STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
| STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION |
|
| Summary of changes in stock options granted |
The following table summarizes stock option activity for the nine months ended September 30, 2024: | | | | | | | | | | | | | | | | | | | | Weighted- | | | | | | | | Weighted- | | | Average | | | | | | | | Average | | | Remaining | | | Aggregate | | | Number of | | Exercise | | | Contractual | | | Intrinsic | | | Awards | | Price | | | Term | | | Value ($000's) | Awards outstanding—December 31, 2023 | | 6,316,422 | | $ | 32.47 | | | 7.17 | | | | Awards issued | | 1,361,346 | | $ | 30.66 | | | | | | | Awards exercised | | (178,611) | | $ | 16.60 | | | | | | | Awards forfeited | | (86,394) | | $ | 34.90 | | | | | | | Awards outstanding—September 30, 2024 | | 7,412,763 | | $ | 32.49 | | | 6.92 | | $ | 72,791 | Awards exercisable—September 30, 2024 | | 4,324,302 | | $ | 30.63 | | | 6.00 | | $ | 49,434 |
|
| Summary of changes in SARs granted |
The following table summarizes SARs activity for the nine months ended September 30, 2024: | | | | | | | | | | | | | | | | | | | | Weighted- | | | | | | | | Weighted- | | | Average | | | | | | | | Average | | | Remaining | | | Aggregate | | | Number of | | Exercise | | | Contractual | | | Intrinsic | | | Awards | | Price | | | Term | | | Value ($000's) | Awards outstanding—December 31, 2023 | | 43,208 | | $ | 9.38 | | | 5.32 | | | | Awards issued | | — | | $ | — | | | | | | | Awards exercised | | — | | $ | — | | | | | | | Awards forfeited | | — | | $ | — | | | | | | | Awards outstanding—September 30, 2024 | | 43,208 | | $ | 9.38 | | | 4.57 | | $ | 976 | Awards exercisable—September 30, 2024 | | 41,382 | | $ | 9.19 | | | 4.52 | | $ | 948 |
|
| Summary of changes in RSUs granted |
The following table summarizes RSU activity for the nine months ended September 30, 2024: | | | | | | | | | | | | | | | | Weighted- | | | | | Average | | | Number of | | Grant Date | | | Awards | | Fair Value | Awards outstanding—December 31, 2023 | | 330,000 | | $ | 31.53 | Awards issued | | 464,600 | | $ | 30.62 | Awards vested | | (135,000) | | $ | 31.47 | Awards forfeited | | (13,200) | | $ | 30.69 | Awards outstanding—September 30, 2024 | | 646,400 | | $ | 30.90 |
|
| Summary of assumptions used to value awards |
| | | | | | | | As of | | | September 30, | | December 31, | | | | 2024 | | 2023 | | Dividend yield | | 0.00 | % | 0.00 | % | Expected volatility | | 69.84 - 72.98 | % | 74.87 - 80.78 | % | Risk-free interest rate | | 3.51 - 4.65 | % | 3.42 - 4.62 | % | Lack of marketability discount | | 0.00 | % | 0.00 | % | Expected term (years) | | 1.92 - 6.11 | | 2.26 - 10.77 | |
|
| Summary of stock-based compensation expense |
| | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | Research and development expense | | $ | 1,910 | | $ | 1,030 | | $ | 4,964 | | $ | 2,962 | Sales and marketing expense | | | 1,815 | | | 1,218 | | | 5,909 | | | 3,437 | General and administrative expense | | | 7,723 | | | 5,709 | | | 21,972 | | | 15,912 | | | $ | 11,448 | | $ | 7,957 | | $ | 32,845 | | $ | 22,311 |
|