Stock-Benefit Plans and Equity Transactions (Tables)

6 Months Ended

Jun. 30, 2024

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				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Cost of sales	$	554	$	16,226	$	1,037	$	22,232
Research and development		5,614		1,480		9,929		2,797
Sales, general and administrative		10,792		6,488		23,316		15,627
Total	$	16,960	$	24,194	$	34,282	$	40,656

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 Six Months Ended
	June 30,
	2024		2023
Risk-free interest rate	5.40% - 5.41%		4.54% - 5.41%
Expected dividend yield		—		—
Expected term (years)		0.50	0.41 - 0.60
Volatility	54.47% - 58.41%		40.87% - 62.77%

Summary of All Outstanding Warrants for Common Stock

A summary of all outstanding warrants for common stock as of June 30, 2024, 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 2026
Other(1)		129	$	10.10	Various through June 2026
Total		8,216

(1)Weighted-average strike price.