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Stockholders' Equity (Tables)
6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Summary of Stock Options Valuation Assumptions The following table summarizes the weighted-average grant date value of options and the assumptions used to develop their fair value.

 

 

 

Six months ended June 30,

 

 

2024

Weighted-average grant date fair value of options

$

4.54

Risk-free interest rate

 

4.10%

Expected volatility

 

64.53%

Expected life in years

 

6.10 years

Summary of Changes in Stock Options Activity

Stock option activity for the six months ended June 30, 2024 was as follows:

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Outstanding

 

 

Weighted-Average Exercise Price

 

 

Aggregate Intrinsic Value

 

Balance as of December 31, 2023

 

 

5,109

 

 

$

9.54

 

 

$

20,571

 

Options granted under all plans

 

 

662

 

 

 

7.25

 

 

 

0

 

Exercised

 

 

(385

)

 

 

2.94

 

 

 

1,954

 

Plan shares expired or canceled

 

 

(633

)

 

 

16.12

 

 

 

20

 

Balance as of June 30, 2024

 

 

4,753

 

 

$

8.88

 

 

$

14,079

 

Vested and expected to vest

 

 

4,565

 

 

$

8.85

 

 

$

13,985

 

Exercisable as of June 30, 2024

 

 

3,456

 

 

$

7.94

 

 

$

13,543

 

Summary of RSU Table

Restricted stock unit activity for the six months ended June 30, 2024 was as follows:

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Outstanding

 

 

Grant Date Fair Value

 

 

Aggregate Intrinsic Value

 

Balance as of December 31, 2023

 

 

6,725

 

 

$

15.86

 

 

$

65,436

 

Granted – restricted stock units

 

 

1,409

 

 

 

7.59

 

 

 

10,693

 

Granted – market-based and performance-based restricted stock units

 

 

400

 

 

 

8.91

 

 

 

2,901

 

Canceled

 

 

(865

)

 

 

14.31

 

 

 

6,178

 

Vested and converted to shares

 

 

(1,094

)

 

$

17.09

 

 

$

8,413

 

Balance as of June 30, 2024

 

 

6,575

 

 

$

13.36

 

 

$

55,579

 

Vested and expected to vest

 

 

5,438

 

 

$

14.05

 

 

$

43,826

 

Summary of Market-based Awards Valuation Assumptions Significant assumptions used in the Monte Carlo simulation model for the market-based awards granted are as follows:

 

 

 

Six months ended June 30,

 

 

2024

Volatility

 

75.43%

Risk-free interest rate

 

4.31%

Dividend yield

 

0.00%