Stock-Based Compensation Expense (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activities

A summary of the stock option activities related to the Equity Plans for the nine months ended September 30, 2024 is presented below:

	Number of Options			Weighted Average Exercise Price		Weighted Avg Remaining Contractual Life (Years)
Options outstanding as of December 31, 2023		6,777,404		$	13.02		6.51
Granted		1,147,452			53.00
Exercised		(1,809,836	)		9.44
Forfeited		(82,972	)		17.34
Expired		(10,251	)		4.65
Options outstanding as of September 30, 2024		6,021,797			21.66		7.13
Exercisable as of September 30, 2024		3,390,946		$	15.10		5.98

Summary of Non-Vested Restricted stock unit Activities

A summary of non-vested restricted stock unit activities for the nine months ended September 30, 2024 is as follows:

				Weighted
				Average
	Number of			Grant Date
	Shares			Fair Value
Unvested at December 31, 2023		650,357		$	15.80
Granted		263,481			53.28
Vested		(298,094	)		19.56
Forfeited		(27,158	)		17.47
Unvested at September 30, 2024		588,586		$	30.60

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense was classified in the accompanying condensed consolidated statements of operations and comprehensive income (loss) as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development	$	1,559	$	1,035	$	4,060	$	2,857
Selling, general and administrative		4,446		2,731		11,856		7,642
Cost of sales		547		305		1,437		822
	$	6,552	$	4,071	$	17,353	$	11,321

Schedule of Range and Weighted-average Assumptions Used in Black-Scholes Option Pricing Model to Determine the Fair Value of Stock Options

The following table presents the range and weighted-average assumptions, used in the Black-Scholes option pricing model to determine the fair value of stock options:

	Nine Months Ended September 30,
	2024		2023
	Range	Weighted Average	Range	Weighted Average
Expected volatility	67.8% to 72.3%	70.4%	64.9% to 67.7%	65.3%
Risk-free interest rate	3.5% to 4.7%	4.1%	3.4% to 4.6%	4.1%
Expected life (in years)	6.0 to 6.1 years	6.0 years	5.5 to 6.1 years	6.1 years
Expected dividend yield	0.0%	0.0%	0.0%	0.0%
Grant date fair value	$36.89 to $60.65	$53.45	$12.91 to $32.45	$16.89

Schedule of Common stock reserved for future issuance

Each share of common stock is entitled to one vote. Common stock reserved for future issuance consisted of the following:

	September 30, 2024		December 31, 2023
Stock options issued and outstanding under the Equity Plans		6,021,797		6,777,404
Shares available for future issuance under the 2021 Plan		599,452		358,610
Restricted stock units issued under the 2021 Plan		588,586		650,357
Shares available for future issuance under 2021 ESPP		538,942		577,847
Total shares of common stock reserved		7,748,777		8,364,218