Stock-Based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Summary of stock option activity |
| | | | | | | | | | | | | | | | Outstanding Options | | | | | | | | | | Weighted- | | | | | | | | | | Weighted- | | Average | | | | | | Shares | | | | Average | | Remaining | | Aggregate | | | | Available for | | Number of | | Exercise | | Contractual | | Intrinsic | | | | Grant | | Shares | | Price | | Life | | Value | | (in thousands, except for contractual life and exercise price) | | | | | | | | | (in years) | | | | Balance at December 31, 2022 | | 3,263 | | 5,300 | | $ | 21.11 | | 4.84 | | $ | 131,385 | | Additional shares authorized | | 3,500 | | — | | $ | — | | | | | | | Options granted | | (499) | | 499 | | $ | 44.27 | | | | | | | Options exercised | | — | | (298) | | $ | 13.09 | | | | | | | RSUs granted | | (6,096) | | | | | | | | | | | | RSUs forfeited/cancelled | | 934 | | | | | | | | | | | | Balance at December 31, 2023 | | 1,102 | | 5,501 | | $ | 23.65 | | 4.36 | | $ | 231,133 | | Exercisable at December 31, 2023 | | | | 4,509 | | $ | 13.97 | | 3.49 | | $ | 221,758 | | Vested and expected to vest at December 31, 2023 | | | | 5,435 | | $ | 23.12 | | 4.31 | | $ | 230,521 | |
|
| Restricted stock units |
| | | | | | | | | | Weighted- | | | | | Average | | | Number of | | Grant Date | | | Shares | | Fair Value | | | (in thousands) | | | | Balance at December 31, 2022 | | 6,836 | | $ | 57.12 | Granted | | 6,096 | | $ | 44.90 | Vested | | (2,750) | | $ | 57.74 | Cancelled/Forfeited | | (934) | | $ | 49.54 | Balance at December 31, 2023 | | 9,248 | | $ | 49.50 | | | | | | |
|
| Summary of stock-based compensation expenses |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, | | | | 2023 | | 2022 | | 2021 | | | | Employee | | Non-Employee | | Total | | Employee | | Non-Employee | | Total | | Employee | | Non-Employee | | Total | | | | | (in thousands) | | Cost of revenues | | $ | 11,665 | | $ | 87 | | $ | 11,752 | | $ | 7,905 | | $ | — | | $ | 7,905 | | $ | 4,811 | | $ | — | | $ | 4,811 | | Research and development | | | 63,445 | | | 2,881 | | | 66,326 | | | 44,655 | | | 1,890 | | | 46,545 | | | 24,507 | | | 1,361 | | | 25,868 | | Selling, general and administrative | | | 112,236 | | | 1,494 | | | 113,730 | | | 97,379 | | | 555 | | | 97,934 | | | 84,368 | | | 172 | | | 84,540 | | Total | | $ | 187,346 | | $ | 4,462 | | $ | 191,808 | | $ | 149,939 | | $ | 2,445 | | $ | 152,384 | | $ | 113,686 | | $ | 1,533 | | $ | 115,219 | |
|
| Schedule of assumptions used in valuation of fair value |
| | | | | | | | | | | | | | | | | | | | December 31, | December 31, | December 31, | | 2023 | 2022 | 2021 | Risk-free interest rate | | | | | — | % | | | | | — | % | | 0.80 | % | — | 1.52 | % | Expected dividend yield | | | | | — | % | | | | | — | % | | | | | — | % | Expected volatility | | | | | — | % | | | | | — | % | | | | | 60 | % | Expected term (years) | | | | | — | | | | | | — | | | 7.25 | | — | 10.00 | |
|
| Employee Stock Option [Member] |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Schedule of assumptions used in valuation of fair value |
| | | | | | | | | | | | | | | | | | | | | Year ended December 31, | | | 2023 | | | 2022 | | | 2021 | | Expected term (years) | | 5.20 | | — | 6.11 | | | 5.12 | | — | 10.00 | | | 5.11 | | — | 10.00 | | Expected volatility | | 67.75 | % | — | 70.07 | % | | 55.91 | % | — | 62.30 | % | | 55.33 | % | — | 63.30 | % | Expected dividend rate | | | | | — | % | | | | | — | % | | | | | — | % | Risk-free interest rate | | 3.41 | % | — | 4.80 | % | | 1.62 | % | — | 4.16 | % | | 0.81 | % | — | 1.67 | % |
|