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Stockholders' Equity
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
At-The-Market offering
On February 27, 2024, the Company entered into a Sales Agreement ("Sales Agreement"), with Stifel, Nicolaus & Company, Incorporated ("Stifel"), under which the Company may offer and sell from time to time at its sole discretion, up to an aggregate of 1,200,000 shares of its common stock, par value $0.0001 per share, through Stifel acting as its sales agent.
During the three months ended June 30, 2025, the Company sold 150,000 shares of its common stock through Stifel under the Sales Agreement at a weighted average price of $203.94 per share resulting in net proceeds to the Company of $29.7 million, after deducting underwriting discounts and commissions of $0.6 million and offering costs of $0.3 million. During the three months ended June 30, 2024, the Company sold 100,000 shares of its common stock through Stifel under the Sales Agreement at a weighted average price of $127.18 per share resulting in net proceeds to the Company of $12.3 million, after deducting underwriting discounts and commissions of $0.3 million and offering costs of $0.1 million.
During the six months ended June 30, 2025, the Company sold 150,000 shares of its common stock through Stifel under the Sales Agreement at a weighted average price of $203.94 per share resulting in net proceeds to the Company of $29.7 million, after deducting underwriting discounts and commissions of $0.6 million and deferred offering costs of $0.3 million. During the six months ended June 30, 2024, the Company sold 132,500 shares of its common stock through Stifel under the Sales Agreement at a weighted average price of $118.69 per share resulting in net proceeds to the Company of $15.0 million, after deducting underwriting discounts and commissions of $0.3 million and deferred offering costs of $0.4 million.
Follow-on public offering
On June 27, 2025, the Company completed a follow-on public offering, in which it issued and sold 2,012,500 shares of its common stock, resulting in net proceeds to the Company of $387.3 million after deducting underwriting discounts and commissions of $14.1 million and deferred offering costs of $1.1 million.
Equity Incentive Plans
The following table summarizes the RSU, performance based restricted stock units ("PRSU"), and multi-year performance restricted stock units ("MYPSU") activity for the three and six months ended June 30, 2025:
RSU
Number
of
Shares 		Grant Date
Fair
Value
per share		PRSU
Number
of
Shares 		Grant Date
Fair
Value
per share		MYPSU
Number
of
Shares		Grant Date
Fair
Value
per share
Unvested at December 31, 2024915,152$128.7 210,044$104.3 285,880$88.6 
Granted255,368173.9 155,565187.8 —— 
Vested(145,509)137.5 (53,090)167.8 —— 
Forfeited(16,236)113.3 —— —— 
Unvested at March 31, 20251,008,775$139.1 312,519$135.1 285,880$88.6 
Granted80,208167.9 —— —— 
Vested(187,281)140.1 —— —— 
Forfeited(13,782)165.8 —— —— 
Unvested at June 30, 2025887,920$141.1 312,519$135.1 285,880$88.6 
The following summarizes the number and value of the shares withheld for employee taxes:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
(in thousands, except share data)
Shares withheld for taxes67,281 88,988 141,880 171,632 
Amount withheld for taxes$13,806 $11,631 $27,284 $20,368 
In February 2025, the Compensation Committee approved target bonus amounts based on the achievement of revenue and individual performance goals for the fiscal year 2025 (the "2025 Goals"). The awards for the actual payouts are granted in the quarter following the end of the performance period. The target bonuses were granted based on a fixed dollar amount to be settled in RSUs on the vesting date and hence the awards have been classified as liability-based awards until settled. Such expense is included in the non-cash adjustment within stock-based compensation expense on the condensed consolidated cash flow statements. The liability of $1.4 million for 2025 Goals was recorded as accrued expenses and other current liabilities in the condensed consolidated balance sheet as of June 30, 2025.
In February 2025, the Compensation Committee of the Company approved PRSUs for the fiscal year 2025 with performance goals based on the achievement of relative total stockholder return with a three year performance period (the "2025 TSR PRSU Goals"). The grant-date fair value of each PRSU was determined using Monte Carlo simulation model. The assumptions used in the Monte Carlo simulation for the awards included expected volatility ranging from 72.6% to 72.9%, risk free rate of 4.3%, no expected dividend yield and expected term of 2.9 years. The Company recognizes the expense related to the 2025 TSR PRSU Goals on a graded-vesting method over the requisite performance period. These grants are included in the PRSU awards granted in the table above.
The Company also operates a bonus plan for certain employees which are based on a fixed dollar amount to be settled in RSUs. These awards are categorized as liability-based awards until settled. Once settled, these awards are reflected as RSU granted in the above table. Such expense is included in the non-cash adjustment within stock-based compensation expense on the condensed consolidated cash flow statements. The liability of $1.0 million was recorded as accrued expenses and other current liabilities in the condensed consolidated balance sheet as of June 30, 2025.
Stock-Based Compensation
The following table presents the detail of stock-based compensation expense amounts included in the condensed consolidated statement of operations for each of the periods presented:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
(in thousands)
Equity based awards
Cost of revenue$762 $315 $1,394 $491 
Research and development10,171 8,623 20,202 17,236 
Selling, general and administrative13,409 12,213 26,425 24,091 
$24,342 $21,151 $48,021 $41,818 
Liability based awards - to be settled in equity
Cost of revenue$63 $12 $132 $16 
Research and development873 791 1,523 1,354 
Selling, general and administrative1,048 963 1,696 1,432 
$1,984 $1,766 $3,351 $2,802 
Total stock-based compensation expense - equity and liability based$26,326 $22,917 $51,372 $44,620 
Stock-based compensation expense recorded to additional paid-in capital
Equity based awards$24,342 $21,151 $48,021 $41,818 
Liability based awards - settled in equity962 865 7,437 2,624 
Stock compensation expense capitalized to inventory(176)337 (180)805 
Total stock-based compensation expense recorded to additional paid-in capital$25,128 $22,353 $55,278 $45,247 
The following table presents the unrecognized compensation costs and related weighted average period of recognition as of June 30, 2025:
Unrecognized Compensation Costs (in millions)Weighted Average Period of Recognition (in years)
RSUs$104.3 2.1
PRSUs$26.1 1.3
MYPSUs$1.0 0.5
Liability-based awards$4.9 0.5