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Stock-Based Compensation Expense (Tables) | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option Activities | A summary of the stock option activities related to the Equity Plans for the six months ended June 30, 2024 is presented below:
|  |  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Avg Remaining Contractual Life (Years) |
Options outstanding as of December 31, 2023 |  |  |  | 6,777,404 |  |  | $ | 13.02 |  |  |  | 6.51 |
Granted |  |  |  | 799,502 |  |  |  | 55.89 |  |  |  |
Exercised |  |  |  | (1,258,874 | ) |  |  | 10.53 |  |  |  |
Forfeited |  |  |  | (62,995 | ) |  |  | 16.05 |  |  |  |
Expired |  |  |  | (10,236 | ) |  |  | 4.57 |  |  |  |
Options outstanding as of June 30, 2024 |  |  |  | 6,244,801 |  |  |  | 18.99 |  |  |  | 6.78 |
Exercisable as of June 30, 2024 |  |  |  | 3,623,940 |  |  | $ | 13.23 |  |  |  | 5.45 |
Summary of Non-Vested Restricted stock unit Activities | A summary of non-vested restricted stock unit activities for the six months ended June 30, 2024 is as follows:
|  |  |  |  |  | Weighted |
|  |  |  |  |  | Average |
|  |  | Number of |  |  | Grant Date |
|  |  | Shares |  |  | Fair Value |
Unvested at December 31, 2023 |  |  |  | 650,357 |  |  | $ | 15.80 |
Granted |  |  |  | 183,231 |  |  |  | 56.36 |
Vested |  |  |  | (165,567 | ) |  |  | 17.99 |
Forfeited |  |  |  | (18,033 | ) |  |  | 15.71 |
Unvested at June 30, 2024 |  |  |  | 649,988 |  |  | $ | 26.68 |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense was classified in the accompanying condensed consolidated statements of operations and comprehensive income (loss) as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Research and development |  | $ | 1,395 |  |  | $ | 1,021 |  |  | $ | 2,501 |  |  | $ | 1,823 |
Selling, general and administrative |  |  | 4,210 |  |  |  | 2,639 |  |  |  | 7,410 |  |  |  | 4,910 |
Cost of sales |  |  | 500 |  |  |  | 295 |  |  |  | 890 |  |  |  | 517 |
|  | $ | 6,105 |  |  | $ | 3,955 |  |  | $ | 10,801 |  |  | $ | 7,250 |
Schedule of Range and Weighted-average Assumptions Used in Black-Scholes Option Pricing Model to Determine the Fair Value of Stock Options | The following table presents the range and weighted-average assumptions, used in the Black-Scholes option pricing model to determine the fair value of stock options:
|  | Six Months Ended June 30,
|  | 2024 |  | 2023
|  | Range |  | Weighted Average |  | Range |  | Weighted Average
Expected volatility |  | 69.0% to 72.0% |  | 71.0% |  | 64.9% to 65.7% |  | 65.1%
Risk-free interest rate |  | 3.9% to 4.7% |  | 4.2% |  | 3.4% to 4.2% |  | 4.1%
Expected life (in years) |  | 6.0 years |  | 6.0 years |  | 6.0 to 10.0 years |  | 6.0 years
Expected dividend yield |  | 0.0% |  | 0.0% |  | 0.0% |  | 0.0%
Grant date fair value |  | $36.89 to $60.65 |  | $55.93 |  | $12.91 to $28.80 |  | $15.26
Schedule of Common stock reserved for future issuance | Each share of common stock is entitled to one vote. Common stock reserved for future issuance consisted of the following:
|  | June 30, 2024 |  |  | December 31, 2023 |
Stock options issued and outstanding under the Equity Plans |  |  | 6,244,801 |  |  |  | 6,777,404 |
Shares available for future issuance under the 2021 Plan |  |  | 951,817 |  |  |  | 358,610 |
Restricted stock units issued under the 2021 Plan |  |  | 649,988 |  |  |  | 650,357 |
Shares available for future issuance under 2021 ESPP |  |  | 538,942 |  |  |  | 577,847 |
Total shares of common stock reserved |  |  | 8,385,548 |  |  |  | 8,364,218 |

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