Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The Company’s stock option activity for the nine months ended September 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	981,462	1.50
Exercised	(327,499)	1.67
Cancelled/Forfeited	(410,127)	2.79
Outstanding as of September 30, 2024	6,443,289	1.66		4.80	$	185

Schedule of Restricted Stock Awards Activity

The Company’s Time-Based RSUs and Performance-Based and Other RSUs activity for the nine months ended September 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	30,288,936	1.60		179,452	1.92
Forfeited	(11,833,368)	5.12		(30,770)	8.58
Vested	(23,341,709)	5.02		(343,071)	5.10
Change in units based on performance	—	—		2,220	8.58
Outstanding as of September 30, 2024	26,365,557	5.29		74,752	9.77

The Company’s management awards activity for the nine months ended September 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 September 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of sales	$	1,204	$	2,255	$	4,897	$	6,842
Research and development	10,862		12,886		41,724		50,898
Sales and marketing	4,171		6,536		12,951		22,156
General and administrative	15,531		23,205		53,740		80,135
Stock-based compensation related to restructuring	1,068		—		2,480		—
Total	$	32,836	$	44,882	$	115,792	$	160,031

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Equity Classified Awards:
Stock options	$	69	$	491	$	437	$	1,752
RSAs	—		—		—		61
RSUs	21,377		33,593		78,356		106,631
Management awards	5,814		5,560		17,229		17,059
ESPP	168		402		667		1,150
Stock-based compensation related to restructuring	1,068		—		2,480		—
Liability Classified Awards:
Equity-settled fixed value	3,552		4,150		11,466		10,066
Optogration	—		495		—		6,154
Freedom Photonics	563		687		2,650		10,219
Other	225		(496)		2,507		6,939
Total	$	32,836	$	44,882	$	115,792	$	160,031