Stock-Based Compensation (Tables)
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3 Months Ended |
Mar. 31, 2024 |
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| Share-Based Payment Arrangement [Abstract] |
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| Stock details |
The Company's outstanding equity awards and shares reserved for future issuance under its 2020 and 2016 Equity Incentive Plans and 2020 Employee Stock Purchase Plan are summarized below: | | | | | | | | | | | | | March 31, 2024 | | December 31, 2023 | | Common stock awards reserved for future issuance under 2020 and 2016 Equity Incentive Plans | 7,435,442 | | | 7,054,222 | | | Common stock awards reserved for future issuance under the 2020 Employee Stock Purchase Plan | 2,859,434 | | | 2,859,434 | | | Stock options issued and outstanding (unvested and vested) under 2020 and 2016 Equity Incentive Plans | 5,217,617 | | | 4,760,366 | | | Restricted stock units issued and outstanding (unvested) under 2020 Equity Incentive Plan | 1,981,673 | | | 1,708,725 | | | Total shares of common stock reserved | 17,494,166 | | | 16,382,747 | |
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| Stock-based compensation |
Stock-based compensation expense was recognized in the accompanying Condensed Statements of Operations and Comprehensive Loss as follows: | | | | | | | | | | | | | Three Months Ended March 31, | | 2024 | | 2023 | | Cost of sales | $ | 135 | | | $ | — | | | Research and development | 1,465 | | | 1,163 | | | Selling, general and administrative | 3,919 | | | 2,743 | | | Total stock-based compensation | $ | 5,519 | | | $ | 3,906 | |
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| Valuation assumptions of stock options |
The fair value of granted stock options was estimated as of the date of grant using the Black-Scholes option-pricing model, based on the following inputs: | | | | | | | | | | | | | Three Months Ended March 31, | | 2024 | | 2023 | | Expected term (in years) | 6.25 | | 6.25 | | Weighted average risk-free interest rate | 4.08 | % | | 4.20 | % | | Weighted average volatility | 71.23 | % | | 71.9 | % | | Dividend yield rate | — | % | | — | % | | Weighted-average grant-date fair value per stock option | $ | 35.09 | | | $ | 15.07 | |
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| Stock option activity |
Stock option activity during the three months ended March 31, 2024 was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Number of
Shares | | Weighted-
Average
Exercise
Price/Share | | Weighted-
Average
Remaining
Contractual
Term (Years) | | Aggregate Intrinsic Value(1) | | Outstanding - December 31, 2023 | 4,760,366 | | | $ | 16.62 | | | 7.53 | | $ | 34,128 | | | Granted | 633,887 | | | $ | 35.09 | | | | | | | Exercised | (49,310) | | | $ | 16.21 | | | | | | | Forfeited | (127,326) | | | $ | 18.03 | | | | | | | Expired | — | | | — | | | | | | | Outstanding— March 31, 2024 | 5,217,617 | | | $ | 18.83 | | | 7.46 | | $ | 96,254 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Exercisable— March 31, 2024 | 2,972,207 | | | $ | 15.51 | | | 6.41 | | $ | 65,826 | | | Unvested—March 31, 2024 | 2,245,410 | | | $ | 23.22 | | | 8.86 | | $ | 30,428 | |
(1) The aggregate intrinsic value is calculated as the difference between the exercise price of the options and the fair value of the Company’s common stock as of March 31, 2024.
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| Restricted stock unit activity |
Restricted stock unit activity during the three months ended March 31, 2024 was as follows: | | | | | | | | | | | | | Number of
Shares | | Weighted-
Average
Exercise
Price/Share | | Outstanding - December 31, 2023 | 1,708,725 | | | $ | 16.31 | | | Granted | 596,726 | | | $ | 36.03 | | | Vested | (207,718) | | | $ | 16.11 | | | Forfeited | (116,060) | | | $ | 17.62 | | | Outstanding— March 31, 2024 | 1,981,673 | | | $ | 22.19 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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