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Equity Incentive Plan (Tables)
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Summary of Stock Option Activity

The following table summarizes the stock option activity for the nine months ended September 30, 2023:

 

 

 

Shares

 

 

Weighted-
Average
Exercise Price

 

 

Weighted-
Average
Remaining
Contractual
Term (Years)

 

Outstanding at December 31, 2022

 

 

20,749,349

 

 

$

14.61

 

 

 

6.44

 

Granted

 

 

16,116,979

 

 

$

1.70

 

 

 

 

Exercised

 

 

(369

)

 

$

1.32

 

 

 

 

Expired and forfeited

 

 

(5,548,978

)

 

$

9.47

 

 

 

 

Outstanding at September 30, 2023

 

 

31,316,981

 

 

$

8.88

 

 

 

6.53

 
Summary of Restricted Stock Unit Activity

The following table summarizes the restricted stock unit activity (“RSUs”) for the nine months ended September 30, 2023:

 

 

 

Shares

 

 

Weighted-Average Grant Date Fair Value

 

Outstanding at December 31, 2022

 

 

3,167,397

 

 

$

6.46

 

Granted

 

 

1,757,506

 

 

$

2.39

 

Released

 

 

(1,351,303

)

 

$

6.48

 

Expired and forfeited

 

 

(1,787,579

)

 

$

4.21

 

Outstanding at September 30, 2023

 

 

1,786,021

 

 

$

4.68

 

 
Summary of Stock-Based Compensation Expense related to Stock-Based Payment Awards Granted

The following table summarizes stock-based compensation expense related to stock-based payment awards granted pursuant to all of our equity compensation arrangements (in thousands):

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Research and development

 

$

2,308

 

 

$

4,921

 

 

$

9,092

 

 

$

13,906

 

General and administrative

 

 

2,874

 

 

 

2,932

 

 

 

10,977

 

 

 

8,717

 

Sales and marketing

 

 

1,501

 

 

 

3,345

 

 

 

8,461

 

 

 

9,843

 

Total stock-based compensation expense

 

$

6,683

 

 

$

11,198

 

 

$

28,530

 

 

$

32,466

 
Summary of Fair Value of Option Grant on Grant Date and Employee Stock Purchase Plan Using Black-Scholes Option Pricing Model and Market Based Stock Option Grants Monte Carlo Simulation Model

We estimated the fair value of each option grant on the grant date using the Black-Scholes option pricing model and for market-based stock option grants using the Monte Carlo simulation model. The following are the weighted-average assumptions:

 

 

 

For the Nine Months Ended

 

 

 

September 30,

 

 

 

2023

 

 

2022

 

Risk-free interest rate

 

 

3.7

%

 

 

3.1

%

Dividend yield

 

 

0.0

%

 

 

0.0

%

Volatility

 

 

68.1

%

 

 

61.1

%

Expected life (years)

 

6 to 10

 

 

 

6