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STOCKHOLDERS’ EQUITY (Tables) | 9 Months Ended
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Sep. 30, 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 | 332 |  |  |  | 12.11 |
Exercised | (929) |  |  |  | 4.70 |
Canceled | (810) |  |  |  | 18.05 |
Outstanding at September 30, 2023 | 13,211 |  |  |  | $ | 10.60 |
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 | (251) |  |  |  | 4.71 |
Canceled | (4) |  |  |  | 4.71 |
Outstanding at September 30, 2023 | 3 |  |  |  | $ | 4.74 |
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 | 6,970 |  | 564 |  | 9.71 |  |  | 9.43 |
Vested | (2,538) |  | — |  |  | 14.19 |  |  | — |
Forfeited | (1,008) |  | (23) |  |  | 14.73 |  |  | 9.43 |
Outstanding at September 30, 2023 | 11,959 |  | 541 |  | $ | 12.23 |  |  | $ | 9.43 |
Schedule of Stock-Based Compensation Expense | The following table summarizes share-based compensation expense (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Cost of revenue | $ | 1,125 |  |  | $ | 934 |  |  | $ | 4,251 |  |  | $ | 3,680 |
Research and development | 6,182 |  |  | 7,519 |  |  | 18,310 |  |  | 24,232 |
Sales, general and administrative | 12,384 |  |  | 10,483 |  |  | 32,973 |  |  | 32,746 |
Total share-based compensation expense | $ | 19,691 |  |  | $ | 18,936 |  |  | $ | 55,534 |  |  | $ | 60,658 |
Schedule of Fair Value of Employee Stock Options | The fair value of employee stock options was estimated using the following assumptions:
|  |  | Nine Months Ended September 30,
|  |  |  |  | 2023 |  | 2022
Expected term in years |  |  |  |  | 4.9 |  | 4.6
Expected volatility |  |  |  |  | 78% |  | 70% — 76%
Risk-free interest rate |  |  |  |  | 3.73% - 4.21% |  | 0.41% — 3.66%
Dividend yield |  |  |  |  | — |  | —
Weighted average grant date fair value per share |  |  |  |  | $7.89 |  | $5.93
Schedule of Fair Value of Employee Stock Purchase Plan | The fair value of shares to be issued under the ESPP was estimated using the following assumptions:
|  |  | Nine Months Ended September 30,
|  |  |  |  | 2023 |  | 2022
Expected term in years |  |  |  |  | 0.5 — 2.0 |  | 0.5 — 2.0
Expected volatility |  |  |  |  | 79% — 97% |  | 70% — 97%
Risk-free interest rate |  |  |  |  | 4.87% — 5.47% |  | 0.60% — 3.51%
Dividend yield |  |  |  |  | — |  | —
Weighted average grant date fair value per share |  |  |  |  | $5.34 |  | $4.28

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