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Equity Incentive Plans (Tables)
 3 Months Ended
Mar. 31, 2023
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Changes in Shares Available for Grant

Changes in shares available for grant during the three months ended March 31, 2023 were as follows:

 

 

 

Shares Available for Grant

 

Shares available for grant at December 31, 2022

 

 

14,581,975

 

2019 Equity Incentive Plan reserve increase effective January 1, 2023

 

 

7,155,250

 

Stock options and restricted stock units granted and the maximum market-based restricted stock units granted eligible to be earned

 

 

(9,516,635

)

Stock options and restricted stock units forfeited or expired

 

 

484,498

 

Shares available for grant at March 31, 2023

 

 

12,705,088

 

 
Summary of Stock Option Activity Under 2009 Plan and 2019 Plan

Stock option activity under the 2009 Plan and 2019 Plan during the three months ended March 31, 2023 was as follows:

 

 

 

Shares Subject to
Outstanding Stock Options

 

 

Weighted-Average Exercise
Price per Share

 

 

Aggregate Intrinsic Value
(in thousands)

 

Stock options outstanding at December 31, 2022

 

 

13,520,997

 

 

$

16.88

 

 

 

 

Stock options granted

 

 

1,612,032

 

 

 

8.46

 

 

 

 

Stock options forfeited

 

 

(123,317

)

 

 

24.03

 

 

 

 

Stock options expired

 

 

(80,622

)

 

 

27.61

 

 

 

 

Stock options exercised

 

 

(145,758

)

 

 

4.61

 

 

 

 

Stock options outstanding at March 31, 2023

 

 

14,783,332

 

 

$

15.97

 

 

$

13,654

 

Stock options vested and exercisable at March 31, 2023

 

 

8,486,735

 

 

$

15.35

 

 

$

12,075

 
Summary of Restricted Stock Unit Activity

Restricted stock unit activity under the 2019 Plan during the three months ended March 31, 2023 was as follows:

 

 

 

Restricted Stock Units
Outstanding

 

 

Weighted-Average Grant Date
Fair Value per Share

 

Nonvested restricted stock units outstanding at December 31, 2022

 

 

5,981,755

 

 

$

14.11

 

Restricted stock units granted

 

 

6,486,163

 

 

 

8.46

 

Restricted stock units forfeited

 

 

(280,559

)

 

 

12.54

 

Restricted stock units vested

 

 

(1,029,209

)

 

 

15.37

 

Nonvested restricted stock units outstanding at March 31, 2023

 

 

11,158,150

 

 

$

10.75

 
Summary of Estimated Grant Date Fair Value of Stock Options Granted

The estimated grant date fair values of stock options granted during the three months ended March 31, 2023 and 2022 were estimated using the Black-Scholes option-pricing model with the following assumptions:

 

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

Fair value of common stock

 

$8.46

 

 

$12.14 - $14.95

 

Expected term (in years)

 

5.27 - 6.08

 

 

5.27 - 6.08

 

Risk-free interest rate

 

4.2% - 4.3%

 

 

1.7% - 2.5%

 

Expected volatility

 

71.2% - 71.6%

 

 

68.2% - 69.8%

 

Expected dividend yield

 

 

—

 

 

 

—

 
Summary of Compensation Costs Related to Stock Options and RSUs Included on Unaudited Condensed Consolidated Statements of Operations

The compensation cost related to stock options, restricted stock units and market-based restricted stock units for the three months ended March 31, 2023 and 2022 are included on the unaudited condensed consolidated statements of operations as follows (in thousands):

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

Cost of revenue

 

$

1,294

 

 

$

795

 

Research and development

 

 

4,549

 

 

 

4,345

 

Sales and marketing

 

 

3,431

 

 

 

3,229

 

General and administrative

 

 

5,397

 

 

 

4,492

 

Total share-based compensation expense

 

$

14,671

 

 

$

12,861

 
Schedule of Unrecognized Share-Based Compensation Expense and the Remaining Weighted-Average Recognition Period

As of March 31, 2023, unrecognized share-based compensation expense and the remaining weighted-average recognition period were as follows:

 

 

 

Unrecognized Share-Based
Compensation Expense
(in thousands)

 

 

Remaining Weighted-Average
Recognition Period
(in years)

 

Nonvested stock options

 

$

64,315

 

 

 

2.47

 

Nonvested restricted stock units

 

 

113,829

 

 

 

3.32

 

Nonvested market-based restricted stock units

 

 

12,576

 

 

 

2.69