Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation (Tables)

v3.24.4
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
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:
Year Ended December 31,
2024 2023 2022
(in thousands)
Cost of net revenue $ 621  $ 763  $ 734 
Research and development 38,814  44,189  40,635 
Selling, general and administrative 26,586  10,224  40,335 
$ 66,021  $ 55,176  $ 81,704 
Summary of Restricted Stock Unit Activity
A summary of the Company’s restricted stock unit activity for all equity plans is as follows:
Number of Shares
(in thousands)		 Weighted-Average Grant-Date Fair Value per Share
Outstanding at December 31, 2023 5,632  $ 36.72 
  Granted1
6,075  18.36 
  Vested (2,552) 29.47 
  Canceled2
(1,236) 36.56 
Outstanding at December 31, 2024 7,919  $ 24.99 
(1) Includes approximately 341 thousand shares granted under the Inducement Plan at a weighted-average grant-date fair value per share of $14.30.
(2) Includes approximately 56 thousand shares canceled under the Inducement Plan at a weighted-average grant-date fair value per share of $13.47.
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, 2023 2,653  $ 34.38 
  Granted(1)
1,634  17.87 
  Vested (58) 24.43 
  Canceled (709) 40.47 
Outstanding at December 31, 2024 3,520  $ 25.66 
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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 were estimated using the Black-Scholes option pricing model at their respective grant date using the following assumptions:
Year Ended December 31,
2024 2023 2022
Weighted-average grant date fair value per share
$5.78 - 6.00
$6.35 - 11.97
$11.97 - 14.25
Risk-free interest rate
4.44 - 5.4%
4.54 - 5.41%
1.54% - 4.54%
Dividend yield —  % —  % —  %
Expected life (in years) 0.50 0.50 0.50
Volatility
49.76 - 95.74%
59.78 - 70.46%
59.78 - 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, 2023 375  $ 17.29 
Granted 2,694  19.45 
Exercised (39) 7.68 
Canceled (65) 18.79 
Outstanding at December 31, 2024 2,965  $ 19.35  8.2 $ 2,138 
Vested and expected to vest at December 31, 2024 2,775  $ 19.34  8.10 $ 2,017 
Exercisable at December 31, 2024 341  $ 18.41  0.60 $ 469 
Summary 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:
Year Ended December 31,
2024 2023(1)
Weighted-average grant date fair value per share
10.84 - 11.24
 N/A
Risk-free interest rate 4.33  % N/A
Dividend yield —  % N/A
Expected life (in years) 6.50 N/A
Volatility 57.50  % N/A
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(1) No options were granted during the year ended December 31, 2023.