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STOCK-BASED AWARDS (Tables) | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Option Activity | A summary of stock option activity for the nine months ended September 30, 2024 was as follows:
| Outstanding Options
| Number of Options |  | Weighted Average Exercise Price |  | Weighted-Average Remaining Contractual Term |  | Intrinsic Value (in thousands)
Balance as of December 31, 2023 | 32,911,135 |  |  | $ | 1.99 |  |  | 5.5 |  | $ | 91,785 |
Options granted | 232,177 |  |  | 3.99 |  |  |  |  |
Options exercised | (2,896,364) |  |  | 1.12 |  |  |  |  |
Options canceled | (1,401,707) |  |  | 6.83 |  |  |  |  |
Balance as of September 30, 2024 | 28,845,241 |  |  | $ | 1.86 |  |  | 4.61 |  | $ | 65,140 |
Options vested and exercisable as of September 30, 2024 | 26,103,849 |  |  | $ | 1.33 |  |  | 4.47 |  | $ | 64,972 |
Schedule of Restricted Stock Units Activity | A summary of RSUs activity for the nine months ended September 30, 2024 was as follows:
| Restricted Stock Units
| Time-Based Shares |  | Performance-Based Shares |  | Total Shares |  | Weighted-Average Grant-Date Fair Value
Balance as of December 31, 2023 | 54,699,739 |  |  | 9,305,825 |  |  | 64,005,564 |  |  | $ | 10.90 |
Granted | 88,542,220 |  |  | 13,772,614 |  |  | 102,314,834 |  |  | 2.88 |
Vested | (31,636,368) |  |  | (1,644,016) |  |  | (33,280,384) |  |  | 8.34 |
Cancelled/Forfeited | (11,785,855) |  |  | (5,079,726) |  |  | (16,865,581) |  |  | 7.02 |
Balance as of September 30, 2024 | 99,819,736 |  |  | 16,354,697 |  |  | 116,174,433 |  |  | $ | 5.13 |
Schedule of Performance-Based RSUs | The fair value of these performance-based RSUs was measured on the grant date, March 27, 2021, using a Monte Carlo simulation model, with the following assumptions:
Weighted average volatility | 60.0 | %
Expected term (in years) | 5.0
Risk-free interest rate | 0.9 | %
Expected dividends | — | %
Schedule of Stock-Based Compensation Expense | Total employee and nonemployee stock-based compensation expense for the three and nine months ended September 30, 2024 and 2023, was classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Cost of revenue | $ | 1,145 |  |  | $ | 1,221 |  |  | $ | 2,956 |  |  | $ | 2,560 |
Research and development | 53,663 |  |  | 35,963 |  |  | 124,722 |  |  | 101,356 |
Selling, general and administrative | 33,286 |  |  | 31,053 |  |  | 82,605 |  |  | 90,959 |
Restructuring charges | — |  |  | — |  |  | (1,480) |  |  | (1,443) |
Total | $ | 88,094 |  |  | $ | 68,237 |  |  | $ | 208,803 |  |  | $ | 193,432 |

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