Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.21.2
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2021
Share-based Payment Arrangement [Abstract]  
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,
2021 2020 2021 2020
(in thousands) (in thousands)
Cost of net revenue $ 148  $ 126  $ 317  $ 274 
Research and development 7,267  5,040  14,429  8,786 
Selling, general and administrative 6,551  6,919  12,175  9,852 
$ 13,966  $ 12,085  $ 26,921  $ 18,912 
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, 2020 5,832  $ 20.05 
  Granted 1,998  37.00 
  Vested (1,651) 26.82 
  Canceled (327) 23.26 
Outstanding at June 30, 2021 5,852  $ 23.75 
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, 2020 1,722  $ 13.97 
  Granted(1)
599  35.10 
  Vested (311) 16.74 
  Canceled —  11.67 
Outstanding at June 30, 2021 2,010  $ 19.84 
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(1) Number of shares granted is based on the maximum percentage achievable in the performance-based restricted stock unit award.
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:
Six Months Ended June 30,
2021 2020
Weighted-average grant date fair value per share $ 10.85  $ 6.41 
Risk-free interest rate 0.04  % 0.15  %
Dividend yield —  % —  %
Expected life (in years) 0.50 0.51
Volatility 61.10  % 93.25  %
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, 2020 797  $ 14.67 
Exercised (360) 11.79 
Outstanding at June 30, 2021 437  $ 17.04  3.69 $ 11,119 
Vested and expected to vest at June 30, 2021 437  $ 17.04  3.69 $ 11,119 
Exercisable at June 30, 2021 346  $ 16.68  3.59 $ 8,933