Equity Incentive Plans (Tables)

3 Months Ended

Mar. 31, 2021

Summary of Stock Option Activity

A summary of stock option activity under the 2011 Plan for the three months ended March 31, 2021 is as follows (intrinsic value in thousands):

	Number of Awards			Weighted Average Exercise Price		Weighted Average Fair Value		Weighted Average Remaining Contractual Life (in years)		Intrinsic Value
Outstanding, December 31, 2020		3,436,785		$	1.36	$	0.98		8.05	$	295,331
Exercised		(296,019	)		1.29		0.95				28,945
Cancelled		(16,246	)		2.36		1.45
Outstanding, March 31, 2021		3,124,520		$	1.36	$	0.98		7.81	$	330,077
Vested and exercisable at March 31, 2021		1,357,541		$	0.92	$	0.70		7.60	$	144,003
Vested and expected to vest at March 31, 2021		3,077,053		$	1.30	$	0.94		7.76	$	325,234

Schedule of Estimated Fair Value of Option Grant and ESPP

The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:

	Three Months Ended March 31, 2020
Expected volatility	40.60%
Weighted-average volatility	40.60%
Common stock fair value (per share)	$7.88 - $9.05
Dividend yield	0.00%
Risk free interest rates	1.46% - 1.68%
Expected remaining term in years	5.90 - 6.07

Summary of RSU Activity

RSU activity under the 2020 Plan is set forth below (intrinsic value in thousands):

	Number of Awards			Weighted Average Fair Value		Intrinsic Value
Outstanding, December 31, 2020		222,564		$	58.86	$	19,428
Granted		277,210			111.05		30,783
Vested		(1,433	)		52.19		132
Cancelled		(5,370	)		72.59		524
Outstanding, March 31, 2021		492,971		$	88.08	$	52,748

Schedule of Total Compensation Cost for All Share-Based Payment Arrangements Recognized

Total compensation cost for all share-based payment arrangements recognized,including $597,000 and $0 of stock-based compensation expense related to the ESPP for three months ended March 31, 2021 and 2020, respectively, was as follows (in thousands):

	Three Months Ended March 31,
	2021		2020
Cost of goods sold	$	178	$	30
Research and development		402		47
Selling, general and administrative		3,256		417
	$	3,836	$	494

2020 Employee Share Purchase Plan

Schedule of Estimated Fair Value of Option Grant and ESPP

The occurrence and duration of offering periods under the ESPP are subject to the determinations of the Company’s Compensation Committee, in its sole discretion.

	For the Three Months Ended March 31, 2021
Expected term (in years)	0.5
Expected volatility	51.91%
Dividend yield	0.00%
Risk free interest rate	0.08%