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Stock-Based Compensation and Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2024

Stock-Based Compensation and Employee Benefits

Summary of Option Activity

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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, 2023	​	23,659,240	​	$	13.31	​	​	​	​	​
Granted - at fair value		10,513,500	​	$	2.28	​		​	​	​
Exercised		(174,651)	​	$	1.67	​		​	​	​
Forfeited/Canceled		(5,292,979)	​	$	9.20	​		​	​	​
Outstanding at December 31, 2024	​	28,705,110	​	$	10.10	​	6.4	​	$	889
Exercisable at December 31, 2024		17,010,902	​	$	14.37	​	4.6	​	$	—

Schedule of options outstanding and exercisable

Information on the options outstanding and exercisable as of December 31, 2024 is summarized by range of exercise prices 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)

​

Price

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Exercisable

​

Price

$

0.77

-

$

2.41

6,361,791

​

9.5

​

$

1.74

​

473,666

​

$

2.35

$

2.59

-

$

5.44

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6,000,496

​

8.3

​

$

3.86

​

2,069,330

​

$

4.33

$

5.86

-

$

12.37

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5,603,496

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5.3

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$

10.28

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4,386,405

​

$

10.54

$

12.44

-

$

17.06

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4,601,126

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5.3

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$

14.64

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3,992,175

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$

14.59

$

17.17

-

$

26.58

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4,691,013

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3.8

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$

18.90

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4,642,138

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$

18.91

$

26.62

-

$

36.85

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1,447,188

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0.5

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$

29.06

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1,447,188

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$

29.06

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​

​

​

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28,705,110

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6.4

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$

10.10

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17,010,902

​

$

14.37

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)	​	2024		​	2023		​	2022
Total intrinsic value of options exercised		$	110	​	$	425	​	$	914
Total grant date fair value of options vested		$	22,778	​	$	30,467	​	$	34,916
Weighted-average grant date fair value per share of options granted		$	1.49	​	$	4.19	​	$	7.04

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, 2023		1,726,729	​	$	11.93
RSUs granted		1,976,750	​	$	2.23
RSUs vested		(2,793,626)	​	$	5.41
RSUs canceled		(141,616)	​	$	11.50
Balances at December 31, 2024		768,237	​	$	10.79

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​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(in thousands, except weighted-average grant-date fair value per share)	​	2024		​	2023		​	2022
Total grant date fair value of RSUs vested		$	15,101	​	$	18,381	​	$	13,598
Total grant date fair value of RSUs granted		$	4,408	​	$	11,386	​	$	22,502
Weighted-average grant-date fair value per share of RSUs granted		$	2.23	​	$	8.93	​	$	13.34

Schedule of Stock-Based Compensation Expense

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​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(in thousands)		2024			2023			2022
Cost of goods sold (1)	​	$	1,070	​	$	632	​	$	736
Research and development	​		8,643	​		14,596	​		18,999
Selling, general and administrative	​		18,089	​		27,882	​		31,002
Total stock-based compensation expense	​	$	27,802	​	$	43,110	​	$	50,737
​	​			​			​
Total stock-based compensation expense capitalized into inventory	​	$	1,407	​	$	1,062	​	$	1,187

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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,
​		2024		2023		2022
Expected term (years)		​					​
Stock options		5.7		6.0		6.1	​
ESPP		0.5		0.5		0.5	​
Expected volatility		​		​		​	​
Stock options		67	%	64	%	62	%
ESPP		88	%	105	%	70	%
Risk-free interest rate		​		​		​	​
Stock options		3.97	%	3.92	%	2.37	%
ESPP		4.94	%	5.35	%	3.77	%
Expected dividend yield							​
Stock options		—	%	—	%	—	%
ESPP		—	%	—	%	—	%

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- Definition

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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