Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.23.2
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Stock-Based Compensation Expense The Company recognizes stock-based compensation in the consolidated statements of operations, based on the department to which the related employee reports, as follows:
Three Months Ended June 30, Six Months Ended June 30,
2023 2022 2023 2022
(in thousands) (in thousands)
Cost of net revenue $ 246  $ 162  $ 456  $ 325 
Research and development 12,237  9,983  23,692  19,659 
Selling, general and administrative 4,714  9,324  9,497  18,039 
$ 17,197  $ 19,469  $ 33,645  $ 38,023 
Summary of Restricted Stock Unit Activity A summary of the Company’s restricted stock unit activity is as follows:
Number of Shares
(in thousands)		 Weighted-Average Grant-Date Fair Value per Share
Outstanding at December 31, 2022 6,080  $ 35.01 
  Granted 2,941  39.02 
  Vested (2,058) 35.23 
  Canceled (292) 38.62 
Outstanding at June 30, 2023 6,671  $ 36.55 
Summary of Performance-Based Restricted Stock Unit Activity
A summary of the Company’s performance-based restricted stock unit activity is as follows:
Number of Shares
(in thousands)		 Weighted-Average Grant-Date Fair Value per Share
Outstanding at December 31, 2022 1,950  $ 34.07 
  Granted(1)
1,039  32.66 
  Vested (233) 20.89 
  Canceled (3) 48.24 
Outstanding at June 30, 2023 2,753  $ 34.64 
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(1) Number of shares granted is based on the maximum percentage achievable in the performance-based restricted stock unit award.
Summary of Employee Stock Purchase Plan, Valuation Assumptions The fair values of employee stock purchase rights for the latest ESPP offering period were estimated using the Black-Scholes option pricing model at their respective grant date using the following assumptions:
Six Months Ended June 30,
2023 2022
Weighted-average grant date fair value per share
$7.56 - $11.97
$14.25 - $18.82
Risk-free interest rate
4.54% - 5.24%
0.06% - 1.54%
Dividend yield —% —%
Expected life (in years) 0.50 0.50
Volatility
51.73% - 59.78%
43.83% - 69.74%
Summary of Stock Option Activity A summary of the Company’s stock options activity is as follows:
Number of Options
(in thousands)		 Weighted-Average Exercise Price Weighted-Average Contractual Term (in years) Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2022 393  $ 17.22 
Exercised (10) 13.05 
Outstanding at June 30, 2023 383  $ 17.33  1.99 $ 5,442 
Vested and expected to vest at June 30, 2023 383  $ 17.33  1.99 $ 5,442 
Exercisable at June 30, 2023 383  $ 17.33  1.99 $ 5,442