Stock-Based Compensation (Tables)
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9 Months Ended |
Sep. 30, 2023 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of fair value weighted-average assumptions |
The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted during the nine months ended September 30, 2023 and 2022:
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Nine Months Ended September 30, |
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2023 |
|
2022 |
| Risk-free interest rate |
4.2 |
% |
|
1.6 |
% |
| Expected term (in years) |
6.1 |
|
6.1 |
| Expected volatility |
87.5 |
% |
|
75.0 |
% |
| Expected dividend yield |
0.0 |
% |
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0.0 |
% |
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| Summary of stock option activity |
The following table summarizes the Company’s stock option activity since December 31, 2022 (in thousands, except for share and per share data):
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Number of
Shares |
|
Weighted
Average
Exercise Price |
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Outstanding as of December 31, 2022 |
20,396,824 |
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$ |
0.73 |
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| Granted |
2,840,421 |
|
3.12 |
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| Exercised |
(1,607,650) |
|
0.38 |
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| Forfeited |
(566,551) |
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|
1.23 |
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Outstanding as of September 30, 2023 |
21,063,044 |
|
1.07 |
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| Summary of restricted stock unit activity |
The following table summarizes the Company's restricted stock units activity since December 31, 2022:
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Number of
Shares |
|
Grant Date Fair
Value |
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Outstanding as of December 31, 2022 |
7,501,945 |
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$ |
3.54 |
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| Granted |
7,917,033 |
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|
3.33 |
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| Vested |
(2,586,184) |
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|
3.47 |
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| Forfeited |
(735,686) |
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|
3.62 |
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Outstanding as of September 30, 2023 |
12,097,108 |
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$ |
3.41 |
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| Summary of performance stock unit activity |
The following table summarizes the Company's performance stock units activity since December 31, 2022:
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Number of
Shares |
|
Grant Date Fair
Value |
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Outstanding as of December 31, 2022 |
864,000 |
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$ |
2.65 |
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| Granted |
— |
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— |
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| Vested |
(432,000) |
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|
2.65 |
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| Forfeited |
(46,000) |
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|
2.66 |
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Outstanding as of September 30, 2023 |
386,000 |
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$ |
2.65 |
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| Schedule of allocation of share based compensation expense |
Stock-based compensation expense was classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2023 |
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2022 |
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2023 |
|
2022 |
| Cost of revenue |
$ |
117 |
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$ |
227 |
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$ |
446 |
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$ |
615 |
| Research and development |
1,171 |
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1,664 |
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3,246 |
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3,143 |
| Sales and marketing |
1,790 |
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2,482 |
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6,296 |
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6,310 |
| General and administrative |
2,493 |
|
2,152 |
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7,315 |
|
5,445 |
| Total stock-based compensation expense |
$ |
5,571 |
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$ |
6,525 |
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$ |
17,303 |
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$ |
15,513 |
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