Stock-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 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 June 30, |
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Six Months Ended June 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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(in thousands) |
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(in thousands) |
| Cost of net revenue |
$ |
174 |
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$ |
246 |
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$ |
355 |
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$ |
456 |
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| Research and development |
10,088 |
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12,237 |
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20,529 |
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23,692 |
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| Selling, general and administrative |
7,097 |
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4,714 |
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13,536 |
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9,497 |
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$ |
17,359 |
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$ |
17,197 |
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$ |
34,420 |
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$ |
33,645 |
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| Summary of Restricted Stock Unit Activity |
A summary of the Company’s restricted stock unit activity for all equity plans 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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Granted1
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2,760 |
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18.70 |
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| Vested |
(1,993) |
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28.47 |
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| Canceled |
(551) |
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38.39 |
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| Outstanding at June 30, 2024 |
5,848 |
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$ |
30.86 |
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(1) Includes approximately 80 thousand shares granted under the Inducement Plan at a weighted-average grant-date fair value per share of $18.16.
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| Summary of Performance-Based Restricted Stock Unit Activity |
A summary of the Company’s performance-based restricted stock unit activity is as follows:
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Number of Shares
(in thousands) |
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Weighted-Average Grant-Date Fair Value per Share |
| Outstanding at December 31, 2023 |
2,653 |
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$ |
34.38 |
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Granted(1)
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1,471 |
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17.78 |
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| Vested |
(58) |
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24.43 |
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| Canceled |
(601) |
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41.88 |
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| Outstanding at June 30, 2024 |
3,465 |
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$ |
26.20 |
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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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Six Months Ended June 30, |
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2024 |
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2023 |
| Weighted-average grant date fair value per share |
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$5.78 - $6.35 |
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$7.56 - $11.97 |
| Risk-free interest rate |
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5.40% - 5.41% |
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4.54% - 5.24% |
| Dividend yield |
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— |
% |
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% |
| Expected life (in years) |
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0.50 |
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0.50 |
| Volatility |
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49.76% - 70.46% |
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51.73% - 59.78% |
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| Summary of Stock Option Activity |
A summary of the Company’s stock options activity is as follows:
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Number of Options
(in thousands) |
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Weighted-Average Exercise Price |
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Weighted-Average Contractual Term (in years) |
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Aggregate Intrinsic Value (in thousands) |
| Outstanding at December 31, 2023 |
375 |
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$ |
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 June 30, 2024 |
3,023 |
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$ |
19.33 |
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8.70 |
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$ |
5,884 |
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| Vested and expected to vest at June 30, 2024 |
2,785 |
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$ |
19.32 |
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8.62 |
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$ |
5,447 |
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| Exercisable at June 30, 2024 |
335 |
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$ |
18.40 |
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1.11 |
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$ |
965 |
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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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Six Months Ended June 30, |
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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 June 30, 2024, and during the six months ended June 30, 2023.
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