Quarterly report pursuant to Section 13 or 15(d)

Equity Incentive Plans and Stock-Based Compensation (Tables)

v3.24.2.u1
Equity Incentive Plans and Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stock Option Plan Activity

Activity under the 2021 EIP is set forth below:

 

 

Options

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term
in years

 

 

(In thousands)

 

 

(Per share data)

 

 

(Years)

 

Outstanding as of December 31, 2022

 

 

485

 

 

$

18.90

 

 

 

7.3

 

Granted

 

 

 

 

$

 

 

 

 

Exercised

 

 

(37

)

 

$

10.15

 

 

 

 

Forfeited or expired

 

 

(12

)

 

$

21.70

 

 

 

 

Outstanding as of June 30, 2023

 

 

436

 

 

$

19.95

 

 

 

7.4

 

Options vested and expected to vest as of June 30, 2023

 

 

436

 

 

$

19.95

 

 

 

 

Vested and exercisable as of June 30, 2023

 

 

330

 

 

$

23.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding as of December 31, 2023

 

 

376

 

 

$

21.47

 

 

 

6.2

 

Granted

 

 

 

 

$

 

 

 

 

Exercised

 

 

(51

)

 

$

6.30

 

 

 

 

Forfeited or expired

 

 

(13

)

 

$

28.43

 

 

 

 

Outstanding as of June 30, 2024

 

 

312

 

 

$

23.53

 

 

 

5.9

 

Options vested and expected to vest as of June 30, 2024

 

 

312

 

 

$

23.53

 

 

 

 

Vested and exercisable as of June 30, 2024

 

 

311

 

 

$

23.76

 

 

 

 

Schedule of Nonvested Restricted Stock Units Activity

The following table summarizes outstanding and expected to vest RSUs as of June 30, 2024 and 2023 and their activity during the six months ended June 30, 2024 and 2023:

 

 

Number
of Shares

 

 

Weighted-
Average
Grant Date
Fair Value

 

 

Aggregate
Intrinsic
Value

 

 

(In thousands)

 

 

(Per share data)

 

 

(In thousands)

 

Balance as of December 31, 2022

 

 

275

 

 

$

156.45

 

 

 

 

Granted

 

 

163

 

 

 

73.85

 

 

 

 

Released

 

 

(47

)

 

 

134.05

 

 

 

 

Cancelled

 

 

(41

)

 

 

149.45

 

 

 

 

Balance as of June 30, 2023

 

 

350

 

 

$

121.80

 

 

$

26,411

 

Expected to vest as of June 30, 2023

 

 

350

 

 

$

121.80

 

 

$

26,411

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2023

 

 

570

 

 

$

68.00

 

 

 

 

Granted

 

 

137

 

 

$

8.30

 

 

 

 

Released

 

 

(83

)

 

$

81.54

 

 

 

 

Cancelled

 

 

(78

)

 

$

66.88

 

 

 

 

Balance as of June 30, 2024

 

 

546

 

 

$

51.13

 

 

$

1,812

 

Expected to vest as of June 30, 2024

 

 

546

 

 

$

51.13

 

 

$

1,812

 

Schedule of Stock-Based Compensation Expense

The following sets forth the total stock-based compensation expense by type of award included in operating expenses on the statements of operations:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

(In thousands)

 

Restricted stock units

 

$

3,101

 

 

$

4,745

 

 

$

6,930

 

 

$

8,803

 

Stock options

 

 

39

 

 

 

119

 

 

 

99

 

 

 

354

 

Earnout shares–employees

 

 

1,107

 

 

 

1,671

 

 

 

2,305

 

 

 

3,614

 

 

$

4,247

 

 

$

6,535

 

 

$

9,334

 

 

$

12,771

 

 

The following sets forth the total stock-based compensation expense for the stock options, RSUs, and earnout shares - employees included in cost of revenue and operating expenses on the statements of operations:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

(In thousands)

 

Cost of 3D Printer

 

$

269

 

 

$

324

 

 

$

658

 

 

$

518

 

Cost of Support services

 

 

138

 

 

 

120

 

 

 

333

 

 

 

192

 

Research and development

 

 

1,130

 

 

 

2,835

 

 

 

2,680

 

 

 

5,638

 

Selling and marketing

 

 

862

 

 

 

1,585

 

 

 

1,916

 

 

 

3,081

 

General and administrative

 

 

1,848

 

 

 

1,671

 

 

 

3,747

 

 

 

3,342

 

 

$

4,247

 

 

$

6,535

 

 

$

9,334

 

 

$

12,771