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Stock-Based Compensation and Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2023

Stock-Based Compensation and Employee Benefits

Summary of Option Activities under 2016 and 2014 Plans

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​	​	​	​	​	​	​	​	​	​	​
​	​	Options
​	​	​	​	​	​	​	Weighted-	​	​
​	​	​	​	​	​	​	Average	​	Aggregate
​	​	​	​	Weighted-		​	Remaining	​	Intrinsic
​		Number of	​	Average		​	Contractual Terms	​	Value
​	​	Options	​	Exercise Price		​	(Years)	​	(in thousands)
Outstanding at December 31, 2022	​	21,691,321	​	$	15.00	​	​	​	​	​
Granted - at fair value		5,947,607	​	$	6.86	​		​	​	​
Exercised		(430,504)	​	$	1.61	​		​	​	​
Forfeited/Canceled		(3,549,184)	​	$	14.25	​		​	​	​
Outstanding at December 31, 2023	​	23,659,240	​	$	13.31	​	5.7	​	$	2,337
Exercisable at December 31, 2023		16,279,679	​	$	15.20	​	4.3	​	$	1,815

Schedule of options outstanding and exercisable

Information on options outstanding and exercisable as of December 31, 2023 is summarized as follows:

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Options Outstanding

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Options Exercisable

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Weighted-

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Average

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Weighted-

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Weighted-

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Remaining

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Average

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Average

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Number

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Contractual Terms

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Exercise

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Number

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Exercise

Range of Exercise Prices

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Outstanding

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(Years)

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Price

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Exercisable

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Price

$

1.67

-

$

5.44

4,288,840

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6.9

​

$

3.92

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1,356,589

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$

2.32

$

5.86

-

$

10.05

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4,493,996

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6.5

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$

9.20

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2,436,570

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$

9.45

$

10.37

-

$

13.63

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4,143,765

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5.6

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$

12.41

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3,317,635

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$

12.53

$

14.03

-

$

17.17

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4,436,113

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5.8

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$

15.82

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3,304,217

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$

15.86

$

17.30

-

$

19.40

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3,827,172

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5.5

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$

17.96

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3,403,068

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$

17.95

$

19.85

-

$

46.38

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2,469,354

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2.1

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$

26.90

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2,461,600

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$

26.91

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23,659,240

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5.7

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$

13.31

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16,279,679

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$

15.20

Schedule of additional information on options

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​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(in thousands, except weighted-average grant-date fair value per share)	​	2023		​	2022		​	2021
Total intrinsic value of options exercised		$	425	​	$	914	​	$	9,726
Total grant date fair value of options vested		$	30,467	​	$	34,916	​	$	40,365
Weighted-average grant date fair value per share of options granted		$	4.19	​	$	7.04	​	$	9.80

Summary of RSU Activity, under 2014 Plan

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​	​	​	​	​	​
​	​	RSUs Outstanding
​	​	​	​	Weighted-Average
​		Number of		Grant Date Fair
​	​	RSUs	​	Value
Balances at December 31, 2022		2,333,307	​	$	14.66
RSUs granted		1,274,753	​	$	8.93
RSUs vested		(1,280,901)	​	$	14.35
RSUs canceled		(600,430)	​	$	11.02
Balances at December 31, 2023		1,726,729	​	$	11.93

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​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(in thousands, except weighted-average grant-date fair value per share)	​	2023		​	2022		​	2021
Total grant date fair value of RSUs vested		$	18,381	​	$	13,598	​	$	8,434
Total grant date fair value of RSUs granted		$	11,386	​	$	22,502	​	$	27,869
Weighted-average grant-date fair value per share of RSUs granted		$	8.93	​	$	13.34	​	$	16.86

Schedule of Stock-Based Compensation Expense

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​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(in thousands)		2023			2022			2021
Cost of goods sold (1)	​	$	632	​	$	736	​	$	1,099
Research and development	​		14,596	​		18,999	​		18,688
Selling, general and administrative	​		27,882	​		31,002	​		31,577
Stock-based compensation expense	​	$	43,110	​	$	50,737	​	$	51,364
​	​			​			​
Stock-based compensation expense capitalized into inventory	​	$	1,062	​	$	1,187	​	$	1,025

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(1) Stock-based compensation capitalized into inventory is recognized as cost of goods sold when the related product is sold.

Schedule of Weighted Average Assumptions for Black-Scholes Option-Pricing Model Used in Determining Fair Value of Awards

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​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2023		2022		2021
Expected term (years)		​					​
Stock options		6.0		6.1		6.1	​
ESPP		0.5		0.5		0.5	​
Expected volatility		​		​		​	​
Stock options		64	%	62	%	65	%
ESPP		105	%	70	%	42	%
Risk-free interest rate		​		​		​	​
Stock options		3.92	%	2.37	%	0.89	%
ESPP		5.35	%	3.77	%	0.06	%
Expected dividend yield							​
Stock options		—	%	—	%	—	%
ESPP		—	%	—	%	—	%

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Tabular disclosure of the weighted average grant date fair value per share of the options granted, the total intrinsic value of options exercised, the total fair value of options that have vested, and the total cash received from the exercise of stock options during the period.

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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 of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

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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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