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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | RSU activity for the nine months ended September 30, 2023 was as follows:
| Shares |  | Weighted-average grant date fair value per share
Unvested balance as of December 31, 2022 | 3,716,061 |  | $ | 6.60 |
Granted | 4,214,704 |  | $ | 5.04 |
Vested | (1,877,745) |  | $ | 6.23 |
Forfeited | (239,510) |  | $ | 5.44 |
Unvested balance as of September 30, 2023 | 5,813,510 |  | $ | 5.64 |
Summary of Stock Option Activity | The following table summarizes the Black-Scholes option pricing model weighted-average assumptions used in estimating the fair value of stock options granted to employees during the nine months ended September 30, 2022. No stock options were granted during the nine months ended September 30, 2023.
|  |  |  |  |  |  | Nine Months Ended September 30, 2022
Expected term (in years) |  |  |  |  |  |  | 6.0
Expected volatility |  |  |  |  |  |  | 49.0 | %
Risk-free interest rate |  |  |  |  |  |  | 1.20 | %
Expected dividend yield |  |  |  |  |  |  | — | %
A summary of equity award activity under the Company’s equity plans and related information is as follows (in thousands, except share, price and year data):
| Shares available for grant |  | Outstanding stock options |  | Weighted- average exercise Price |  | Weighted- average remaining contractual life (years) |  | Aggregate intrinsic value
Balance as of December 31, 2022 | 1,836,566 |  |  | 12,371,281 |  |  | $ | 5.74 |  |  | 6.07 |  | $ | 32,385 |
Shares authorized | 9,102,074 |  |  |  |  |  |  |  |  |
Options granted | — |  |  | — |  |  | — |  |  |  |  |
Options exercised | — |  |  | (1,844,602) |  |  | 1.79 |  |  |  |  |
Options canceled | 428,189 |  |  | (428,189) |  |  | 11.31 |  |  |  |  |
RSU award activity | (3,975,194) |  |  | — |  |  |  |  |  |  |
Balance as of September 30, 2023 | 7,391,635 |  |  | 10,098,490 |  |  | $ | 6.22 |  |  | 5.74 |  | $ | 18,855 |
Vested and exercisable as of September 30, 2023 |  |  | 8,075,929 |  |  | $ | 4.89 |  |  | 5.27 |  | $ | 17,967 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
| Three Months Ended September 30, |  | Nine months ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Expected term (in years) | N/A |  | 0.5 - 2.0 |  | 0.5 - 2.0 |  | 0.5 - 2.0
Expected volatility | N/A |  | 45% - 68% |  | 45% - 68% |  | 45% - 68%
Risk-free interest rate | N/A |  | 0.10% - 2.60% |  | 0.10% - 5.43% |  | 0.10% - 2.60%
Expected dividend yield | N/A |  | — | % |  | — | % |  | — | %
Share-based Payment Arrangement, Expensed and Capitalized, Amount | 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,
| 2023 |  | 2022 |  | 2023 |  | 2022
Cost of revenue | $ | 653 |  |  | $ | 353 |  |  | $ | 1,456 |  |  | $ | 977 |
Research and development | 2,865 |  |  | 1,828 |  |  | 6,786 |  |  | 5,066 |
Sales and marketing | 2,747 |  |  | 1,539 |  |  | 6,616 |  |  | 3,906 |
General and administrative | 1,693 |  |  | 1,110 |  |  | 3,812 |  |  | 3,062 |
Total stock-based compensation expense | $ | 7,958 |  |  | $ | 4,830 |  |  | $ | 18,670 |  |  | $ | 13,011 |

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