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Stockholders' equity (Tables) | 9 Months Ended
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Sep. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Schedule of Common Stock Reserved for Future Issuance | The Company had the following common stock reserved for future issuance as of September 30, 2022, and December 31, 2021, respectively:
| September 30, |  | December 31,
| 2022 |  | 2021
Stock options to purchase common stock (1) | 10,728,915 |  |  | 20,342,259 |
Shares available for future issuance under: |  |  |
2021 Equity Incentive Plan | 5,287,548 |  |  | 11,417,359 |
2021 Employee Stock Purchase Plan | 2,273,246 |  |  | 2,800,000 |
Total shares of common stock reserved | 18,289,709 |  |  | 34,559,618 |
(1) Excludes 82,791 and 106,155 cash-settled SARs outstanding as of September 30, 2022, and December 31, 2021, respectively.
Schedule of Weighted Average Assumptions, Options | The following table summarizes the weighted-average assumptions used in the Black-Scholes option-pricing model to estimate the fair value of the Exchanged Awards as of August 6, 2022:
Risk-free interest rate | 3.0%
Expected volatility | 68.6%
Expected life (in years) | 4.9
Expected dividend yield | —%
Summary of Option Activity | The following is a summary of activity for stock options under the Equity Incentive Plans:
| Options Outstanding |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value (In Thousands)
Balance - December 31, 2021 | 19,942,259 |  |  | $ | 9.70 |  |  | 8.14 |  | $ | 226,350 |
Granted | — |  |  | — |  |  |  |  |
Exercised | (1,273,968) |  |  | 4.44 |  |  |  |  |
Canceled in connection with the Equity Exchange | (6,762,489) |  |  | 18.62 |  |  |  |  |
Canceled | (1,226,887) |  |  | 13.49 |  |  |  |  |
Balance - September 30, 2022 | 10,678,915 |  |  | $ | 4.25 |  |  | 6.63 |  | $ | 84,557 |
Vested & expected to vest as of September 30, 2022 | 10,678,915 |  |  | $ | 4.25 |  |  | 6.63 |  | $ | 84,557 |
Exercisable as of September 30, 2022 | 8,388,865 |  |  | $ | 3.95 |  |  | 6.49 |  | $ | 68,602 |
Summary of Stock Appreciation Rights | The following is a summary of activity for SARs under the Equity Incentive Plans:
| SARs Outstanding |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value (In Thousands)
Balance - December 31, 2021 | 106,155 |  |  | $ | 8.45 |  |  | 8.25 |  | $ | 1,267 |
Granted | — |  |  | — |  |  |  |  |
Exercised | (743) |  |  | 3.63 |  |  |  |  |
Canceled in connection with the Equity Exchange | (21,055) |  |  | 19.19 |  |  |  |  |
Canceled | (1,566) |  |  | 18.95 |  |  |  |  |
Balance - September 30, 2022 | 82,791 |  |  | $ | 5.57 |  |  | 7.06 |  | $ | 546 |
Vested & expected to vest as of September 30, 2022 | 82,791 |  |  | $ | 5.57 |  |  | 7.06 |  | $ | 546 |
Exercisable as of September 30, 2022 | 61,845 |  |  | $ | 5.36 |  |  | 6.98 |  | $ | 423 |
Schedule of Restricted Stock Unit Activity | A summary of RSU activity under the 2021 Plan is as follows:
| RSUs Outstanding |  | Weighted Average Grant Date Fair Value
Unvested - December 31, 2021 | 2,545,051 |  | $ | 27.64 |
Granted | 8,183,583 |  | $ | 13.40 |
Awarded in connection with the Equity Exchange (1) | 7,133,544 |  |  | $ | 19.06 |
Released | (294,779) |  | $ | 18.29 |
Canceled | (847,920) |  | $ | 19.15 |
Unvested - September 30, 2022 | 16,719,479 |  | $ | 17.60 |
(1) Inclusive of 175,000 Performance-Based Awards that were separately modified, as discussed below.
Summary of Performance-Based Options | The following table summarizes the activities of Performance-Based Awards under the Equity Incentive Plans:
| Performance-Based Awards Outstanding |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value (In Thousands)
Balance - December 31, 2021 | 400,000 |  |  | $ | 10.12 |  |  | 8.60 |  | $ | 3,768 |
Granted | — |  |  |  |  |  |  |
Exercised | — |  |  |  |  |  |  |
Canceled (1) | (350,000) |  |  | 11.13 |  |  |  |  |
Balance - September 30, 2022 | 50,000 |  |  | $ | 3.06 |  |  | 5.83 |  | $ | 452 |
Vested & expected to vest as of September 30, 2022 | 50,000 |  |  | $ | 3.06 |  |  | 5.83 |  | $ | 452 |
Exercisable as of September 30, 2022 | 10,416 |  |  | $ | 3.06 |  |  | 5.83 |  | $ | 94 |
(1) 175,000 shares were canceled as part of the Equity Exchange, and 175,000 shares were canceled as part of the modification discussed above.
Schedule of Stock-Based Compensation Expense | Total stock-based compensation expense included in the condensed consolidated statements of operations was as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Cost of revenue | $ | 1,611 |  |  | $ | 350 |  |  | $ | 3,440 |  |  | $ | 888 |
Sales and marketing | 9,372 |  |  | 2,149 |  |  | 18,516 |  |  | 5,784 |
Research and development | 6,258 |  |  | 1,304 |  |  | 13,303 |  |  | 4,445 |
General and administrative | 7,728 |  |  | 3,417 |  |  | 17,784 |  |  | 12,587 |
Total stock-based compensation expense | $ | 24,969 |  |  | $ | 7,220 |  |  | $ | 53,043 |  |  | $ | 23,704 |

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