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Stockholders' Equity and Stock-Based Compensation
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Stockholders' Equity and Stock-Based Compensation Stockholders' Equity and Stock-Based Compensation
Restricted Stock Awards and Units
Restricted stock unit ("RSU") and restricted stock awards ("RSA") activity under our equity incentive plan was as follows:

Number of Restricted Stock Units (Thousands)Weighted-Average Grant Date Fair Value
Balance, December 31, 20232,817 $13.27 
Granted1,787 14.09 
Vested(998)15.08 
Forfeited(77)13.94 
Balance, September 30, 20243,529 13.16 

Number of Restricted Stock Awards (Thousands)Weighted-Average Grant Date Fair Value
Balance, December 31, 2023133 $30.44 
Vested(96)29.20 
Balance, September 30, 202437 33.66 

The total fair value of RSUs vested during the nine months ended September 30, 2024, was $15.0 million. Awards outstanding as of September 30, 2024 include 1.3 million performance-based awards that will vest upon meeting certain performance criteria. 0.5 million performance-based awards were granted during the nine months ended September 30, 2024.
Stock Options
The following table summarizes our stock option activity during the nine months ended September 30, 2024:
 Number of Options (Thousands)Weighted-Average Exercise PriceWeighted-Average Remaining Contractual Term (Years)Aggregate Intrinsic Value (Thousands)
Outstanding, December 31, 20231,398 $1.242.5$17,142
Options exercised(247)0.89
Outstanding, September 30, 20241,151 1.311.910,795
Options exercisable at September 30, 20241,151 1.311.910,795
Options vested as of September 30, 2024, and expected to vest after September 30, 20241,151 1.311.910,795

Total intrinsic value of options exercised for the nine months ended September 30, 2024 and 2023, was $2.7 million and $2.5 million, respectively. We received proceeds of $0.2 million and $0.4 million from the exercise of options for the nine months ended September 30, 2024 and 2023, respectively.

Stock-Based Compensation
Total stock-based compensation expense was included in our Consolidated Statements of Operations as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Cost of revenues$629 $508 $1,829 $1,871 
Research and development2,046 2,613 5,834 7,537 
Sales, general and administrative3,852 3,506 11,298 10,237 
$6,527 $6,627 $18,961 $19,645 

Unrecognized Compensation Costs
As of September 30, 2024, total unrecognized stock-based compensation was $36.5 million, which will be recognized over an average expected recognition period of 2.0 years.