Stock-Based Compensation (Tables)
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9 Months Ended |
Sep. 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 September 30, |
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Nine Months Ended September 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 |
$ |
81 |
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$ |
170 |
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$ |
436 |
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$ |
626 |
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| Research and development |
7,423 |
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9,436 |
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27,952 |
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33,128 |
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| Selling, general and administrative |
5,284 |
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(4,488) |
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18,820 |
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5,009 |
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$ |
12,788 |
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$ |
5,118 |
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$ |
47,208 |
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$ |
38,763 |
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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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2,945 |
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18.24 |
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| Vested |
(2,461) |
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29.44 |
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Canceled2
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(1,007) |
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38.32 |
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| Outstanding at September 30, 2024 |
5,109 |
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$ |
29.25 |
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(1) Includes approximately 227 thousand shares granted under the Inducement Plan at a weighted-average grant-date fair value per share of $13.64.
(2) Includes approximately 24 thousand shares canceled under the Inducement Plan at a weighted-average grant-date fair value per share of $12.46.
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| Summary of Performance-Based Restricted Stock Unit Activity |
A summary of the Company’s performance-based restricted stock unit activity is as follows:
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Number of Shares
(in thousands) |
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Weighted-Average Grant-Date Fair Value per Share |
| Outstanding at December 31, 2023 |
2,653 |
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$ |
34.38 |
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Granted1
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1,472 |
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17.78 |
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| Vested |
(58) |
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24.43 |
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| Canceled |
(665) |
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41.74 |
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| Outstanding at September 30, 2024 |
3,402 |
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$ |
25.93 |
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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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Nine Months Ended September 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 September 30, 2024 |
3,023 |
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$ |
19.33 |
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8.45 |
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$ |
— |
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| Vested and expected to vest at September 30, 2024 |
2,807 |
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$ |
19.32 |
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8.38 |
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$ |
— |
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| Exercisable at September 30, 2024 |
335 |
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$ |
18.40 |
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0.86 |
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$ |
— |
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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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Nine Months Ended September 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 nine months ended September 30, 2023.
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