
Cost of revenue | $ | 534 |  |  | $ | 704 |  |  | $ | 1,574 |  |  | $ | 704 |
Research and development | 127 |  |  | 1,480 |  |  | 333 |  |  | 1,480 |
Selling, general and administrative expenses | 1,382 |  |  | 4,355 |  |  | 3,143 |  |  | 4,360 |
| $ | 2,043 |  |  | $ | 6,539 |  |  | $ | 5,050 |  |  | $ | 6,544 |

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