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STOCKHOLDERS’ EQUITY (Tables) | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule 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, 2023 | 13,011 |  |  |  | $ | 10.63 |
Granted | 493 |  |  |  | 1.99 |
Exercised | (515) |  |  |  | 3.15 |
Canceled | (1,474) |  |  |  | 9.35 |
Expired | (287) |  |  |  | 5.70 |
Outstanding at September 30, 2024 | 11,228 |  |  |  | $ | 10.88 |
Schedule of Time-Based RSUs Activity | The following table summarizes the time-based RSUs and PSUs activity:
| Restricted Stock Units (RSU) |  | Performance Stock Units (PSU) |  | Weighted average grant date fair value
(shares in thousands) |  |  | RSU |  | PSU
Outstanding at December 31, 2023 | 11,308 |  |  | 541 |  |  | $ | 12.06 |  |  | $ | 9.43 |
Granted | 12,604 |  |  | — |  |  | 5.04 |  |  | — |
Vested | (3,647) |  |  | — |  |  | 12.33 |  |  | — |
Forfeited | (4,523) |  |  | (39) |  |  | 8.33 |  |  | 9.43 |
Outstanding at September 30, 2024 | 15,742 |  |  | 502 |  |  | $ | 7.45 |  |  | $ | 9.43 |
Schedule of Stock-Based Compensation Expense | The following table summarizes share-based compensation expense:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Cost of revenue | $ | 1,229 |  |  | $ | 1,125 |  |  | $ | 4,466 |  |  | $ | 4,251 |
Research and development | 4,740 |  |  | 6,182 |  |  | 15,119 |  |  | 18,310 |
Sales, general and administrative | 12,290 |  |  | 12,384 |  |  | 35,418 |  |  | 32,973 |
Total share-based compensation expense | $ | 18,259 |  |  | $ | 19,691 |  |  | $ | 55,003 |  |  | $ | 55,534 |
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,
|  |  |  |  | 2024 |  | 2023
Expected term in years |  |  |  |  | 4.9 |  | 4.9
Expected volatility |  |  |  |  | 81% - 93% |  | 78%
Risk-free interest rate |  |  |  |  | 3.48% - 4.32% |  | 3.73% - 4.21%
Dividend yield |  |  |  |  | — |  | —
Weighted average grant date fair value per share |  |  |  |  | $1.40 |  | $7.89
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,
|  |  |  |  | 2024 |  | 2023
Expected term in years |  |  |  |  | 0.5 — 2.0 |  | 0.5 — 2.0
Expected volatility |  |  |  |  | 81% — 118% |  | 79% - 97%
Risk-free interest rate |  |  |  |  | 3.88% — 5.27% |  | 4.87% — 5.47%
Dividend yield |  |  |  |  | — |  | —
Weighted average grant date fair value per share |  |  |  |  | $1.53 |  | $5.34

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