Equity Incentive Plans and Stock-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2023 |
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| Share-Based Payment Arrangement [Abstract] |
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| Stock Option Plan Activity |
Activity under the 2021 EIP 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
in years |
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(In thousands) |
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(Per share data) |
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(Years) |
Outstanding as of December 31, 2021
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21,191 |
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$ |
0.58 |
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8.2 |
| Granted |
— |
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$ |
— |
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| Exercised |
(1,547) |
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$ |
0.36 |
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| Forfeited or expired |
(107) |
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$ |
5.67 |
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Outstanding as of June 30, 2022
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19,537 |
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$ |
0.57 |
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7.4 |
Options vested and expected to vest as of June 30, 2022 |
19,537 |
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$ |
0.57 |
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Vested and exercisable as of June 30, 2022 |
10,345 |
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$ |
0.66 |
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Outstanding as of December 31, 2022
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16,960 |
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$ |
0.54 |
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7.3 |
| Granted |
— |
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$ |
— |
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| Exercised |
(1,296) |
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$ |
0.29 |
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| Forfeited or expired |
(407) |
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$ |
0.62 |
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Outstanding as of June 30, 2023
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15,257 |
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$ |
0.56 |
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6.7 |
Options vested and expected to vest as of June 30, 2023 |
15,257 |
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$ |
0.56 |
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Vested and exercisable as of June 30, 2023 |
11,559 |
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$ |
0.64 |
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| Schedule of Nonvested Restricted Stock Units Activity |
The following table summarizes outstanding and expected to vest RSUs as of June 30, 2023 and 2022 and their activity during the six months ended June 30, 2023 and 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 21, 2021 |
4,041 |
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$ |
7.26 |
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$ |
31,563 |
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| Granted |
1,489 |
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4.87 |
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7,334 |
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| Released |
(130) |
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7.21 |
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789 |
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| Cancelled |
(44) |
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7.26 |
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259 |
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| Balance as of June 30, 2022 |
5,356 |
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$ |
6.60 |
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$ |
7,391 |
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| Expected to vest as of June 30, 2022 |
5,356 |
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$ |
6.60 |
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$ |
7,391 |
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Balance as of December 31, 2022 |
9,623 |
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$ |
4.47 |
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$ |
17,225 |
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| Granted |
5,693 |
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2.11 |
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12,024 |
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| Released |
(1,640) |
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3.83 |
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3,635 |
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| Cancelled |
(1,449) |
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4.27 |
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3,531 |
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Balance as of June 30, 2023 |
12,227 |
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$ |
3.48 |
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$ |
26,411 |
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Expected to vest as of June 30, 2023 |
12,227 |
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$ |
3.48 |
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$ |
26,411 |
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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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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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(In thousands) |
| Restricted stock units |
$ |
4,745 |
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$ |
2,550 |
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$ |
8,803 |
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$ |
4,990 |
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| Stock options |
119 |
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484 |
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868 |
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1,059 |
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| Earnout shares - employees |
1,671 |
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1,942 |
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3,100 |
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3,884 |
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$ |
6,535 |
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$ |
4,976 |
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$ |
12,771 |
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$ |
9,933 |
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The following sets forth the total stock-based compensation expense for the stock options and RSUs included in the statements of operations:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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(In thousands) |
| Research and development |
$ |
3,056 |
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$ |
2,488 |
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$ |
5,989 |
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$ |
5,079 |
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| Selling and marketing |
1,586 |
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1,142 |
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3,081 |
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2,255 |
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| General and administrative |
1,893 |
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1,346 |
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3,701 |
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2,599 |
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$ |
6,535 |
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$ |
4,976 |
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$ |
12,771 |
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$ |
9,933 |
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