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STOCKHOLDERS’ EQUITY (Tables) | 3 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option Activity | The following table summarizes stock option activity for time-based awards (shares in thousands):
| Number of shares |  |  |  | Weighted average exercise price
Outstanding at December 31, 2022 | 14,618 |  |  |  | $ | 10.60 |
Granted | — |  |  |  |  | — |
Exercised | (250) |  |  |  | 3.75 |
Canceled | (362) |  |  |  | 17.16 |
Outstanding at March 31, 2023 | 14,006 |  |  |  | $ | 10.55 |
The following table summarizes stock option activity for performance-based awards (shares in thousands):
| Number of shares |  |  |  | Weighted average exercise price
Outstanding at December 31, 2022 | 258 |  |  |  | $ | 4.71 |
Granted | — |  |  |  | — |
Exercised | (230) |  |  |  | 4.71 |
Canceled | (4) |  |  |  | 4.71 |
Outstanding at March 31, 2023 | 24 |  |  |  | $ | 4.71 |
Summary of Time-Based RSUs Activity | The following table summarizes the time-based RSUs and PSUs activity (shares in thousands):
| Restricted Stock Units (RSU) |  | Performance Stock Units (PSU) |  | Weighted average grant date fair value
|  |  | RSU |  | PSU
Outstanding at December 31, 2022 | 8,535 |  | — |  |  | $ | 15.16 |  |  | $ | — |
Granted | 6,341 |  | 564 |  | 9.47 |  |  | 9.43 |
Vested | (1,640) |  | — |  |  | 16.47 |  |  | — |
Forfeited | (465) |  | — |  |  | 17.80 |  |  | — |
Outstanding at March 31, 2023 | 12,771 |  | 564 |  | $ | 12.07 |  |  | $ | 9.43 |
Schedule of Stock-Based Compensation Expense | The following table summarizes share-based compensation expense (in thousands):
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
Cost of revenue | $ | 1,949 |  |  | $ | 1,758 |  |  |  |  |
Research and development | 6,705 |  |  | 8,965 |  |  |  |  |
Sales, general and administrative | 9,299 |  |  | 11,980 |  |  |  |  |
Total share-based compensation expense | $ | 17,952 |  |  | $ | 22,703 |  |  |  |  |
Schedule of Fair Value of Employee Stock Options | For the three months ended March 31, 2023, there were no employee stock options granted. The fair value of employee stock options was estimated using the following assumptions:
|  |  | Three Months Ended March 31, |  |
|  |  | 2022 |  |  |  |
Expected term in years |  |  | 4.60 |  |  |  |
Expected volatility |  |  | 70% |  |  |  |
Risk-free interest rate |  |  | 1.76% |  |  |  |
Dividend yield |  |  | — |  |  |  |
Weighted average grant date fair value per share |  |  | $6.66 |  |  |  |
Schedule of Fair Value of Employee Stock Purchase Plan | he fair value of shares to be issued under the ESPP was estimated using the following assumptions:
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
Expected term in years | 0.5 — 2.0 |  | 0.5 — 2.0 |  |  |  |
Expected volatility | 97% |  | 70% |  |  |  |
Risk-free interest rate | 4.89% — 5.20% |  | 0.60% — 1.31% |  |  |  |
Dividend yield | — |  | — |  |  |  |
Weighted average grant date fair value per share | $5.00 |  | $5.42 |  |  |  |

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