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Share-Based Compensation (Tables)

6 Months Ended

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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