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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Summary of Shares of Common Stock Available for Issuance | Shares of common stock available for issuance under the Company’s equity incentive plans at December 31, 2023 were as follows:
|  | December 31, 2023 |
Outstanding stock awards |  |  | 7,059,412 |
Reserved for future award grants |  |  | 5,239,303 |
Reserved for future ESPP |  |  | 83,756 |
Total common stock reserved for stock awards |  |  | 12,382,471 |
Summary of Stock Option Activity | A summary of the Company’s stock option activity (excluding performance-based stock option activity summarized further below) for the years ended December 31, 2023, 2022, and 2021 is as follows:
|  | Outstanding Options |
(in thousands, except share and per share data) |  | Number of Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value |
Balance—December 31, 2020 |  |  | 4,948,306 |  |  | $ | 7.10 |  |  |  | 6.71 |  |  | $ | 146,044 |
Options granted |  |  | 1,026,276 |  |  |  | 21.26 |  |  |  |  |  |  |
Options exercised |  |  | (862,056 | ) |  |  | 2.43 |  |  |  |  |  |  |
Options forfeited or expired |  |  | (110,107 | ) |  |  | 13.88 |  |  |  |  |  |  |
Balance—December 31, 2021 |  |  | 5,002,419 |  |  | $ | 10.66 |  |  |  | 6.89 |  |  | $ | 28,308 |
Options granted |  |  | 1,429,295 |  |  |  | 4.80 |  |  |  |  |  |  |
Options exercised |  |  | (488,187 | ) |  |  | 2.07 |  |  |  |  |  |  |
Options forfeited or expired |  |  | (492,395 | ) |  |  | 10.57 |  |  |  |  |  |  |
Balance—December 31, 2022 |  |  | 5,451,132 |  |  | $ | 9.90 |  |  |  | 5.31 |  |  | $ | 7 |
Options granted |  |  | 2,638,500 |  |  |  | 2.61 |  |  |  |  |  |  |
Options exercised |  |  | (8 | ) |  |  | 2.44 |  |  |  |  |  |  |
Options forfeited or expired |  |  | (2,284,038 | ) |  |  | 7.84 |  |  |  |  |  |  |
Balance—December 31, 2023 |  |  | 5,805,586 |  |  | $ | 7.40 |  |  |  | 6.90 |  |  | $ | 64 |
Options vested and exercisable as of December 31, 2023 |  |  | 3,103,913 |  |  | $ | 9.69 |  |  |  | 5.57 |  |  | $ | 1 |
Summary of Weighted-average Assumptions Used in Determination of Fair Value of Stock Options | air value of stock options is recognized as compensation expense on a straight-line basis over the requisite service periods of the awards. Fair value of stock options was estimated using the following range of assumptions:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Expected term (in years) |  | 5.50 - 6.08 |  | 5.50 - 6.08 |  | 5.50 - 6.27
Volatility |  | 78.47 - 79.31% |  | 68.37 - 77.68% |  | 67.97 - 69.90%
Risk-free interest rate |  | 3.47 - 4.66% |  | 1.62 - 4.23% |  | 0.62 - 1.39%
Dividend yield |  | –% |  | –% |  | –%
Summary of Restricted Stock Units Activity | A summary of the Company’s RSU activity for the years ended December 31, 2023, 2022 and 2021 is as follows:
|  | Unvested Restricted Stock Units |
(in thousands, except share and per share data) |  | Number of Shares |  |  | Weighted- Average Grant Date Fair Value |  |  | Aggregate Fair Value |
Balance—December 31, 2020 |  |  | 619,218 |  |  | $ | 10.41 |  |  | $ | 22,670 |
RSUs granted |  |  | 1,387,656 |  |  |  | 18.05 |  |  |  |
