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STOCKHOLDERS’ EQUITY (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes time-based stock option activity for all of our equity compensation plans for the year ended December 31, 2023 (in thousands, except per share amounts):

			Number of shares						Weighted-average exercise price
Outstanding at December 31, 2022			14,618						$	10.60
Granted			419						$	11.26
Exercised			(1,119)						$	4.74
Canceled			(910)						$	17.71
Outstanding at December 31, 2023			13,008						$	10.63

The following table summarizes performance-based stock option activity for all of our equity compensation plans for the year ended December 31, 2023 (in thousands, except per share amounts):

			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 December 31, 2023			3						$	4.74

Summary of Time-Based RSUs Activity

The following table summarizes the time-based RSUs and PSUs activity for the year ended December 31, 2023 (shares in thousands):

															Weighted-average grant date fair value
			Restricted Stock Units (RSUs)						Performance Stock Units (PSUs)						RSU						PSU
Outstanding at December 31, 2022			8,535						—						$	15.16					$	—
Granted			7,141						564						9.67						9.43
Vested			(2,730)						—						14.41						—
Forfeited			(1,638)						(23)						13.86						9.43
Outstanding at December 31, 2023			11,308						541						$	12.06					$	9.43

Schedule of Stock-Based Compensation Expense

Total share-based compensation expense consists of the following (in thousands):

			Years Ended December 31,
			2023						2022						2021
Cost of revenue			$	5,399					$	4,802					$	6,126
Research and development			22,435						30,676						20,275
Sales, general and administrative			44,284						43,135						35,403
Merger-related expenses - stock-settled			—						—						6,349
Merger-related expenses - milestone			—						—						5,202
Share-based compensation			72,118						78,613						73,355
Merger-related expenses - cash-settled			—						—						7,373
Total share-based compensation expense			$	72,118					$	78,613					$	80,728

Schedule of Fair Value of Employee Stock Options

The fair value of employee stock options was estimated using the following weighted-average assumptions:

			Years Ended December 31,
			2023						2022						2021
Expected term in years			4.9						4.6						2.1 - 4.6
Expected volatility			77% - 78%						70% - 76%						67% - 80%
Risk-free interest rate			3.73% – 4.60%						0.41% – 3.66%						0.05% – 1.10%
Dividend yield			—						—						—
Weighted-average grant date fair value per share			$	7.32					$	5.93					$	15.53

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:

			Years Ended December 31,
			2023						2022						2021
Expected term in years			0.5 - 2.0						0.5 - 2.0						0.5 - 2.0
Expected volatility			79% - 97%						70% - 97%						67% - 68%
Risk-free interest rate			4.9% - 5.5%						0.6% - 3.5%						0.1% - 0.2%
Dividend yield			—						—						—
Weighted-average grant date fair value per share			$	5.34					$	4.28					$	25.07

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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