Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

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, 2022
	Options	Price
Outstanding, beginning of period	6,365	$	5.34
Granted	186	34.99
Exercised	(401)	3.21
Forfeited	(127)	5.51
Outstanding, end of period	6,023	6.40
Vested and expected to vest	6,023	6.40
Exercisable	3,092	4.39

Share-based Payment Arrangement, Outstanding Award, Activity, Excluding Option

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

	Three Months Ended
	March 31, 2022
	Options	Price
Outstanding, beginning of period	35	$	34.78
Awarded	164	29.65
Forfeited	(1)	18.96
Outstanding, end of period	198	30.61

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,
	2022		2021
Cost of sales	$	124	$	23
Research and development	299		152
Sales, general and administrative	1,129		475
Total stock-based compensation	$	1,552	$	650

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,
	2022			2021
Expected life (years)	6.0			6.0
Expected volatility	64		%	45		%
Risk-free interest rate	2.4		%	1.1		%
Expected dividend rate	—		%	—		%
Weighted-average fair value	$	20.87		$	2.38

The fair value of the options granted under the 2021 ESPP to employees 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,
	2022
Expected life (years)	0.9
Expected volatility	50		%
Risk-free interest rate	0.1		%
Expected dividend rate	—		%
Weighted-average fair value	$	8.44