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Equity Incentive Plans (Tables) | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Summary of Changes in Shares Available for Grant | Changes in shares available for grant during the three months ended March 31, 2025 were as follows:
|  | Shares Available for Grant |
Shares available for grant at December 31, 2024 |  |  | 18,018,312 |
Stock options, restricted stock units and performance-based restricted stock units granted and the maximum market-based restricted stock units granted eligible to be earned |  |  | (7,937,426 | )
Stock options, restricted stock units and market-based restricted stock units forfeited or expired |  |  | 876,401 |
Shares available for grant at March 31, 2025 |  |  | 10,957,287 |
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, 2025 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, 2024 |  |  | 12,295,297 |  |  | $ | 15.11 |  |  |  |
Stock options granted |  |  | 759,724 |  |  |  | 8.12 |  |  |  |
Stock options forfeited |  |  | (183,056 | ) |  |  | 8.65 |  |  |  |
Stock options expired |  |  | (52,837 | ) |  |  | 27.61 |  |  |  |
Stock options exercised |  |  | (882,493 | ) |  |  | 6.18 |  |  |  |
Stock options outstanding at March 31, 2025 |  |  | 11,936,635 |  |  | $ | 15.37 |  |  | $ | 5,371 |
Stock options vested and exercisable at March 31, 2025 |  |  | 9,612,672 |  |  | $ | 16.95 |  |  | $ | 3,544 |
Summary of Restricted Stock Unit and Market-Based Restricted Stock Units Activity | Restricted stock unit activity under the 2019 Plan during the three months ended March 31, 2025 was as follows:
|  | Restricted Stock Units Outstanding |  |  | Weighted-Average Grant Date Fair Value per Share |
Nonvested restricted stock units outstanding at December 31, 2024 |  |  | 10,174,852 |  |  | $ | 7.20 |
Restricted stock units granted |  |  | 5,032,726 |  |  |  | 8.12 |
Restricted stock units forfeited |  |  | (393,391 | ) |  |  | 7.77 |
Restricted stock units vested |  |  | (3,013,368 | ) |  |  | 8.30 |
Nonvested restricted stock units outstanding at March 31, 2025 |  |  | 11,800,819 |  |  | $ | 7.29 |
Market-based restricted stock unit activity under the 2019 Plan during the three months ended March 31, 2025 was as follows:
|  | Maximum Market-Based Restricted Stock Units Outstanding |  |  | Weighted-Average Grant Date Fair Value per Share |
Nonvested maximum market-based restricted stock units outstanding at December 31, 2024 |  |  | 3,831,114 |  |  | $ | 10.80 |
Maximum market-based restricted stock units granted |  |  | 2,020,000 |  |  |  | 13.50 |
Portion of maximum market-based restricted stock units that was not earned and vested at the end of the performance period, and therefore forfeited |  |  | (247,117 | ) |  |  | 18.89 |
Market-based restricted stock units vested |  |  | (247,117 | ) |  |  | 18.89 |
Nonvested maximum market-based restricted stock units outstanding at March 31, 2025 |  |  | 5,356,880 |  |  | $ | 11.07 |
Summary of Estimated Grant Date Fair Values of Stock Options Granted | The estimated grant date fair values of stock options granted during the three months ended March 31, 2025 and 2024 were estimated using the Black-Scholes option-pricing model with the following assumptions:
|  | Three Months Ended March 31,
|  | 2025 |  | 2024
Fair value of common stock |  | $8.12 |  | $3.99
Expected term (in years) |  | 5.27 - 6.08 |  | 5.27 - 6.08
Risk-free interest rate |  | 4.0% - 4.1% |  | 4.2%
Expected volatility |  | 74.2% - 74.7% |  | 74.5% - 75.0%
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, performance-based restricted stock units and market-based restricted stock units for the three months ended March 31, 2025 and 2024 are included on the unaudited condensed consolidated statements of operations as follows (in thousands):
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
Cost of revenue |  | $ | 879 |  |  | $ | 906 |
Research and development |  |  | 4,058 |  |  |  | 4,684 |
Sales and marketing |  |  | 3,144 |  |  |  | 3,013 |
General and administrative |  |  | 4,066 |  |  |  | 5,695 |
Total share-based compensation expense |  | $ | 12,147 |  |  | $ | 14,298 |
Schedule of Unrecognized Share-Based Compensation Expense and the Remaining Weighted-Average Recognition Period | As of March 31, 2025, 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 |  | $ | 12,849 |  |  |  | 2.10 |
Nonvested restricted stock units |  |  | 81,632 |  |  |  | 2.95 |
Nonvested market-based restricted stock units |  |  | 20,324 |  |  |  | 2.43 |

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