Stock-based Compensation (Tables)
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12 Months Ended |
Jan. 01, 2023 |
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| Share-Based Payment Arrangement [Abstract] |
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| Common Stock Capital Shares Reserved for Future Issuance |
The following table shows the shares of common stock that had been reserved for future issuance as of January 1, 2023.
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| Exercise of outstanding common stock options |
5,034,282 |
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| Options, RSUs and PRSUs available for future grants |
22,972,236 |
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| Outstanding RSUs and PRSUs for future vesting |
7,371,158 |
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| Common stock employee purchase plan available for future offerings |
8,493,050 |
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43,870,726 |
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| Stock-Based Compensation Expense |
The following table summarizes the total stock-based compensation expense, by operating expense category, recognized in the Consolidated Statements of Operations and Comprehensive Loss for the periods presented below (in thousands).
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Fiscal Years |
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2022 |
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2021 |
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2020 |
| Cost of revenue |
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$ |
2,071 |
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$ |
274 |
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$ |
102 |
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| Research and development |
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12,720 |
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6,175 |
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485 |
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| Selling, general and administrative |
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15,576 |
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4,262 |
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79 |
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| Total stock-based compensation expense |
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$ |
30,367 |
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$ |
10,711 |
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$ |
666 |
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| Summary of Stock Option Activity |
The following table summarizes stock option activities for the fiscal year January 1, 2023 (in thousands, except share and per share amount).
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Number of
Options
Outstanding |
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Weighted
Average
Exercise
Price |
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Weighted
Average
Remaining
Contractual
Life (Years) |
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Aggregate
Intrinsic
Value (1) (2)
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| Balances as of January 2, 2022 |
5,753,005 |
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$ |
8.88 |
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| Granted |
56,190 |
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14.56 |
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| Exercised |
(381,497) |
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6.24 |
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$ |
4,258 |
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| Forfeited |
(393,416) |
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9.79 |
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| Balances as of January 1, 2023 |
5,034,282 |
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$ |
9.07 |
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8.2 |
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$ |
18,486 |
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| Vested and expected to vest at January 1, 2023 |
7,959,820 |
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$ |
5.76 |
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8.1 |
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$ |
54,695 |
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| Vested and exercisable at January 1, 2023 |
1,616,203 |
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$ |
8.32 |
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8.0 |
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$ |
7,206 |
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| Unvested and exercisable at January 1, 2023 |
3,197,163 |
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$ |
8.92 |
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8.3 |
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$ |
11,249 |
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| (1) |
The intrinsic value of options exercised is based upon the value of the Company’s stock at exercise. |
| (2) |
The aggregate intrinsic value of the stock options outstanding as of January 1, 2023 represents the value of the Company’s closing stock price at $12.44 on January 1, 2023 in excess of the exercise price multiplied by the number of options outstanding. |
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| Stock Option Valuation Assumptions |
The Company uses the Black-Scholes option-pricing model to determine the grant date fair value of stock options with the following assumptions for the fiscal years 2022, 2021 and 2020.
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Fiscal Years
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2022 |
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2021 |
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2020 |
| Risk-free interest rate |
2.1% - 4.2% |
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0.5% - 1.3% |
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0.5 |
% |
| Expected term (years) |
5.0 - 6.0 |
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5.0 - 6.9 |
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6.0 |
| Dividend yield |
— |
% |
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— |
% |
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— |
% |
| Expected volatility |
67.6% - 70.1% |
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48.1% - 49.8% |
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37.8 |
% |
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| RSUs and PRSUs Activity |
The following table summarizes RSUs and PRSUs activities for the fiscal year January 1, 2023 (in thousands, except share and per share amount).
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RSUs |
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PRSUs |
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Number of
Shares
Outstanding |
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Weighted Average
Grant Date Fair Value |
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Number of
Shares
Outstanding |
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Weighted Average
Grant Date Fair Value |
| Issued and unvested shares balances as of January 2, 2022 |
535,449 |
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$ |
23.38 |
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— |
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$ |
— |
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| Granted |
6,497,482 |
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13.65 |
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1,500,845 |
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13.41 |
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| Vested |
(669,918) |
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15.40 |
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— |
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— |
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| Forfeited |
(452,916) |
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16.64 |
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(39,784) |
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13.41 |
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| Issued and unvested shares outstanding as of January 1, 2023 |
5,910,097 |
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$ |
14.11 |
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1,461,061 |
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$ |
13.41 |
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| ESPP Valuation Assumptions |
The Company uses the Black-Scholes option-pricing model to determine the fair value of estimated shares under the 2021 ESPP with the following assumptions for the fiscal years 2022 and 2021.
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Fiscal Years
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2022 |
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2021 |
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| Risk-free interest rate |
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0.1% - 4.8% |
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0.1 |
% |
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| Expected term (years) |
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0.5 - 1.5 |
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0.5 |
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| Dividend yield |
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—% |
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— |
% |
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| Expected volatility |
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62.3% - 123.2% |
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71.5 |
% |
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