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Stock-Based Compensation Plan (Tables) | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Option Activity | The following table shows stock option activity during the periods indicated (in thousands except share and per share data):
| Number of options outstanding |  | Weighted-average exercise price |  | Weighted-average remaining contractual term (in years) |  | Aggregate intrinsic value
Balance as of December 31, 2023 | 7,219,702 |  | $ | 8.74 |  |  | 6.90 |  | $ | 23,574 |
Options granted | 1,916,670 |  | 6.86 |  |  |  |  |
Options exercised | (483,157) |  | 1.51 |  |  |  |  |
Options forfeited | (95,210) |  | 13.25 |  |  |  |  |
Options expired | (133,785) |  | 16.18 |  |  |  |  |
Balance as of June 30, 2024 | 8,424,220 |  | $ | 8.56 |  |  | 7.28 |  | $ | 10,232 |
Options exercisable as of June 30, 2024 | 4,949,291 |  | $ | 7.95 |  |  | 6.19 |  | $ | 10,034 |
Schedule of RSU Awards Activity | The following table shows RSU awards activity during the periods indicated:
| Shares |  | Weighted-average grant date fair value per share |  | Weighted-average remaining contractual term (in years) |  | Aggregate intrinsic value (in thousands)
Unvested balance at December 31, 2023 | 2,608,257 |  | $ | 10.88 |  |  | 1.51 |  | $ | 23,787 |
Granted | 3,358,467 |  | 6.97 |  |  |  |  |
Vested | (582,543) |  | 10.18 |  |  |  |  |
Forfeited | (232,552) |  | 10.24 |  |  |  |  |
Unvested balance at June 30, 2024 | 5,151,629 |  | $ | 8.44 |  |  | 1.68 |  | $ | 28,746 |
Schedule of Stock-Based Compensation Expense | The following table shows the allocation of stock-based compensation expense related to the Company’s stock-based awards (in thousands):
| Three months ended June 30, |  | Six months ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Cost of sales | $ | 1,200 |  |  | $ | 868 |  |  | $ | 2,145 |  |  | $ | 1,560 |
Research and development | 1,677 |  |  | 1,805 |  |  | 2,999 |  |  | 3,239 |
Sales and marketing | 1,280 |  |  | 1,171 |  |  | 2,287 |  |  | 2,107 |
General and administrative | 2,995 |  |  | 2,078 |  |  | 5,361 |  |  | 3,715 |
Total stock-based compensation | $ | 7,152 |  |  | $ | 5,922 |  |  | $ | 12,792 |  |  | $ | 10,621 |
Schedule of Weighted Average Valuation Assumptions Used to Calculate the Fair Value of Options Granted | The following table shows the weighted-average valuation assumptions used in determining the fair value of employee stock options:
| Three months ended June 30, |  | Six months ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Expected term (in years) | 5.91 |  | 5.5 |  | 6.0 |  | 5.96
Expected volatility | 74 | % |  | 70 | % |  | 73 | % |  | 71 | %
Risk-free interest rate | 4 | % |  | 4 | % |  | 4 | % |  | 4 | %
Dividend yield | - |  |  | - |  |  | - |  |  | - |
Schedule of Weighted Average Valuation Assumptions Used to Calculate the Fair Value of the ESPP for the Initial Offering | The following table summarizes the weighted-average assumptions used in estimating the fair value of the ESPP for the current offering period using the Black-Scholes option-pricing model:
| Three months ended June 30, |  | Six months ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Expected term (in years) | 0.5 |  | 0.5 |  | 0.5 |  | 0.5
Expected volatility | 63 | % |  | 70 | % |  | 58 | % |  | 76 | %
Risk-free interest rate | 5 | % |  | 4 | % |  | 5 | % |  | 4 | %
Dividend yield | - |  |  | - |  |  | - |  |  | - |

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