Stock Incentive Plans and Stock-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Share-based Payment Arrangement on Stock Option Activity |
Stock option activity under our stock plans for the six months ended June 30, 2025 is set forth below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Weighted-Average | | | | | Stock Options
Outstanding | | Exercise
Price | | Remaining
Contractual
Term (Years) | | Aggregate
Intrinsic
Value
(in thousands) | | Balance as of December 31, 2024 | 2,989,763 | | | $ | 36.23 | | | | | | | | | | | | | | | Granted | — | | | $ | — | | | | | | | Exercised | (16,995) | | | $ | 2.16 | | | | | | | Forfeited/Cancelled | (60,225) | | | $ | 43.98 | | | | | | | Balance as of June 30, 2025 | 2,912,543 | | | $ | 36.27 | | | 5.1 | | $ | 7,583 | | Exercisable at June 30, 2025 | 2,834,588 | | | $ | 36.17 | | | 5.0 | | $ | 7,583 | |
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| Schedule of Share-based Payment Arrangement on Restricted Stock Units |
The following table summarizes our RSU activity for the six months ended June 30, 2025: | | | | | | | | | | | | | Restricted Stock Units Outstanding | | Weighted-Average Grant Date Fair Value | Balance as of December 31, 2024 | 3,196,224 | | | $ | 23.52 | | | Granted | 1,508,158 | | | $ | 21.18 | | Vested(1) | (520,157) | | | $ | 22.74 | | | Forfeited/Cancelled | (159,905) | | | $ | 23.48 | | Balance as of June 30, 2025 | 4,024,320 | | $ | 22.75 | |
(1)The aggregate number of shares withheld upon vesting for employee tax obligations was 142,637 for the six months ended June 30, 2025.
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| Schedule of Share-Based Payment Arrangement, Performance Shares, Activity |
The following table summarizes our PSU activity for the six months ended June 30, 2025: | | | | | | | | | | | | | Performance-Based Restricted Stock Units Outstanding | | Weighted-Average Grant Date Fair Value | Balance as of December 31, 2024 | 275,528 | | | $ | 21.94 | | | Granted | 172,631 | | | $ | 22.23 | | | Vested | — | | | $ | — | | | Forfeited/Cancelled | — | | | $ | — | | Balance as of June 30, 2025 | 448,159 | | $ | 22.05 | |
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| Schedule of Share-based Payment Award, ESPP, Valuation Assumptions |
The following table sets forth assumptions used under the ESPP: | | | | | | | | | | | | | | Six Months Ended
June 30, | | 2025 | | 2024 | | Average expected term (years) | 1.2 | | 1.3 | Expected stock price volatility | 56.55% - 85.21% | | 72.04% - 130.95% | | Risk-free interest rate | 3.88% - 4.22% | | 4.43% - 5.33% | | Dividend yield | —% | | —% | | | | |
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| Schedule of Share-based Payment Arrangement, Expensed and Capitalized, Amount |
Stock-based compensation expense is included in the unaudited condensed consolidated statements of operations as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | Cost of sales (exclusive of amortization of acquired intangible assets) | $ | 1,422 | | | $ | 1,401 | | | $ | 2,878 | | | $ | 2,715 | | | Research and development | 1,962 | | | 2,637 | | | 3,857 | | | 5,266 | | | Selling, general and administrative | 7,824 | | | 9,141 | | | 15,652 | | | 17,873 | | | Total stock-based compensation expense | $ | 11,208 | | | $ | 13,179 | | | $ | 22,387 | | | $ | 25,854 | |
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