Stock-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of stock-based compensation expense of consolidated statements |
Stock-based compensation expense is included in the following line items in the accompanying consolidated statements of operations for the years ended:
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December 31, |
| (in thousands) |
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2023 |
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2022 |
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2021 |
| Costs of goods sold |
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$ |
796 |
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$ |
215 |
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$ |
157 |
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| Sales and marketing |
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2,982 |
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2,341 |
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2,905 |
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| Research and development |
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3,875 |
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2,640 |
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1,923 |
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| General and administrative |
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6,764 |
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10,395 |
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5,934 |
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| Total stock-based compensation expense |
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$ |
14,418 |
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$ |
15,591 |
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$ |
10,919 |
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| Schedule of weighted-average assumptions for options granted |
The following weighted-average assumptions were used in the calculation of fair value for stock options granted for the following periods:
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Year Ended December 31, |
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2023 |
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2022 |
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2021 |
| Expected term (in years) |
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5.40 |
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6.01 |
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5.88 |
| Expected volatility |
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59.32 |
% |
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61.17 |
% |
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58.38 |
% |
| Risk free interest rate |
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3.52 |
% |
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2.31 |
% |
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1.02 |
% |
| Expected dividends |
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— |
% |
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— |
% |
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— |
% |
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The following are the weighted average assumptions used in the valuation of ESPP options for the years ended December 31:
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December 31, |
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2023 |
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2022 |
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2021 |
| Expected term (in years) |
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0.5 |
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0.5 |
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0.5 |
| Expected volatility |
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53.6 |
% |
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66.5 |
% |
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48.0 |
% |
| Risk-free interest rate |
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5.1 |
% |
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1.1 |
% |
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0.1 |
% |
| Expected dividends |
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— |
% |
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— |
% |
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— |
% |
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| Schedule of stock option activity |
The following table summarizes the Company's stock option activity for the year ended December 31, 2023:
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Options |
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Weighted
Average
Exercise
Price |
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Weighted
Average
Remaining
Contractual
Life (Years) |
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Aggregate
Intrinsic
Value (in thousands) |
| Outstanding at December 31, 2022 |
3,894,856 |
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$ |
14.38 |
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6.78 |
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$ |
2,783 |
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Granted (1)
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1,393,464 |
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$ |
7.88 |
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| Forfeited |
(740,319) |
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$ |
13.09 |
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| Exercised |
(175,758) |
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$ |
5.94 |
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| Outstanding at December 31, 2023 |
4,372,243 |
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$ |
12.87 |
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6.43 |
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$ |
87 |
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| Exercisable at December 31, 2023 |
2,281,681 |
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$ |
16.33 |
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4.26 |
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$ |
0 |
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| Schedule of stock unit activity |
The following table summarizes the activity for restricted stock units for the indicated periods:
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Outstanding Restricted Stock Units |
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Stock Units |
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Weighted
Average Fair Value at Date of Grant per Share |
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Weighted Average Remaining Vesting Life (Years) |
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Aggregate Intrinsic Value (in thousands) |
| Unvested December 31, 2022 |
1,861,106 |
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$ |
11.13 |
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1.60 |
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$ |
18,574 |
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Granted (1)
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1,359,500 |
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$ |
8.10 |
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| Released |
(324,731) |
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$ |
16.23 |
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| Forfeited |
(560,645) |
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$ |
9.70 |
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| Unvested December 31, 2023 |
2,335,230 |
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$ |
9.00 |
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1.39 |
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$ |
15,950 |
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(1) RSU granted include 112,500 inducements shares. in accordance with Nasdaq Listing Rule 5635(c)(4).
The following table summarizes the activity for performance stock units for the indicated periods:
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Outstanding Performance Stock Units |
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Stock Units |
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Weighted
Average Fair Value at Date of Grant per Share |
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Weighted Average Remaining Vesting Life (Years) |
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Aggregate Intrinsic Value (in thousands) |
| Unvested December 31, 2022 |
1,112,031 |
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$ |
15.90 |
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1.86 |
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$ |
11,098 |
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| Granted |
747,870 |
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8.29 |
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| Released |
(41,833) |
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12.00 |
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| Forfeited |
(560,656) |
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15.46 |
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| Unvested December 31, 2023 |
1,257,412 |
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$ |
11.69 |
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1.76 |
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$ |
8,588 |
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