Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The Company’s stock option activity for the six months ended June 30, 2024 was as follows:

	Number of Common Stock Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (In Thousands)
Outstanding as of December 31, 2023	6,199,453	$	1.76
Granted	1,003,765	1.50
Exercised	(243,744)	1.67
Cancelled/Forfeited	(29,549)	3.94
Outstanding as of June 30, 2024	6,929,925	1.71		4.97	$	160

Schedule of Restricted Stock Awards Activity

The Company’s Time-Based RSUs and Performance-Based and Other RSUs activity for the six months ended June 30, 2024 was as follows:

	Time-Based RSUs			Performance-Based and Other RSUs
	Shares	Weighted Average Grant Date Fair Value per Share		Shares	Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2023	31,251,698	$	8.60	266,921	$	8.91
Granted	25,114,867	1.73		179,452	1.92
Forfeited	(5,174,839)	7.53		(27,039)	8.58
Vested	(17,004,142)	5.72		(278,494)	4.29
Change in units based on performance	—	—		1,724	8.58
Outstanding as of June 30, 2024	34,187,584	5.34		142,564	9.20

The Company’s management awards activity for the six months ended June 30, 2024 was as follows:

	Shares	Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2023	11,800,000	$	8.48
Granted	687,499	1.15
Outstanding as of June 30, 2024	12,487,499	8.07

Schedule of Stock-based Compensation Expense by Function

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cost of sales	$	298	$	1,925	$	3,693	$	4,587
Research and development	16,378		20,541		30,862		38,012
Sales and marketing	3,557		9,792		8,780		15,620
General and administrative	16,846		26,937		38,209		56,930
Stock-based compensation related to restructuring	1,412		—		1,412		—
Total	$	38,491	$	59,195	$	82,956	$	115,149

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Equity Classified Awards:
Stock options	$	106	$	534	$	368	$	1,261
RSAs	—		1		—		61
RSUs	25,640		34,706		56,979		73,038
Management awards	5,699		5,840		11,415		11,499
ESPP	135		345		499		748
Stock-based compensation related to restructuring	1,412		—		1,412		—
Liability Classified Awards:
Equity-settled fixed value	3,901		3,035		7,914		5,916
Optogration	—		3,078		—		5,659
Freedom Photonics	(127)		4,977		2,087		9,532
Other	1,725		6,679		2,282		7,435
Total	$	38,491	$	59,195	$	82,956	$	115,149