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Stockholders' Equity and Equity Incentive Plans (Tables)
3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
Schedule of Reserved Shares of Common Stock

The Company has reserved shares of its common stock as follows:

 

 

 

As of
March 31,
2023

 

 

As of
December 31,
2022

 

 

 

 

 

 

 

 

2014 Stock Option and Grant Plan and 2021 Incentive Award Plan:

 

 

 

 

 

 

Equity plan stock options outstanding

 

 

16,169,545

 

 

 

16,767,752

 

RSUs outstanding

 

 

10,635,635

 

 

 

9,914,125

 

Shares available for future issuance

 

 

20,977,550

 

 

 

16,774,634

 

2021 Employee Stock Purchase Plan:

 

 

 

 

 

 

Shares available for future issuance

 

 

4,553,786

 

 

 

3,411,791

 

Total reserved shares

 

 

52,336,516

 

 

 

46,868,302

 

 

Summary of Stock Option Activity

Option activity under the Company's combined stock plans for the three months ended March 31, 2023 is set forth below:

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

Weighted

 

 

average

 

 

Aggregate

 

 

 

Outstanding

 

 

average

 

 

remaining

 

 

intrinsic

 

 

 

stock

 

 

exercise

 

 

contractual

 

 

value

 

 

 

options

 

 

price

 

 

life (years)

 

 

(in thousands)

 

Balances as of December 31, 2022

 

 

16,767,752

 

 

$

4.19

 

 

 

7.19

 

 

$

132,298

 

Granted

 

 

241,819

 

 

 

12.37

 

 

 

 

 

 

 

Exercised

 

 

(554,344

)

 

 

3.04

 

 

 

 

 

 

 

Cancelled/forfeited

 

 

(285,682

)

 

 

5.20

 

 

 

 

 

 

 

Balances as of March 31, 2023(1)

 

 

16,169,545

 

 

$

4.34

 

 

 

6.99

 

 

$

130,973

 

Exercisable as of March 31, 2023(2)

 

 

12,764,513

 

 

$

3.39

 

 

 

6.68

 

 

$

115,519

 

 

(1)
As no forfeitures are estimated due to the Company's adoption of ASU No. 2016-09, all options are vested or expected to vest. As of March 31, 2023, no options were outstanding that were subject to a future performance condition
(2)
Exercisable shares include vested options as well as unvested shares that can be early exercised
Schedule of RSU Activity

RSU activity during the three months ended March 31, 2023 was as follows:

 

 

 

Restricted stock
units

 

 

Weighted-average
grant date fair
value per share

 

Balance as of December 31, 2022

 

 

9,914,125

 

 

$

19.14

 

Granted

 

 

1,983,923

 

 

 

13.49

 

Vested

 

 

(875,055

)

 

 

20.28

 

Cancelled/forfeited

 

 

(387,358

)

 

 

20.35

 

Balance as of March 31, 2023

 

 

10,635,635

 

 

$

17.94

 

Schedule of Stock-based Compensation Expense

Stock-based compensation expense, net of actual forfeitures is reflected in the condensed consolidated statement of operations and comprehensive loss (in thousands):

 

 

 

Three Months Ended
March 31,

 

 

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

$

1,792

 

 

$

922

 

 

Research and development

 

 

8,579

 

 

 

4,284

 

 

Sales and marketing

 

 

6,368

 

 

 

3,240

 

 

General and administrative

 

 

3,218

 

 

 

5,057

 

 

Total stock-based compensation expense

 

$

19,957

 

 

$

13,503