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Stockholders’ Equity (Tables) | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Equity Based Compensation Expense | Stock-based compensation expense, consisting of service-based expense related to the equity incentive plan, including expense from stock options and restricted stock units, and the employee stock purchase plan, as well as expenses related to secondary sales of shares of Company common stock, was classified as follows in the accompanying consolidated statements of operations for each of the periods presented (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Cost of revenue | $ | 971 |  |  | $ | 723 |  |  | $ | 526 |
Sales and marketing | 4,233 |  |  | 3,436 |  |  | 1,962 |
Research and development | 5,590 |  |  | 4,576 |  |  | 3,545 |
General and administrative | 12,029 |  |  | 10,017 |  |  | 8,058 |
Total | $ | 22,823 |  |  | $ | 18,752 |  |  | $ | 14,091 |
Stock Option Activity | Stock option activity was as follows for the year ended December 31, 2023:
| Number of Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2022 | 4,185,876 |  |  | $ | 6.32 |  |  | 5.03 |  | $ | 3,470 |
Exercisable as of December 31, 2022 | 3,060,997 |  |  | $ | 6.47 |  |  | 3.87 |  | $ | 3,286 |
2023 Activity |  |  |  |  |  |  |
Granted | — |  |  | $ | — |  |  |  |  |
Exercised | (1,756,386) |  |  | $ | 7.33 |  |  |  |  |
Forfeited and expired | (588,755) |  |  | $ | 9.62 |  |  |  |  |
Outstanding as of December 31, 2023 | 1,840,735 |  |  | $ | 4.32 |  |  | 5.96 |  | $ | 13,165 |
Exercisable as of December 31, 2023 | 1,480,536 |  |  | $ | 3.82 |  |  | 5.62 |  | $ | 11,320 |
Fair value assumptions | The assumptions used in the Black-Scholes pricing model for stock-based compensation for options granted in the periods below were as follows:
| Year Ended December 31,
| 2021
Risk free interest rate | 0.97% - 1.06%
Expected term | 5.83 - 6.25 Years
Expected volatility | 42.43% - 43.01%
Dividend yield | 0.00 | %
Estimated Fair Value of Granted Options by Grant Date | Estimated fair value of granted options by grant date based on the Black-Scholes model:
| Number of Options |  | Fair Value
April 2021 | 249,067 |  | $ | 9.8159 |
July 2021 | 1,610,102 |  | $ | 9.1387 |
September 2021 | 580,590 |  | $ | 8.6490 |
Schedule of Restricted Stock Unit Activity | RSU activity was as follows:
| Number of Shares |  | Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2022 | 8,278,361 |  |  | $ | 5.51 |
Granted | 3,945,234 |  |  | 6.42
Vested | (3,662,161) |  |  | 5.59
Canceled | (1,056,586) |  |  | 5.30
Outstanding as of December 31, 2023 | 7,504,848 |  |  | $ | 5.98 |
Fair Value Assumptions For ESPP | The following assumptions were used to calculate the fair value of shares to be granted under the ESPP during the years ended December 31, 2023 and 2022:
| Year Ended December 31,
| 2023 |  | 2022
Risk free interest rate | 4.98% - 5.54% |  | 3.12 | %
Expected term | 0.50 years |  | 0.50 years
Expected volatility | 61.48% - 67.16% |  | 90.62 | %
Dividend yield | 0.00 | % |  | 0.00 | %
Black-Scholes Valuation for Warrants | The following inputs were used in the Black-Scholes valuation for these warrants:
Risk free interest rate | 1.16 | %
Contractual term | 11 years
Expected volatility | 55.00 | %
Dividend yield | 0.00 | %
The following inputs were used in the Black-Scholes valuation for these warrants:
Risk free interest rate | 1.97 | %
Contractual term | 10 years
Expected volatility | 40.00 | %
Dividend yield | 0.00 | %

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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