RSUs vested |  |  | (266,119 | ) |  |  | 10.93 |  |  |  | 5,521 |
RSUs forfeited |  |  | (61,059 | ) |  |  | 18.45 |  |  |  |
Balance—December 31, 2021 |  |  | 1,679,696 |  |  | $ | 16.35 |  |  | $ | 23,969 |
RSUs granted |  |  | 2,071,201 |  |  |  | 4.86 |  |  |  |
RSUs vested |  |  | (897,871 | ) |  |  | 11.74 |  |  |  | 3,189 |
RSUs forfeited |  |  | (231,544 | ) |  |  | 10.94 |  |  |  |
Balance—December 31, 2022 |  |  | 2,621,482 |  |  | $ | 9.33 |  |  | $ | 5,191 |
RSUs granted |  |  | 24,500 |  |  |  | 2.18 |  |  |  |
RSUs vested |  |  | (839,194 | ) |  |  | 9.91 |  |  |  | 1,520 |
RSUs forfeited |  |  | (552,962 | ) |  |  | 8.89 |  |  |  |
Balance—December 31, 2023 |  |  | 1,253,826 |  |  | $ | 8.99 |  |  | $ | 2,633 |
Stock Based Compensation Expense by Award Type and Function | The following is a summary of stock-based compensation expense by function (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Cost of revenue |  | $ | 1,761 |  |  | $ | 1,922 |  |  | $ | 1,414 |
Research and development |  |  | 4,870 |  |  |  | 5,256 |  |  |  | 4,064 |
Selling, general and administrative |  |  | 7,420 |  |  |  | 12,255 |  |  |  | 8,900 |
Total stock-based compensation expense |  | $ | 14,051 |  |  | $ | 19,433 |  |  | $ | 14,378 |
The following is a summary of stock-based compensation expense by award type (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Stock options |  | $ | 5,746 |  |  | $ | 8,560 |  |  | $ | 8,585 |
RSUs |  |  | 7,539 |  |  |  | 9,990 |  |  |  | 4,765 |
ESPP |  |  | 766 |  |  |  | 883 |  |  |  | 1,028 |
Total stock-based compensation expense |  | $ | 14,051 |  |  | $ | 19,433 |  |  | $ | 14,378 |
2019 Employee Stock Purchase Plan |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Summary of Weighted-average Assumptions Used to Calculate Stock-Based Compensation For Each Stock Purchase Right Granted Under ESPP | :
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Expected term (in years) |  | 0.5 |  | 0.49 - 0.5 |  | 0.49
Volatility |  | 69.23 - 84.88% |  | 82.35 - 112.07% |  | 55.92 - 74.88%
Risk-free interest rate |  | 5.14 - 5.51% |  | 1.49 - 4.58% |  | 0.04 - 0.06%
Dividend yield |  | –% |  | –% |  | –%
Fair value |  | $0.33 - $0.91 |  | $1.26 - $2.23 |  | $6.30 - $8.21
Performance-Based Stock Option | 2019 Plan |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Summary of Stock Option Activity | A summary of the Company’s performance-based stock option activity for the years ended December 31, 2023, 2022 and 2021 is as follows:
|  | Outstanding Performance-Based Options |
(in thousands, except share and per share data) |  | Number of Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value |
Balance—December 31, 2020 |  |  | 421,000 |  |  | $ | 5.10 |  |  |  | 9.21 |  |  | $ | 13,266 |
No activities |  |  | — |  |  |  |  |  |  |  |  |  |
Balance—December 31, 2021 |  |  | 421,000 |  |  | $ | 5.10 |  |  |  | 8.21 |  |  | $ | 3,861 |
No activities |  |  | — |  |  |  |  |  |  |  |  |  |
Balance—December 31, 2022 |  |  | 421,000 |  |  | $ | 5.10 |  |  |  | 1.00 |  |  | $ | — |
Options expired |  |  | (421,000 | ) |  |  | 5.10 |  |  |  |  |  |  |
Balance—December 31, 2023 |  |  | — |  |  |  |  |  |  |  |  |  |

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