Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.23.3
Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 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 September 30, Nine Months Ended September 30,
2023 2022 2023 2022
(in thousands) (in thousands)
Cost of net revenue $ 170  $ 188  $ 626  $ 513 
Research and development 9,436  10,635  33,128  30,294 
Selling, general and administrative (4,488) 9,308  5,009  27,347 
$ 5,118  $ 20,131  $ 38,763  $ 58,154 
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 3,045  38.51 
  Vested (2,779) 34.24 
  Canceled (470) 38.44 
Outstanding at September 30, 2023 5,876  $ 36.91 
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 (248) 22.03 
  Canceled (88) 41.75 
Outstanding at September 30, 2023 2,653  $ 34.38 
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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:
Nine Months Ended September 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 (15) 15.30 
Outstanding at September 30, 2023 378  $ 17.30  1.76 $ 1,781 
Vested and expected to vest at September 30, 2023 378  $ 17.30  1.76 $ 1,781 
Exercisable at September 30, 2023 378  $ 17.30  1.76 $ 1,781