Stock-Based Compensation Expense (Tables)
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3 Months Ended |
Mar. 31, 2024 |
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| Share-Based Payment Arrangement [Abstract] |
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| Summary of Stock Option Activities |
A summary of the stock option activities related to the Equity Plans for the three months ended March 31, 2024 is presented below:
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Number of Options |
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Weighted
Average
Exercise
Price |
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Weighted Avg
Remaining
Contractual Life
(Years) |
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Options outstanding as of December 31, 2023 |
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6,777,404 |
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$ |
13.02 |
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6.51 |
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Granted |
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787,102 |
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55.86 |
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Exercised |
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(941,617 |
) |
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10.78 |
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Forfeited |
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(56,806 |
) |
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14.19 |
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Expired |
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(9,680 |
) |
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4.13 |
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Options outstanding as of March 31, 2024 |
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6,556,403 |
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18.48 |
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6.90 |
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Exercisable as of March 31, 2024 |
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3,615,132 |
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$ |
12.23 |
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5.36 |
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| Summary of Non-Vested Restricted stock unit Activities |
A summary of non-vested restricted stock unit activities for the three months ended March 31, 2024 is as follows:
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Weighted |
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Average |
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Number of |
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Grant Date |
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Shares |
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Fair Value |
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Unvested at December 31, 2023 |
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650,357 |
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$ |
15.80 |
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Granted |
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162,799 |
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56.07 |
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Vested |
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(119,719 |
) |
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14.86 |
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Forfeited |
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(16,485 |
) |
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15.14 |
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Unvested at March 31, 2024 |
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676,952 |
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$ |
25.67 |
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| Schedule of Stock-Based Compensation Expense |
Stock-based compensation expense was classified in the accompanying condensed consolidated statements of operations and comprehensive income (loss) as follows (in thousands):
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Three Months Ended March 31, |
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2024 |
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2023 |
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Research and development |
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$ |
1,106 |
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$ |
802 |
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Selling, general and administrative |
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3,199 |
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2,272 |
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Cost of sales |
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|
391 |
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221 |
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$ |
4,696 |
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$ |
3,295 |
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| Schedule of Range and Weighted-average Assumptions Used in Black-Scholes Option Pricing Model to Determine the Fair Value of Stock Options |
The following table presents the range and weighted-average assumptions, used in the Black-Scholes option pricing model to determine the fair value of stock options:
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Three Months Ended March 31, |
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2024 |
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2023 |
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Range |
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Weighted Average |
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Range |
|
Weighted Average |
Expected volatility |
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70.7% to 72.3% |
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71.0% |
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64.9% to 65.2% |
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65.1% |
Risk-free interest rate |
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3.9% to 4.3% |
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4.2% |
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3.4% to 4.2% |
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4.1% |
Expected life (in years) |
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6.0 years |
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6.0 years |
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6.0 to 10.0 years |
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6.0 years |
Expected dividend yield |
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0.0% |
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0.0% |
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0.0% |
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0.0% |
Grant date fair value |
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$36.89 to $56.07 |
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$55.89 |
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$12.91 to $16.68 |
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$14.86 |
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| Schedule of Common stock reserved for future issuance |
Each share of common stock is entitled to one vote. Common stock reserved for future issuance consisted of the following:
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March 31, 2024 |
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December 31, 2023 |
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Stock options issued and outstanding under the Equity Plans |
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6,556,403 |
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6,777,404 |
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Shares available for future issuance under the 2021 Plan |
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976,356 |
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358,610 |
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Restricted stock units issued under the 2021 Plan |
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676,952 |
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650,357 |
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Shares available for future issuance under 2021 ESPP |
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|
577,847 |
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577,847 |
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Total shares of common stock reserved |
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8,787,558 |
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8,364,218 |
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