Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

A summary of the Company’s stock option activity for the year ended December 31, 2022 was as follows (in thousands, except years and per share data):

	Number of Stock Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding as of December 31, 2021	11,507,643	$	1.72
Exercised	(2,370,989)	1.67
Cancelled/Forfeited	(973,804)	1.67
Outstanding as of December 31, 2022	8,162,850	1.74		7.03	$	26,763
Vested and exercisable as of December 31, 2022	5,472,821	1.73		6.95	$	17,654
Vested and expected to vest as of December 31, 2022	8,162,850	1.74		7.03	$	26,763

Schedule of Restricted Stock Activity

The Company’s RSAs activity for the year ended December 31, 2022 was as follows:

	Shares	Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2021	666,298	1.21
Forfeited	(18,476)	1.23
Vested	(583,336)	1.20
Outstanding as of December 31, 2022	64,486	1.29

The Company’s RSUs activity for the year ended December 31, 2022 was as follows:

	Shares	Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2021	11,983,032	19.56
Granted	23,213,889	10.29
Forfeited	(2,069,915)	16.15
Vested	(7,532,971)	15.40
Outstanding as of December 31, 2022	25,594,035	12.66

Schedule of Employee Stock Purchase Plan, Valuation Assumptions

The assumptions used to value purchase rights under the ESPP during the year ended December 31, 2022 were as follows:

	May 16, 2022	November 16, 2022
Expect term (years)	0.5	0.5
Volatility	82.3%	93.5%
Risk-free interest rate	1.54%	4.54%
Dividend yield	—%	—%

Schedule of Stock-based Compensation Expense by Function

Stock-based compensation expense by type of award was as follows (in thousands):

	Year Ended December 31,
	2022		2021		2020
Equity Classified Awards:
Stock options	$	2,666	$	5,137	$	3,179
RSAs	293		1,682		5,532
RSUs	129,992		60,191		—
ESPP	714		—		—
Liability Classified Awards:
Equity settled fixed value	7,545		3,826		—
Optogration	10,894		6,114		—
Freedom Photonics	7,633		—		—
Solfice	410		—		—
Other	2,258		734		—
Total	$	162,405	$	77,684	$	8,711

Stock-based compensation expense by function was as follows (in thousands):

	Year Ended December 31,
	2022		2021		2020
Cost of sales	$	7,680	$	6,422	$	309
Research and development	40,898		20,216		2,098
Sales and marketing	15,814		4,546		414
General and administrative	98,013		46,500		5,890
Total	$	162,405	$	77,684	$	8,711