Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Payment Arrangement, Expensed and Capitalized, Amount

Total stock-based compensation recognized, before taxes, are as follows (in thousands):

	Three Months Ended March 31,
	2024		2023
Cost of sales	$	1,312	$	461
Research and development	1,212		887
Sales, general and administrative	4,579		2,789
Stock-based compensation capitalized in inventory	(847)		(413)
Total stock-based compensation	$	6,256	$	3,724

Schedule of Stock Option Activity and Related Information

A summary of the Company’s stock option activity and related information are as follows (options in thousands):

	Three Months Ended
	March 31, 2024
	Number of Shares	Weighted-Average Exercise Price
Outstanding, beginning of period	5,215	$	9.42
Granted	155	47.20
Exercised	(354)	7.30
Forfeited	(133)	20.46
Outstanding, end of period	4,883	10.47
Vested and expected to vest	4,883	10.47
Exercisable	3,917	6.97

Schedule of Fair Value Assumptions

The fair value of the options granted to employees or directors was estimated as of the grant date using the Black-Scholes model assuming the weighted-average assumptions listed in the following table:

	Three Months Ended March 31,
	2024			2023
Expected life (years)	6.0			6.0
Expected volatility	57		%	57		%
Risk-free interest rate	4.1		%	4.0		%
Expected dividend rate	—		%	—		%
Weighted-average fair value	$	26.98		$	21.18

Schedule of Restricted Stock Unit Activity

A summary of the Company’s restricted stock unit, or RSU, activity and related information are as follows (RSUs in thousands):

	Three Months Ended
	March 31, 2024
	Number of Shares	Weighted-Average Fair Value
Outstanding, beginning of period	1,565	$	36.27
Awarded	818	48.12
Forfeited	(119)	37.26
Vested	(267)	36.15
Outstanding, end of period	1,997	41.09