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Stock Incentive Plans and Stock-Based Compensation
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock Incentive Plans and Stock-Based Compensation Stock Incentive Plans and Stock-Based Compensation
Equity Incentive Plan
On July 24, 2019, we adopted the 2019 Equity Incentive Plan (the “2019 Plan”). The 2019 Plan provides for automatic annual increases to the number of shares authorized for issuance, equal to 5% of our common shares outstanding as of the immediately preceding year end, through January 1, 2029. Under this provision, effective January 1, 2025, an additional 1,424,159 shares became available under the 2019 Plan. As of September 30, 2025, 1,082,161 shares remained available for grant under the 2019 Plan.
Inducement Plan
On December 22, 2022, our board of directors approved the 2022 Inducement Plan (the “Inducement Plan”). On August 5, 2025, our compensation committee amended the Inducement Plan to increase the number of shares issuable under the Inducement Plan by 700,000 shares. The Inducement Plan provides for the granting of awards as inducement material to the grantee’s entering into employment with us to the extent such grantee was not previously an employee of ours or is entering into employment following a bona fide period of non-employment with us. As of September 30, 2025, there were 828,770 shares available for grant under the amended Inducement Plan.
Stock Options
Stock option activity under our stock plans for the nine months ended September 30, 2025 is set forth below:
  Weighted-Average 
 Stock Options
Outstanding		Exercise
Price		Remaining
Contractual
Term (Years)		Aggregate
Intrinsic
Value
(in thousands)
Balance as of December 31, 20242,989,763 $36.23 
Granted— $— 
Exercised(20,995)$5.44 
Forfeited/Cancelled(88,499)$44.74 
Balance as of September 30, 20252,880,269 $36.19 4.8$8,933 
Exercisable as of September 30, 2025
2,840,192 $36.17 4.8$8,933 
Restricted Stock Units
The following table summarizes our RSU activity for the nine months ended September 30, 2025:
Restricted Stock Units OutstandingWeighted-Average Grant Date Fair Value
Balance as of December 31, 2024
3,196,224 $23.52 
Granted1,542,992 $21.14 
Vested(1)
(601,937)$23.50 
Forfeited/Cancelled(226,090)$23.44 
Balance as of September 30, 2025
3,911,189$22.59 
(1)The aggregate number of shares withheld upon vesting for employee tax obligations was 167,751 for the nine months ended September 30, 2025.
Performance-Based Restricted Stock Units
The following table summarizes our PSU activity for the nine months ended September 30, 2025:
Performance-Based Restricted Stock Units OutstandingWeighted-Average Grant Date Fair Value
Balance as of December 31, 2024
275,528 $21.94 
Granted172,631 $22.23 
Vested(98,015)$23.23 
Forfeited/Cancelled— $— 
Balance as of September 30, 2025
350,144$21.72 
(1)The aggregate number of shares withheld upon vesting for employee tax obligations was 35,426 for the nine months ended September 30, 2025.
Employee Stock Purchase Plan
The ESPP provides for certain automatic increases in the number of shares of common stock reserved for issuance, which resulted in an additional 284,831 shares becoming available under the ESPP effective January 1, 2025. During the nine months ended September 30, 2025, we issued 160,898 shares of common stock pursuant to scheduled purchases under the ESPP. As of September 30, 2025, 1,170,613 shares remained available for issuance under the ESPP.
Determining Fair Value - Summary of Assumptions
We use the Black-Scholes option pricing model to estimate the fair value of each option grant on the date of grant or any other measurement date. The following table sets forth the assumptions used to determine the fair value of stock options:
 Nine Months Ended
September 30,
20252024
Average expected term (years)N/A5.0
Expected stock price volatilityN/A
80.20% - 80.20%
Risk-free interest rateN/A
4.39% - 4.39%
Dividend yieldN/A—%
The following table sets forth assumptions used to determine the fair value of the purchase rights issued under the ESPP:
 Nine Months Ended
September 30,
20252024
Average expected term (years)1.21.2
Expected stock price volatility
56.55% - 85.21%
59.85% - 130.95%
Risk-free interest rate
3.52% - 4.22%
3.82% - 5.33%
Dividend yield—%—%
We use the closing price of our common stock on the date of grant to determine the fair value of RSUs and PSUs.
Fair Value
There were no stock options granted for the nine months ended September 30, 2025. For the nine months ended September 30, 2024, the weighted-average grant date fair value of the stock options was $9.23 per share. For the nine months ended September 30, 2025 and 2024, the weighted-average grant date fair value of the purchase rights granted under the ESPP was $9.71 and $12.28 per share, respectively.
Stock-Based Compensation Expense
Stock-based compensation expense is included in the condensed consolidated statements of operations as follows (in thousands):
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
Cost of sales (exclusive of amortization of acquired intangible assets)$1,446 $1,464 $4,324 $4,179 
Research and development1,950 2,345 5,807 7,611 
Selling, general and administrative8,704 9,218 24,356 27,091 
Total stock-based compensation expense$12,100 $13,027 $34,487 $38,881 
Retirement Policy
In January 2023, our board of directors approved a retirement policy (the “Retirement Policy”) that provides for acceleration of a portion of unvested awards granted to and held by certain eligible employees upon meeting age, service and notice requirements. Pursuant to the Retirement Policy, we accelerated the recognition of compensation expense of $0.2 million and $0.4 million during the three months ended September 30, 2025, and 2024, respectively, and accelerated the recognition of compensation expense of $0.6 million and $0.8 million for the nine months ended September 30, 2025 and 2024, respectively.
As of September 30, 2025, the total unrecognized stock-based compensation cost related to outstanding awards was $69.6 million, which is expected to be recognized over a weighted-average period of 2.3 years. The total unrecognized compensation cost will be adjusted for forfeitures in future periods as they occur.