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Share-Based Compensation (Tables) | 9 Months Ended
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Sep. 28, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Shares Available for Grant | The following table summarizes the shares available for grant under the 2018 Plan:
| Shares Available for Grant
Balance - December 31, 2023 | 8,230,500 |
Authorized | 2,144,521 |
Granted(1) | (3,258,068) |
Shares withheld to cover taxes | 71,057 |
Forfeited | 274,243 |
Balance - September 28, 2024 | 7,462,253 |
__________ (1) Includes 225,967 shares reserved for issuance pursuant to performance stock units if 200% of the applicable performance target is achieved.
Schedule of Fair Value Assumptions | Following are the assumptions used in the Black-Scholes valuation model for options granted during the periods shown below:
|  | Three Months Ended |  | Nine Months Ended
|  | September 28, 2024 |  | September 30, 2023 |  | September 28, 2024 |  | September 30, 2023
Risk-free interest rate |  | 3.9% |  | N/A |  | 4.3% |  | 4.1%
Average expected term (years) |  | 7.0 |  | N/A |  | 7.0 |  | 7.0
Expected volatility |  | 55.3% |  | N/A |  | 55.0% |  | 55.3%
Dividend yield |  | N/A |  | N/A |  | N/A |  | N/A
Schedule of Stock Option Activity | The following table summarizes the Company’s stock option activity during the nine months ended September 28, 2024:
| Number of Stock Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (Years) |  | Aggregate Intrinsic Value (in thousands)(1)
Outstanding at December 31, 2023 | 4,477,120 |  |  | $ | 23.04 |  |  | 5.4 |  | $ | 12,915 |
Granted | 1,069,541 |  |  | $ | 9.33 |  |  | — |  | $ | — |
Exercised | (6,033) |  |  | $ | 3.00 |  |  | — |  | $ | 23 |
Canceled/Forfeited | (133,966) |  |  | $ | 31.89 |  |  | — |  | $ | — |
Outstanding at September 28, 2024 | 5,406,662 |  |  | $ | 20.13 |  |  | 5.6 |  | $ | 9,639 |
Vested and exercisable at September 28, 2024 | 3,482,392 |  |  | $ | 23.29 |  |  | 3.7 |  | $ | 9,544 |
Vested and expected to vest at September 28, 2024 | 4,818,333 |  |  | $ | 21.32 |  |  | 5.1 |  | $ | 9,591 |
__________ (1) Aggregate intrinsic value is calculated as the difference between the value of common stock on the transaction date and the exercise price multiplied by the number of shares issuable under the stock option. Aggregate intrinsic value of shares outstanding at the beginning and end of the reporting period is calculated as the difference between the value of common stock on the beginning and end dates, respectively, and the exercise price multiplied by the number of shares outstanding.
Schedule of RSU Activity | The following table summarizes the Company’s RSU activity during the nine months ended September 28, 2024:
|  | Number of Units |  | Weighted Average Grant Date Fair Value Per Unit
Unvested at December 31, 2023 |  | 1,411,310 |  |  | $ | 19.60 |
Granted |  | 1,736,593 |  |  | $ | 9.03 |
Vested(1) |  | (614,738) |  |  | $ | 18.72 |
Canceled/Forfeited |  | (133,052) |  |  | $ | 15.95 |
Unvested at September 28, 2024 |  | 2,400,113 |  |  | $ | 12.44 |
________ (1) Includes 71,057 shares of common stock that were withheld to cover taxes on the release of vested RSUs and became available for future grants pursuant to the 2018 Plan.
Schedule of Performance Stock Options |
|  | Number of Units |  | Grant Date Fair Value Per Unit |  | Performance Period
Tranche 1 |  | 80,307 |  |  | $ | 13.49 |  |  | January 1, 2024 - December 31, 2024
Tranche 2 |  | 74,714 |  |  | $ | 14.50 |  |  | January 1, 2024 - December 31, 2025
Tranche 3 |  | 70,946 |  |  | $ | 15.27 |  |  | January 1, 2024 - December 31, 2026
Schedule of PSU Activity | The following table summarizes the Company’s PSU activity during the nine months ended September 28, 2024:
|  | Number of Units |  | Weighted Average Grant Date Fair Value Per Unit
Unvested at January 1, 2024 |  | — |  |  | $ | — |
Granted |  | 225,967 |  |  | $ | 14.38 |
Vested |  | — |  |  | $ | — |
Canceled/Forfeited |  | — |  |  | $ | — |
Unvested at September 28, 2024 |  | 225,967 |  |  | $ | 14.38 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding and exercisable options that are fully vested and expected to vest. Includes, but is not limited to, unvested options for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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