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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | RSU activity for the six months ended June 30, 2024 was as follows:
| Shares |  | Weighted-average grant date fair value per share
Unvested balance as of December 31, 2023 | 5,256,833 |  | $ | 5.63 |
Granted | 831,114 |  | $ | 9.16 |
Vested | (1,654,325) |  | $ | 6.66 |
Forfeited | (222,698) |  | $ | 5.60 |
Unvested balance as of June 30, 2024 | 4,210,924 |  | $ | 5.92 |
Summary of Stock Option Activity | 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, 2023 | 7,400,180 |  |  | 9,307,142 |  |  | $ | 6.41 |  |  | 5.57 |  | $ | 31,250 |
Shares authorized | 1,957,530 |  |  |  |  |  |  |  |  |
Options granted | — |  |  | — |  |  | — |  |  |  |  |
Options exercised | — |  |  | (1,694,829) |  |  | 2.95 |  |  |  |  |
Options canceled | 166,129 |  |  | (166,129) |  |  | 14.77 |  |  |  |  |
RSU awards granted, net of forfeitures | (608,416) |  |  | — |  |  |  |  |  |  |
Balance as of June 30, 2024 | 8,915,423 |  |  | 7,446,184 |  |  | $ | 7.01 |  |  | 5.53 |  | $ | 15,601 |
Vested and exercisable as of June 30, 2024 |  |  | 6,562,148 |  |  | $ | 6.09 |  |  | 5.32 |  | $ | 15,346 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table summarizes the Black-Scholes option pricing model used in estimating the fair value of the stock purchase rights under the ESPP during the three and six months ended June 30, 2024 and 2023, respectively.
| Three Months Ended June 30, |  | Six months ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Expected term (in years) | 0.5 - 2.0 |  | 0.5 - 2.0 |  | 0.5 - 2.0 |  | 0.5 - 2.0
Expected volatility | 48% - 56% |  | 45% - 68% |  | 48% - 56% |  | 45% - 68%
Risk-free interest rate | 4.82% - 5.43% |  | 0.10% - 5.43% |  | 4.82% - 5.43% |  | 0.10% - 5.43%
Expected dividend yield | — | % |  | — | % |  | — | % |  | — | %
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 June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Cost of revenue | $ | 354 |  |  | $ | 387 |  |  | $ | 740 |  |  | $ | 803 |
Research and development | 2,250 |  |  | 1,788 |  |  | 4,358 |  |  | 3,921 |
Sales and marketing | 1,762 |  |  | 1,717 |  |  | 3,584 |  |  | 3,869 |
General and administrative | 1,162 |  |  | 992 |  |  | 2,375 |  |  | 2,119 |
Total stock-based compensation expense | $ | 5,528 |  |  | $ | 4,884 |  |  | $ | 11,057 |  |  | $ | 10,712 |

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