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Stock-based Compensation (Tables)
6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Total Stock-based Compensation Expense
The following table summarizes the total stock-based compensation expense, by operating expense category, recognized in the Condensed Consolidated Statements of Operations for the periods presented below (in thousands).
Quarters EndedFiscal Years-to-Date Ended
June 30, 2024July 2, 2023June 30, 2024July 2, 2023
Cost of revenue$95 $1,654 $95 $2,605 
Research and development7,303 5,456 13,857 17,123 
Selling, general and administrative(1)
10,534 7,932 16,740 24,471 
Restructuring cost1,105 — 1,105 — 
Total stock-based compensation expense$19,037 $15,042 $31,797 $44,199 
(1)    During the quarter ended June 30, 2024, we engaged a consulting company for its services and issued RSUs in exchange for its services. In connection with this service agreement, we recorded approximately $4.6 million of stock-based compensation expense for the quarter and fiscal year-to-date ended June 30, 2024.
Schedule of Stock Option Activity
The following table summarizes stock option activities for the fiscal year-to-date ended June 30, 2024 (in thousands, except share and per share amount).
Number of
Options
Outstanding
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Life (Years)
Aggregate
Intrinsic
Value (1) (2)
Balances as of January 1, 20242,615,199$9.71 
Exercised(359,595)7.77 $1,878 
Forfeited(86,845)11.82 
Balances as of June 30, 20242,168,759$9.95 6.8$12,362 
(1)The intrinsic value of options exercised is based upon the value of our stock at exercise.
(2)
The aggregate intrinsic value of the stock options outstanding as of June 30, 2024 represents the value of our closing stock price at $15.46 on the last trading day of the quarter ended June 30, 2024 in excess of the exercise price multiplied by the number of options outstanding.
Schedule of RSUs and PRSUs Activity
The following table summarizes RSUs and PRSUs activities for the fiscal year-to-date ended June 30, 2024 (in thousands, except share and per share amount).
RSUsPRSUs
Number of
Shares
Outstanding
Weighted Average
Grant Date Fair Value
Number of
Shares
Outstanding
Weighted Average
Grant Date Fair Value
Issued and unvested shares balances as of January 1, 202410,893,271 $11.58 531,469 $13.16 
Granted10,813,120 7.93 2,505,023 7.39 
Vested(3,346,124)9.49 (63,298)13.41 
Forfeited(1,291,056)12.16 (307,075)11.50 
Issued and unvested shares outstanding as of June 30, 202417,069,211 $9.63 2,666,119 $7.90