Equity Incentive Plans & Stock-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Share-Based Payment Arrangement [Abstract] |
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| Stock Option Plan Activity |
Activity under the Company’s stock option plans is set forth below:
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Options |
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Weighted-Average
Exercise Price |
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Weighted-Average
Remaining
Contractual Term |
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(In thousands) |
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(Per Share Data) |
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(Years) |
Outstanding as of December 31, 2020 |
21,471 |
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$0.33 |
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9.3 |
| Granted |
1,023 |
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$6.69 |
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| Exercised |
(269) |
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$1.35 |
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| Forfeited or expired |
(1,034) |
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$1.09 |
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Outstanding as of December 31, 2021 |
21,191 |
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$0.58 |
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8.2 |
Options vested and expected to vest as of December 31, 2021 |
21,191 |
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$0.58 |
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Vested and exercisable as of December 31, 2021 |
9,361 |
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$0.56 |
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Outstanding as of December 31, 2021 |
21,191 |
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$0.58 |
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8.2 |
| Granted |
— |
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$— |
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| Exercised |
(2,981) |
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$0.41 |
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| Forfeited or expired |
(1,250) |
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$1.60 |
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Outstanding as of December 31, 2022 |
16,960 |
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$0.54 |
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7.3 |
Options vested and expected to vest as of December 31, 2022 |
16,960 |
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$0.54 |
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Vested and exercisable as of December 31, 2022 |
11,000 |
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$0.65 |
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| Weighted-Average Assumptions Used |
The weighted-average assumptions in the Black-Scholes option-pricing model used to determine the fair value of stock options granted for the year ended December 31, 2021 were as follows:
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December 31, |
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2021 |
| Expected volatility |
59% |
| Risk-free interest rate |
0.9% - 1.0% |
| Dividend yield |
—% |
| Expected term (in years) |
5.72 |
| Discount for Lack of Marketability |
9.2% |
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| Schedule of Outstanding and Expected to Vest RSUs |
The following table summarizes outstanding and expected to vest RSUs as of December 31, 2022 and their activity during the year ended December 31, 2022:
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Number of Shares |
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Weighted-Average
Grant Date Fair Value
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Aggregate Intrinsic Value |
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(In thousands) |
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(Per Share Data) |
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(In thousands) |
| Balance as of December 31, 2021 |
4,041 |
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$ |
7.26 |
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$ |
29,476 |
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Granted |
7,996 |
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3.57 |
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28,338 |
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Released |
(1,348) |
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6.26 |
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4,472 |
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Cancelled |
(971) |
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6.07 |
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3,521 |
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Balance as of December 31, 2022
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9,718 |
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$ |
4.48 |
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$ |
17,396 |
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Expected to vest as of December 31, 2022 |
9,718 |
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$ |
4.48 |
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$ |
17,396 |
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| Schedule of Stock-Based Compensation Expense |
The following sets forth the total stock-based compensation expense by type of award included in the statements of operations:
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December 31, |
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2022 |
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2021 |
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(In thousands) |
| Restricted stock units |
$ |
10,723 |
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$ |
355 |
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| Stock options |
1,690 |
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2,453 |
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| Earnout shares - employees |
7,737 |
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1,560 |
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$ |
20,150 |
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$ |
4,368 |
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The following sets forth the total stock-based compensation expense by operating expense category, of which we do not allocate to Cost of Revenue, included in the statements of operations:
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December 31, |
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2022 |
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2021 |
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(In thousands) |
| Research and development |
$ |
9,849 |
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$ |
1,851 |
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| Selling and marketing |
4,554 |
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816 |
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| General and administrative |
5,747 |
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1,701 |
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$ |
20,150 |
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$ |
4,368 |
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