Quarterly report [Sections 13 or 15(d)]

Stock-Based Compensation (Tables)

v3.25.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2025
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 March 31,
2025 2024
(in thousands)
Cost of net revenue $ 282  $ 181 
Research and development 14,656  10,441 
Selling, general and administrative 7,973  6,439 
$ 22,911  $ 17,061 
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, 2024 7,919  $ 24.99 
  Granted1
469  17.53 
  Vested (1,904) 24.24 
  Canceled2
(504) 26.25 
Outstanding at March 31, 2025 5,980  $ 24.54 
____________
(1) Includes approximately 60 thousand shares granted under the Inducement Plan at a weighted-average grant-date fair value per share of $16.83.
(2) Includes approximately 3 thousand shares canceled under the Inducement Plan at a weighted-average grant-date fair value per share of $15.62.
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, 2024 3,520  $ 25.66 
  Canceled(1) (826) 38.09 
Outstanding at March 31, 2025 2,694  $ 21.84 
________________
(1) Includes shares canceled due to achievement below threshold amounts from shares granted which were previously reserved at the maximum achievable (250%). No shares were eligible to vest for the 2024 performance period due to achievement below the 25th percentile.
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:
Three Months Ended March 31,
2025 2024
Weighted-average grant date fair value per share
$6.00
$6.35
Risk-free interest rate
4.44%
5.41%
Dividend yield —  % —  %
Expected life (in years) 0.50 0.50
Volatility
95.74%
70.46%
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, 2024 2,965  $ 19.35 
Canceled (247) 18.76 
Outstanding at March 31, 2025 2,718  $ 19.39  7.85 $ — 
Vested and expected to vest at March 31, 2025 2,564  $ 19.39  7.78 $ — 
Exercisable at March 31, 2025 573  $ 18.87  3.91 $ — 
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:
Three Months Ended March 31,
2025(1)
2024
Weighted-average grant date fair value per share N/A
$10.84 - $11.24
Risk-free interest rate N/A 4.33%
Dividend yield N/A $—
Expected life (in years) N/A 6.50
Volatility N/A 57.50%
__________________
(1) No options were granted during the three months ended March 31, 2025.