Stock-Benefit Plans and Equity Transactions (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Total Stock Based Compensation

The Company has stock-based compensation plans under which it grants stock options, restricted stock units ("RSUs"), and performance restricted stock units ("PRSUs") to officers, directors and third parties. Total stock-based compensation for the periods presented are as follows (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Cost of sales	$	2,369	$	735	$	24,601	$	1,440
Research and development		6,790		1,653		9,587		3,987
Sales, general and administrative		10,914		8,689		26,541		25,037
Total	$	20,073	$	11,077	$	60,729	$	30,464

Schedule of Assumptions used to Estimate Fair Value of Stock Options Granted and Stock Purchase Rights under ESPP

The Company estimates the fair value of shares issued to employees under the ESPP using the Black-Scholes option-pricing model. The assumptions used to estimate the fair value of stock options granted and stock purchase rights under the ESPP are as follows:

	Three and Nine Months Ended
	September 30,
	2023		2022
Risk-free interest rate	4.54% - 5.41%		0.07% - 1.54%
Expected dividend yield		—		—
Expected term (years)	0.41 - 0.60			0.50
Volatility	40.87% - 62.77%		50.29% - 64.53%

Summary of All Outstanding Warrants for Common Stock

A summary of all outstanding warrants for common stock as of September 30, 2023, are as follows (in thousands, except for strike price data):

	Number of Warrants		Strike Price		Expiration
2018 Squadron Medical Warrants		845	$	3.15	May 2027
2019 Squadron Medical Warrants		4,839	$	2.17	May 2027
2020 Squadron Medical Warrants		1,076	$	4.88	May 2027
Executive Warrants		1,327	$	5.00	December 2024
Other(1)		139	$	7.41	Various through February 2026
Total		8,226

(1)Weighted-average strike price.