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Share-Based Compensation (Tables)

9 Months Ended

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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