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Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of stock option activity

Outstanding Options and RSUs

    

    

    

    

Weighted-

    

Weighted-

Average

Shares

Average

Remaining

Aggregate

Available for

Number of

Exercise

Contractual

Intrinsic

(in thousands, except for contractual life and exercise price)

Grant

Shares

Price

Life

Value

(in years)

Balance at December 31, 2021

 

4,319

 

5,900

$

17.54

 

5.40

$

451,505

Additional shares authorized

 

3,500

Options granted

 

(265)

 

265

$

61.39

Options exercised

 

 

(785)

$

7.60

Options forfeited/cancelled

 

35

 

(35)

$

38.91

RSUs granted

(4,877)

RSUs forfeited/cancelled

532

Balance at September 30, 2022

 

3,244

 

5,345

$

21.04

5.10

$

149,931

Exercisable at September 30, 2022

 

4,555

$

12.12

4.53

$

145,939

Vested and expected to vest at September 30, 2022

 

5,294

$

20.56

5.07

$

149,685

Schedule of performance-based awards

Period Granted

Options Granted

RSUs Granted

Options Vested

RSUs Vested

Milestone

Valuation Method

(in thousands)

Q1 2019

200

300

200

300

(1)

Monte-Carlo Simulation

Q2 2019

188

140

(2)

Grant Date Stock Price

Q3 2019

50

50

(1)

Monte-Carlo Simulation

Q1 2020

150

300

150

300

(1)

Monte-Carlo Simulation

Q1 2020

436

408

(3)

Grant Date Stock Price

Q1 2020

129

129

(3)

Black-Scholes-Merton

Q2 2020

21

21

(3)

Grant Date Stock Price

Q3 2020

10

10

(4)

Black-Scholes-Merton

Q3 2020

27

17

(3)

Grant Date Stock Price

Q4 2020

32

19

(1)

Monte-Carlo Simulation

Q4 2020

22

2

(5)

Grant Date Stock Price

Q1 2021

150

125

(1)

Monte-Carlo Simulation

Q1 2021

279

15

(3)

Grant Date Stock Price

Q2 2021

163

(1)

Monte-Carlo Simulation

Q2 2021

29

(3)

Black-Scholes-Merton

Q2 2021

7

2

(3)

Grant Date Stock Price

Q4 2021

20

(1)

Monte-Carlo Simulation

Q4 2021

205

37

(3)

Grant Date Stock Price

Q1 2022

110

(3)

Black-Scholes-Merton

Q1 2022

849

(3)

Grant Date Stock Price

Q2 2022

103

(3)

Grant Date Stock Price

Q3 2022

54

4

(2)

Grant Date Stock Price

________________________________

(1) The awards will vest based on the achievement of certain values of the Company’s common stock at multiple thresholds within certain periods and are contingent upon the completion of requisite service through the date of such vesting.

(2) The vesting of the awards will be triggered after the end of the achievement milestone, as measured by the Company.

(3) The awards vest based on achievement of certain revenue targets, units, and system implementation, contingent upon the completion of requisite service through the date of such vesting.

(4) The awards have vested based on a change of coverage.


(5) The awards will vest based on achievement of certain revenue and recruiting targets.

Restricted stock units

Weighted-

Average

Grant Date

(in thousands, except for grant date fair value)

Shares

Fair Value

Balance at December 31, 2021

3,988

$

74.33

Granted

4,877

$

43.89

Vested

(1,090)

$

57.54

Cancelled/forfeited

(532)

$

56.92

Balance at September 30, 2022

7,243

$

57.86

Summary of stock-based compensation expenses

The following tables present the effect of employee and non-employee stock-based compensation expense on selected statements of operations line items for the three and nine months ended September 30, 2022 and 2021.

Three months ended September 30, 

2022

2021

    

Employee

    

Non-Employee

    

Total

    

Employee

    

Non-Employee

    

Total

(in thousands)

Cost of revenues

$

2,124

$

$

2,124

$

1,262

$

$

1,262

Research and development

 

12,972

 

497

 

13,469

 

6,242

 

410

 

6,652

Selling, general and administrative

 

24,524

 

221

 

24,745

 

18,478

 

67

 

18,545

Total

$

39,620

$

718

$

40,338

$

25,982

$

477

$

26,459

Nine months ended September 30, 

 

2022

2021

 

    

Employee

    

Non-Employee

    

Total

    

Employee

    

Non-Employee

    

Total

 

 

(in thousands)

Cost of revenues

$

5,903

$

$

5,903

$

3,246

$

$

3,246

Research and development

 

33,911

 

1,432

 

35,343

 

16,168

 

974

 

17,142

Selling, general and administrative

 

74,700

 

452

 

75,152

 

64,231

 

178

 

64,409

Total

$

114,514

$

1,884

$

116,398

$

83,645

$

1,152

$

84,797

Employee stock options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of assumptions used in valuation of fair value

Three months ended September 30, 

Nine months ended September 30, 

    

2022

    

    

2021

    

2022

2021

Expected term (years)

 

6.05

 

10.00

5.12

10.00

5.11

10.00

Expected volatility

 

61.63

%

 

56.31

%

55.91

%

62.30

%

55.33

%

63.30

%

Expected dividend rate

 

0.00

%

 

0.00

%

0.00

%

0.00

%

Risk-free interest rate

 

3.15

%

 

1.30

%

1.62

%

3.15

%

0.81

%

1.67

%