Stock-Based Compensation (Tables)
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3 Months Ended |
Mar. 31, 2024 |
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| Share-Based Payment Arrangement [Abstract] |
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| 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:
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Three Months Ended March 31, |
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2024 |
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2023 |
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(in thousands) |
| Cost of net revenue |
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$ |
181 |
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$ |
210 |
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| Research and development |
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10,441 |
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11,455 |
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| Selling, general and administrative |
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6,439 |
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4,783 |
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$ |
17,061 |
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$ |
16,448 |
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| Summary of Restricted Stock Unit Activity |
A summary of the Company’s restricted stock unit activity is as follows:
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Number of Shares
(in thousands) |
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Weighted-Average Grant-Date Fair Value per Share |
| Outstanding at December 31, 2023 |
5,632 |
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$ |
36.72 |
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| Granted |
2,299 |
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18.78 |
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| Vested |
(1,313) |
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31.07 |
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| Canceled |
(387) |
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38.48 |
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| Outstanding at March 31, 2024 |
6,231 |
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$ |
31.18 |
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| Summary of Performance-Based Restricted Stock Unit Activity |
A summary of the Company’s performance-based restricted stock unit activity is as follows:
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Number of Shares
(in thousands) |
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Weighted-Average Grant-Date Fair Value per Share |
| Outstanding at December 31, 2023 |
2,653 |
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$ |
34.38 |
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Granted(1)
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1,460 |
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17.77 |
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| Vested |
(6) |
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58.31 |
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| Canceled |
(598) |
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41.90 |
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| Outstanding at March 31, 2024 |
3,509 |
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$ |
26.15 |
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________________
(1) Number of shares granted is based on the maximum percentage achievable in the performance-based restricted stock unit award.
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| Summary of Employee Stock Purchase Plan, Valuation Assumptions |
The fair values of employee stock purchase rights were estimated using the Black-Scholes option pricing model at their respective grant date using the following assumptions:
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Three Months Ended March 31, |
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2024 |
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2023 |
| Weighted-average grant date fair value per share |
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$ |
6.35 |
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$ |
11.97 |
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| Risk-free interest rate |
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5.41 |
% |
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4.54 |
% |
| Dividend yield |
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— |
% |
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— |
% |
| Expected life (in years) |
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0.50 |
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0.50 |
| Volatility |
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70.46 |
% |
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59.78 |
% |
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| Summary of Stock Option Activity |
A summary of the Company’s stock options activity is as follows:
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Number of Options
(in thousands) |
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Weighted-Average Exercise Price |
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Weighted-Average Contractual Term (in years) |
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Aggregate Intrinsic Value (in thousands) |
| Outstanding at December 31, 2023 |
375 |
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$ |
17.29 |
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| Granted |
2,688 |
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19.45 |
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| Exercised |
(39) |
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7.68 |
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| Canceled |
(1) |
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23.75 |
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| Outstanding at March 31, 2024 |
3,023 |
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$ |
19.33 |
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8.95 |
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$ |
4,493 |
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| Vested and expected to vest at March 31, 2024 |
3,023 |
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$ |
19.33 |
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8.95 |
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$ |
4,493 |
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| Exercisable at March 31, 2024 |
335 |
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$ |
18.40 |
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1.36 |
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$ |
811 |
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| Schedule of Stock Options, Valuation Assumptions |
The fair values of stock options were estimated using the Black-Scholes option pricing model at their respective grant date using the following assumptions:
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Three Months Ended March 31, |
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2024 |
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2023(1) |
| Weighted-average grant date fair value per share |
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$10.84 - $11.24 |
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N/A |
| Risk-free interest rate |
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4.33 |
% |
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N/A |
| Dividend yield |
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— |
% |
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N/A |
| Expected life (in years) |
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6.50 |
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N/A |
| Volatility |
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57.50 |
% |
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N/A |
__________________
(1) No options were granted during the three months ended March 31, 2023.
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