Stock-Based Compensation Expense (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Summary of the Status and Changes in Stock Option Activities

A summary of the stock option activities related to the Equity Plans for the three months ended March 31, 2025 is presented below:

	Number of Options			Weighted Average Exercise Price		Weighted Avg Remaining Contractual Life (Years)
Options outstanding as of December 31, 2024		5,906,298		$	22.07		6.92
Granted		1,230,232			28.08
Exercised		(66,304	)		10.50
Forfeited		(11,031	)		27.23
Expired		(6,451	)		18.19
Options outstanding as of March 31, 2025		7,052,744			23.22		7.23
Exercisable as of March 31, 2025		3,840,969		$	16.74		5.82

Summary of Non-Vested Restricted stock unit Activities

A summary of non-vested restricted stock unit activities for the three months ended March 31, 2025 is as follows:

				Weighted
				Average
	Number of			Grant Date
	Shares			Fair Value
Unvested at December 31, 2024		585,458		$	30.64
Granted		382,984			28.21
Vested		(144,028	)		22.75
Forfeited		(7,928	)		24.22
Unvested at March 31, 2025		816,486		$	30.95

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 March 31,
	2025		2024
Research and development	$	1,807	$	1,106
Selling, general and administrative		4,714		3,199
Cost of sales		619		391
	$	7,140	$	4,696

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:

	Three Months Ended March 31,
	2025		2024
	Range	Weighted Average	Range	Weighted Average
Expected volatility	52.0% to 66.0%	65.8%	70.7% to 72.3%	71.0%
Risk-free interest rate	4.0% to 4.8%	4.1%	3.9% to 4.3%	4.2%
Expected life (in years)	5.5 to 6.1 years	6.0 years	6.0 years	6.0 years
Expected dividend yield	0.0%	0.0%	0.0%	0.0%
Grant date fair value	$24.84 to $33.87	$28.18	$36.89 to $56.07	$55.89

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:

	March 31, 2025		December 31, 2024
Stock options issued and outstanding under the Equity Plans		7,052,744		5,906,298
Shares available for future issuance under the 2021 Plan		642,465		563,311
Restricted stock units issued under the 2021 Plan		816,486		585,458
Shares available for future issuance under 2021 ESPP		519,595		519,595
Total shares of common stock reserved		9,031,290		7,574,662