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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 11. Stock-Based Compensation Stock Plans The Company maintains its 2021 Long-Term Incentive Plan ("2021 Plan") under which it grants stock awards to its employees, directors and non-employee third parties. On January 1, 2024, the number of shares of common stock available to issue under the 2021 Plan automatically increased by 10,204,201 shares. As of September 30, 2024, the Company had 26,812,935 shares of common stock allocated to the 2021 Plan, but not yet issued or granted as an award. The Company also maintains its 2021 Employee Stock Purchase Plan ("ESPP"), under which eligible employees may purchase the Company’s common stock through accumulated payroll deductions. On January 1, 2024, the number of shares of common stock reserved for issuance under the ESPP automatically increased by 2,040,840. As of September 30, 2024, the number of shares of common stock reserved for issuance under the ESPP was 7,948,829. Stock Options Stock options granted under the Company's current and prior equity incentive plans have various vesting periods ranging from fully-vested on the date of grant to vesting over a period of three or four years. The term for each incentive stock option under these plans is ten years from the grant date, or five years for a grant to a ten percent owner optionee, in each case assuming continued employment. The fair value of options granted is estimated on the date of grant using the Black-Scholes option-pricing model. Stock option activity for the nine months ended September 30, 2024 was as follows:
|  | Stock Options |
|  | Number of Stock Options Outstanding |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life |  |  | Aggregate Intrinsic Value |
Balance as of December 31, 2023 |  |  | 8,175,088 |  |  | $ | 8.64 |  |  |  | 7.22 |  |  | $ | 31,135 |
Granted |  |  | 346,935 |  |  |  | 12.34 |  |  |  |  |  |  |
Exercised |  |  | (838,428 | ) |  |  | 6.68 |  |  |  |  |  |  |
Cancelled |  |  | (182,723 | ) |  |  | 8.57 |  |  |  |  |  |  |
Expired |  |  | (77,950 | ) |  |  | 11.95 |  |  |  |  |  |  |
Balance as of September 30, 2024 |  |  | 7,422,922 |  |  | $ | 9.00 |  |  |  | 6.76 |  |  | $ | 5,471 |
Vested and exercisable |  |  | 5,149,863 |  |  | $ | 8.77 |  |  |  | 6.21 |  |  | $ | 5,418 |
As of September 30, 2024, the total unamortized stock-based compensation expense related to the unvested stock options was $8,809, which the Company expects to amortize over a weighted average period of 2.1 years. Restricted Stock Units RSUs have a vesting period generally of one to four years. Any unvested RSUs are forfeited upon termination of employment. The grant date value of RSUs is equal to the closing price of the Company’s stock on the date of grant, or, if not a trading day, the closing price of the previous trading day. RSUs granted prior to the Company's IPO have a term of seven years, or three years for time vested RSUs after termination of employment and were also subject to a performance condition upon a predefined liquidity event such as an IPO or a change in control. The performance condition was satisfied upon completion of the Company's IPO. Prior to the IPO, RSUs were valued at the estimated value of a share of common stock at the date of grant. RSU activity for the nine months ended September 30, 2024 was as follows:
|  | Restricted Stock Units |
|  | Number of Restricted Stock Units Outstanding |  |  | Weighted Average Grant Date Fair Value |
Balance as of December 31, 2023 |  |  | 8,919,024 |  |  | $ | 8.98 |
Granted |  |  | 5,478,481 |  |  |  | 12.21 |
Released |  |  | (3,532,198 | ) |  |  | 9.15 |
Cancelled |  |  | (737,740 | ) |  |  | 9.83 |
Balance as of September 30, 2024 |  |  | 10,127,567 |  |  | $ | 10.60 |
As of September 30, 2024, the total unamortized stock-based compensation expense related to the unvested RSUs was $92,158, which the Company will amortize over a weighted average period of 2.8 years. Stock-Based Compensation Expense Stock-based compensation expense from stock options and RSUs, reduced for actual forfeitures, was included in the following line items in the accompanying consolidated statement of operations:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Cost of revenues |  | $ | 1,615 |  |  | $ | 1,109 |  |  | $ | 4,399 |  |  | $ | 3,437 |
Sales and marketing |  |  | 1,364 |  |  |  | 1,212 |  |  |  | 3,915 |  |  |  | 3,747 |
Research and development |  |  | 2,944 |  |  |  | 2,976 |  |  |  | 9,526 |  |  |  | 8,175 |
General and administrative |  |  | 5,700 |  |  |  | 5,746 |  |  |  | 16,666 |  |  |  | 15,214 |
Total |  | $ | 11,623 |  |  | $ | 11,043 |  |  | $ | 34,506 |  |  | $ | 30,573 |
Employee Stock Purchase Plan Stock-based compensation expense for the ESPP is based on the estimated fair value of the option to purchase shares at a discount and uses grant date inputs including the purchase discount, expected contributions and stock price. Total ESPP expense recorded in the Company's consolidated statements of operations was as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
ESPP expense |  | $ | 227 |  |  | $ | 186 |  |  | $ | 622 |  |  | $ | 608 |

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