Equity Incentive Plans and Stock-Based Compensation (Tables)
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3 Months Ended |
Mar. 31, 2024 |
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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, 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 |
(1,186) |
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$ |
0.26 |
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| Forfeited or expired |
(385) |
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$ |
0.63 |
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Outstanding as of March 31, 2023
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15,389 |
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$ |
0.56 |
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7.0 |
Options vested and expected to vest as of March 31, 2023 |
15,389 |
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$ |
0.56 |
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Vested and exercisable as of March 31, 2023 |
10,800 |
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$ |
0.67 |
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Outstanding as of December 31, 2023
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13,152 |
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$ |
0.61 |
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6.2 |
| Granted |
— |
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$ |
— |
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| Exercised |
(1,614) |
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$ |
0.18 |
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| Forfeited or expired |
(144) |
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$ |
0.81 |
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Outstanding as of March 31, 2024
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11,394 |
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$ |
0.67 |
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5.9 |
Options vested and expected to vest as of March 31, 2024 |
11,394 |
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$ |
0.67 |
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Vested and exercisable as of March 31, 2024 |
10,897 |
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$ |
0.68 |
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| Schedule of Nonvested Restricted Stock Units Activity |
The following table summarizes outstanding and expected to vest RSUs as of March 31, 2024 and 2023 and their activity during the three months ended March 31, 2024 and 2023:
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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, 2022 |
9,623 |
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$ |
4.47 |
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$ |
17,225 |
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| Granted |
4,180 |
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2.11 |
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8,819 |
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| Released |
(400) |
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5.55 |
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1,300 |
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| Cancelled |
(948) |
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4.37 |
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2,520 |
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Balance as of March 31, 2023 |
12,455 |
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$ |
3.65 |
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$ |
28,274 |
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Expected to vest as of March 31, 2023 |
12,455 |
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$ |
3.65 |
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$ |
28,274 |
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Balance as of December 31, 2023 |
20,066 |
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$ |
1.94 |
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$ |
7,978 |
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| Granted |
1,133 |
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0.35 |
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393 |
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| Released |
(1,668) |
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2.41 |
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444 |
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| Cancelled |
(1,271) |
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1.92 |
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480 |
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Balance as of March 31, 2024 |
18,260 |
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$ |
1.80 |
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$ |
8,319 |
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Expected to vest as of March 31, 2024 |
18,260 |
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$ |
1.80 |
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$ |
8,319 |
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| Schedule of Stock-Based Compensation Expense |
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Three Months Ended
March 31, |
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2024 |
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2023 |
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(In thousands) |
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| Restricted stock units |
$ |
3,829 |
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$ |
4,058 |
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| Stock options |
60 |
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750 |
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Earnout shares–employees |
1,198 |
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1,428 |
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$ |
5,087 |
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$ |
6,236 |
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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:
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Three Months Ended
March 31, |
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2024 |
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2023 |
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(In thousands) |
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Cost of 3D Printer |
$ |
389 |
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$ |
194 |
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Cost of Support services |
195 |
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72 |
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| Research and development |
1,550 |
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2,803 |
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| Selling and marketing |
1,054 |
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1,495 |
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| General and administrative |
1,899 |
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1,672 |
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$ |
5,087 |
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$ |
6,236 |
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