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Equity Incentive Plans (Tables) | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of Changes in Shares Available for Grant | Changes in shares available for grant during the six months ended June 30, 2024 were as follows:
|  | Shares Available for Grant |
Shares available for grant at December 31, 2023 |  |  | 15,299,763 |
2019 Equity Incentive Plan reserve increase effective January 1, 2024 |  |  | 7,254,113 |
Stock options and restricted stock units granted and the maximum market-based restricted stock units granted eligible to be earned |  |  | (8,628,958 | )
Stock options, restricted stock units and the maximum market-based restricted stock units forfeited or expired |  |  | 3,330,859 |
Shares available for grant at June 30, 2024 |  |  | 17,255,777 |
Summary of Stock Option Activity Under 2009 Plan and 2019 Plan | Stock option activity under the 2009 Plan and 2019 Plan during the six months ended June 30, 2024 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, 2023 |  |  | 12,875,045 |  |  | $ | 15.90 |  |  |  |
Stock options granted |  |  | 1,008,364 |  |  |  | 3.99 |  |  |  |
Stock options forfeited |  |  | (696,147 | ) |  |  | 11.57 |  |  |  |
Stock options expired |  |  | (319,633 | ) |  |  | 23.83 |  |  |  |
Stock options exercised |  |  | (45,900 | ) |  |  | 1.61 |  |  |  |
Stock options outstanding at June 30, 2024 |  |  | 12,821,729 |  |  | $ | 15.05 |  |  | $ | 120 |
Stock options vested and exercisable at June 30, 2024 |  |  | 9,795,534 |  |  | $ | 16.09 |  |  | $ | 120 |
Summary of Restricted Stock Unit Activity | Restricted stock unit activity under the 2019 Plan during the six months ended June 30, 2024 was as follows:
|  | Restricted Stock Units Outstanding |  |  | Weighted-Average Grant Date Fair Value per Share |
Nonvested restricted stock units outstanding at December 31, 2023 |  |  | 9,669,460 |  |  | $ | 10.32 |
Restricted stock units granted |  |  | 5,406,574 |  |  |  | 3.99 |
Restricted stock units forfeited |  |  | (2,019,499 | ) |  |  | 8.11 |
Restricted stock units vested |  |  | (2,334,037 | ) |  |  | 10.96 |
Nonvested restricted stock units outstanding at June 30, 2024 |  |  | 10,722,498 |  |  | $ | 7.40 |
Summary of Estimated Grant Date Fair Values of Stock Options Granted | The estimated grant date fair values of stock options granted during the six months ended June 30, 2024 and 2023 were estimated using the Black-Scholes option-pricing model with the following assumptions:
|  | Six Months Ended June 30,
|  | 2024 |  | 2023
Fair value of common stock |  | $3.99 |  | $8.46
Expected term (in years) |  | 5.27 - 6.08 |  | 5.27 - 6.08
Risk-free interest rate |  | 4.2% |  | 4.2% - 4.3%
Expected volatility |  | 74.5% - 75.0% |  | 71.2% - 71.6%
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 and six months ended June 30, 2024 and 2023, respectively, are included on the unaudited condensed consolidated statements of operations as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Cost of revenue |  | $ | 1,011 |  |  | $ | 1,061 |  |  | $ | 1,917 |  |  | $ | 2,355 |
Research and development |  |  | 4,170 |  |  |  | 5,531 |  |  |  | 8,854 |  |  |  | 10,080 |
Sales and marketing |  |  | 3,177 |  |  |  | 4,439 |  |  |  | 6,190 |  |  |  | 7,870 |
General and administrative |  |  | 4,600 |  |  |  | 6,314 |  |  |  | 10,295 |  |  |  | 11,711 |
Total share-based compensation expense |  | $ | 12,958 |  |  | $ | 17,345 |  |  | $ | 27,256 |  |  | $ | 32,016 |
Schedule of Unrecognized Share-Based Compensation Expense and the Remaining Weighted-Average Recognition Period | As of June 30, 2024, 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 |  | $ | 21,345 |  |  |  | 1.73 |
Nonvested restricted stock units |  |  | 68,059 |  |  |  | 2.58 |
Nonvested market-based restricted stock units |  |  | 12,090 |  |  |  | 2.05 |

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