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Equity Incentive Plans (Tables) | 3 Months Ended
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Mar. 31, 2021
Share-based Payment Arrangement [Abstract] |
Summarized Stock Option Activity | The following table summarized stock option activity for three months ended March 31, 2021:
|  | Number of Options |  | Weighted-Average Exercise Price Per Share |  | Weighted-Average Remaining Contractual Life (years) |  | Aggregate Intrinsic Value
Balances at December 31, 2020 |  | 19,600,223 |  |  | $ | 4.27 |  |  | 6.8 |  | $ 715,084
Options granted |  | 606,830 |  |  |  |  |  |  |
Options exercised |  | (521,511) |  |  |  |  |  |  |
Options cancelled and forfeited |  | (94,771) |  |  |  |  |  |  |
Balances at March 31, 2021 |  | 19,590,771 |  |  | $ | 7.42 |  |  | 6.6 |  | $ | 2,379,126 |
Options exercisable – March 31, 2021 |  | 11,309,977 |  |  | $ | 1.65 |  |  | 4.9 |  | $ | 1,438,789 |
Options vested and expected to vest – March 31, 2021 |  | 19,168,127 |  |  | $ | 6.95 |  |  | 6.5 |  | $ | 2,336,779 |
Summaries Restricted Stock Unit Activity | The following table summarized RSU activity for three months ended March 31, 2021:
| Number of Shares |  | Weighted Average Grant Date Fair Value Per Share
Unvested at December 31, 2020 | — |  |
RSUs granted | 835,307 |  | $ | 101.56 |
RSUs vested | (342) |  | $ | 81.56 |
RSUs cancelled and forfeited | (7,773) |  | $ | 124.14 |
Unvested at March 31, 2021 | 827,192 |  |
Stock Options Fair Value Assumptions | The following assumptions were used to estimate the fair value of options granted:
|  |  | Three Months Ended March 31,
|  |  | 2020 |  | 2021
Expected term (in years) |  |  | 5.4 – 10.0 |  | 5.3 – 6.9
Expected volatility |  |  | 53.23% – 55.35% |  | 63.12% – 65.01%
Risk-free interest rate |  |  | 1.34% – 1.50% |  | 0.62% – 1.14%
Dividend yield |  |  | — % |  | — %
Employee Stock Purchase Plan Fair Value Assumptions | The following assumptions were used to estimate the fair value of the Company’s ESPP for the initial offering period:
|  |  |  |  | Three Months Ended March 31,
|  |  |  |  | 2021
Expected term (in years) |  |  |  |  | 0.6
Expected volatility |  |  |  |  | 61.65%
Risk-free interest rate |  |  |  |  | 0.09%
Dividend yield |  |  |  |  | — %
Stock-Based Compensation Expense | The Company recorded stock-based compensation in the following expense categories in its condensed consolidated statements of operations and comprehensive income for employees and nonemployees:
|  |  | Three Months Ended March 31,
|  |  | 2020 |  | 2021
Sales and marketing |  |  | $ | 284 |  |  | $ | 753 |
Customer operations |  |  | 199 |  |  | 752 |
Engineering and product development |  |  | 926 |  |  | 4,307 |
General, administrative, and other |  |  | 556 |  |  | 2,810 |
Total |  |  | $ | 1,965 |  |  | $ | 8,622 |
Stock-based compensation expense by award type was as follows:
|  |  | Three Months Ended March 31,
|  |  | 2020 |  | 2021
Stock options |  |  | $ | 1,965 |  |  | $ | 5,120 |
RSUs |  |  | — |  |  | 1,445 |
ESPP |  |  | — |  |  | 2,057 |
Total |  |  | $ | 1,965 |  |  | $ | 8,622 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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