In May 2021, the Company’s board of directors adopted, and its stockholders approved, the 2021 Equity Incentive Plan (the “2021 Plan”), which became effective in connection with the IPO. The 2021 Plan provides for the grant of incentive stock options, within the meaning of Section 422 of the Internal Revenue Code, to the Company's employees and any of its parent or subsidiary corporations’ employees, and for the grant of non-statutory stock options, restricted stock, restricted stock units, stock appreciation rights, and performance awards to the Company’s employees, directors and consultants and any of its parent or subsidiary corporations’ employees and consultants. A total of 10,459,000 shares of the Company’s Class A common stock have been reserved for issuance under the 2021 Plan in addition to (i) an annual increase of 4% of the outstanding shares of the Company's common stock, with Class A and Class B common stock taken together, on the first day of each fiscal year ( the "Evergreen Addition") and (ii) upon the expiration, forfeiture, cancellation, or reacquisition of any shares of Class B common stock underlying outstanding stock awards granted under the 2012 Equity Incentive Plan, an equal number of shares of Class A common stock, such number of shares not to exceed 7,563,990. On January 1, 2022, pursuant to the Evergreen Addition, 4,825,566 shares of Class A common stock were added to the 2021 Plan issuance reserve. At September 30, 2022, there were 14,075,898 remaining shares available for the Company to grant under the 2021 Plan.

A summary of the Company’s option activity during the nine months ended September 30, 2022 was as follows (in thousands, except share and per share amounts):


						Weighted-
				Weighted-		Average
				Average		Remaining		Aggregate
	Options			Exercise Price		Contractual		Intrinsic
	Outstanding			per Share		Life (years)		Value
Outstanding at December 31, 2021		6,849,910		$	5.05		4.98	$	205,010
Options granted		—
Options exercised		(2,282,645	)		0.64
Options forfeited		(210,104	)		8.66
Outstanding at September 30, 2022		4,357,161		$	7.19		5.88	$	11,041
Exercisable at September 30, 2022		3,294,854		$	6.72		5.61	$	9,900

There were no options granted during the three or nine months ended September 30, 2022. There were no options granted during the three months ended September 30, 2021. The weighted average grant date fair value of options granted during the nine months ended September 30, 2021 was $7.21. Aggregate intrinsic value represents the difference between the exercise price of the options and the fair value of the Company’s common stock.

There were no options granted during the three months ended September 30, 2021. The fair value of options granted during the nine months ended September 30, 2021 was estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions:


	Three Months Ended September 30,	Nine Months Ended September 30,
	2021	2021

Dividend yield			0.0	%
Risk-free interest rate		0.3 % - 0.8%
Expected term (in years)			5
Expected volatility			38.0	%

A summary of the Company’s RSU activity during the nine months ended September 30, 2022 was as follows:


				Weighted-
				Average
	Number of			Grant Date
	RSU's Outstanding			Fair Value
Awarded and unvested at December 31, 2021		513,547		$	25.93
Awards granted		1,142,491			15.37
Awards vested		(68,096	)		26.08
Awards forfeited		(150,076	)		17.80
Awarded and unvested at September 30, 2022		1,437,866		$	18.38

The fair value of RSU grants is determined based upon the market closing price of the Company's Class A common stock on the date of grant. RSUs vest over the requisite service period, which ranges between four years and five years from the date of grant, subject to continued employment for employees and provision of services for nonemployees.

Stock-based compensation expense included in the condensed consolidated statements of operations was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Cost of revenue	$	—	$	—	$	—	$	—
Operating expenses
Research and development		507		110		1,080		141
Sales and marketing		612		56		1,062		92
General and administrative		883		588		2,480		1,652
Total stock-based compensation	$	2,002	$	754	$	4,622	$	1,885

At September 30, 2022, there was $2.8 million of total unrecognized compensation cost related to unvested stock options granted under the 2012 Equity Incentive Plan and the 2021 Plan, which is expected to be recognized over a remaining weighted-average period of 1.6 years.

At September 30, 2022, there was $24.3 million of total unrecognized compensation cost related to unvested RSUs granted under the 2021 Plan, which is expected to be recognized over a remaining weighted-average period of 3.7 years.