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 Option Activity |
The following table summarizes stock option activity during the nine months ended September 30, 2024 (in thousands, except share and per share data): | | | | | | | | | | | | | | | | | | | | | | | | | | Number of Awards | | Weighted- Average Exercise Price | | Weighted- Average Remaining Contractual Life (in Years) | | Aggregate Intrinsic Value | | Outstanding as of December 31, 2023 | 9,632,504 | | $ | 15.87 | | | 6.9 | | $ | 131,785 | | | Granted | 1,752,471 | | $ | 27.36 | | | | | | | Exercised | (775,041) | | $ | 14.21 | | | | | | | Canceled and forfeited | (398,923) | | $ | 22.60 | | | | | | | Outstanding as of September 30, 2024 | 10,211,011 | | $ | 17.71 | | | 6.7 | | $ | 217,551 | | | Vested and exercisable as of September 30, 2024 | 6,674,171 | | $ | 13.96 | | | 5.6 | | $ | 167,100 | |
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| Schedule of Assumptions Used to Estimate Fair Value of Stock Option Awards Granted |
The following assumptions were used to estimate the fair value of stock option awards granted during the following periods: | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Expected term (in years) | 6.08 | | 6.08 | | 5.50-6.08 | | 5.31-6.08 | | Expected volatility | 73.10%-76.30% | | 80.99%-81.63% | | 72.34%-80.36% | | 80.99%-85.24% | | Risk-free interest rate | 3.48%-4.24% | | 3.97%-4.39% | | 3.48%-4.62% | | 3.35%-4.39% | | Expected dividend yield | — | | — | | — | | — |
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| Summary of RSU Activity |
The following table summarizes the activity under the Company’s restricted stock units for the nine months ended September 30, 2024: | | | | | | | | | | | | | | Number of
Awards | | Weighted-Average Grant Date
Fair Value per Award | | Unvested and outstanding as of December 31, 2023 | 1,129,492 | | $ | 23.41 | | | Granted | 757,519 | | $ | 27.51 | | | Vested | (398,203) | | $ | 22.47 | | | Cancelled/Forfeited | (131,513) | | $ | 24.61 | | | Unvested and outstanding as of September 30, 2024 | 1,357,295 | | $ | 25.86 | |
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| Summary of PSU Activity |
The following table summarizes the activity under the Company's performance stock units for the nine months ended September 30, 2024: | | | | | | | | | | | | | | Number of
Awards | | Weighted-Average Grant Date
Fair Value per Award | | Unvested and outstanding as of December 31, 2023 | 147,835 | | $ | 23.64 | | | Granted | 160,250 | | $ | 26.49 | | | Vested | (3,645) | | $ | 25.39 | | | Cancelled/Forfeited | (19,485) | | $ | 24.60 | | | Unvested and outstanding as of September 30, 2024 | 284,955 | | $ | 25.15 | |
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| Summary of Stock-based Compensation Reflected in Unaudited Condensed Consolidated Statements of Operations |
Total stock-based compensation is reflected in the accompanying unaudited condensed consolidated statements of operations as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Selling, general and administrative | $ | 8,018 | | | $ | 5,759 | | | $ | 23,578 | | | $ | 17,290 | | | Research and development | 3,571 | | | 2,626 | | | 10,978 | | | 8,013 | | | Cost of sales | 319 | | | — | | | 637 | | | — | | | Total | $ | 11,908 | | | $ | 8,385 | | | $ | 35,193 | | | $ | 25,303 | |
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