Equity Incentive Plans and 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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| 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 |
(2,795) |
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$ |
0.42 |
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| Forfeited or expired |
(665) |
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$ |
2.49 |
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Outstanding as of September 30, 2022
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17,731 |
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$ |
0.54 |
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7.5 |
Options vested and expected to vest as of September 30, 2022 |
17,731 |
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$ |
0.54 |
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Vested and exercisable as of September 30, 2022 |
10,145 |
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$ |
0.65 |
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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 |
(1,400) |
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$ |
0.30 |
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| Forfeited or expired |
(424) |
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$ |
0.62 |
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Outstanding as of September 30, 2023
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15,136 |
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$ |
0.56 |
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6.7 |
Options vested and expected to vest as of September 30, 2023 |
15,136 |
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$ |
0.56 |
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Vested and exercisable as of September 30, 2023 |
12,327 |
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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 September 30, 2023 and 2022 and their activity during the nine months ended September 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 31, 2021 |
4,041 |
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$ |
7.26 |
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$ |
31,563 |
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| Granted |
2,912 |
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3.81 |
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11,500 |
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| Released |
(385) |
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5.52 |
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1,991 |
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| Cancelled |
(370) |
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6.42 |
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1,503 |
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Balance as of September 30, 2022 |
6,198 |
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$ |
5.80 |
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$ |
24,422 |
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Expected to vest as of September 30, 2022 |
6,198 |
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$ |
5.80 |
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$ |
24,422 |
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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 |
6,987 |
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2.08 |
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14,562 |
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| Released |
(3,138) |
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3.39 |
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5,862 |
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| Cancelled |
(1,981) |
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3.97 |
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4,454 |
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Balance as of September 30, 2023 |
11,491 |
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$ |
3.40 |
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$ |
17,926 |
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Expected to vest as of September 30, 2023 |
11,491 |
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$ |
3.40 |
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$ |
17,926 |
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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
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 |
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2022 |
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(In thousands) |
| Restricted stock units |
$ |
4,917 |
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$ |
2,831 |
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$ |
13,720 |
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$ |
7,787 |
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| Stock options |
88 |
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415 |
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956 |
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1,473 |
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Earnout shares–employees |
1,711 |
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1,911 |
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4,810 |
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5,830 |
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$ |
6,716 |
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$ |
5,157 |
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$ |
19,486 |
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$ |
15,090 |
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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
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 |
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2022 |
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(In thousands) |
| Research and development |
$ |
3,115 |
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$ |
2,407 |
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$ |
9,104 |
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$ |
7,485 |
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| Selling and marketing |
1,637 |
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1,144 |
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4,718 |
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3,399 |
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| General and administrative |
1,964 |
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1,606 |
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5,664 |
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4,206 |
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$ |
6,716 |
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$ |
5,157 |
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$ |
19,486 |
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$ |
15,090 |
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