XML 34 R27.htm IDEA: XBRL DOCUMENT v3.24.0.1
Equity Incentive Plans (Tables)
12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Summary of Stock Option Plan Activity

The following summarizes the stock option plan activity:

 

 

 

Outstanding Options

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Average

 

 

 

Number of

 

 

Exercise

 

 

 

Shares

 

 

Price

 

Balance at December 31, 2022

 

 

20,749,349

 

 

$

14.61

 

Granted

 

 

16,210,379

 

 

$

1.69

 

Exercised

 

 

(26,570

)

 

$

1.32

 

Cancelled

 

 

(12,358,296

)

 

$

12.72

 

Balance at December 31, 2023

 

 

24,574,862

 

 

$

7.06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding RSUs

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Average

 

 

 

Number of

 

 

Grant Date

 

 

 

Shares

 

 

Fair Value

 

Balance at December 31, 2022

 

 

3,167,397

 

 

$

6.46

 

Granted

 

 

1,757,506

 

 

$

2.39

 

Released

 

 

(1,627,619

)

 

$

6.34

 

Forfeited

 

 

(1,892,355

)

 

$

4.27

 

Balance at December 31, 2023

 

 

1,404,929

 

 

$

4.43

 

Schedule of Options Exercisable, Vested or Expected to Vest

 

 

Years Ended December 31,

 

 

 

2023

 

 

2022

 

 

 

 

 

 

Weighted-

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Average

 

 

 

 

 

Average

 

 

 

 

 

 

Exercise

 

 

 

 

 

Exercise

 

 

 

Options

 

 

Price

 

 

Options

 

 

Price

 

Exercisable at end of year

 

 

11,390,275

 

 

$

12.87

 

 

 

13,650,210

 

 

$

17.86

 

Options vested or expected to
   vest

 

 

24,574,862

 

 

$

7.06

 

 

 

20,183,769

 

 

$

14.82

 

Schedule of Exercise Prices and Weighted-average Remaining Contractual Lives for Options Outstanding

Exercise prices and weighted-average remaining contractual lives for the options outstanding as of December 31, 2023 were:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

Average

 

 

Weighted-

 

 

 

 

 

Exercise

 

 

 

 

 

 

Remaining

 

 

Average

 

 

 

 

 

Price of

 

Outstanding

 

 

Range of

 

Contractual

 

 

Exercise

 

 

Options

 

 

Options

 

Options

 

 

Exercise Prices

 

Life (in years)

 

 

Price

 

 

Exercisable

 

 

Exercisable

 

 

6,179,628

 

 

$0.97–$1.51

 

 

9.51

 

 

$

1.25

 

 

 

344,006

 

 

$

1.30

 

 

7,660,800

 

 

$1.52–$2.28

 

 

9.28

 

 

 

1.77

 

 

 

2,001,281

 

 

 

1.78

 

 

3,406,724

 

 

$2.32–$3.48

 

 

7.68

 

 

 

2.99

 

 

 

2,182,510

 

 

 

3.05

 

 

83,323

 

 

$3.61–$5.42

 

 

8.61

 

 

 

4.08

 

 

 

34,239

 

 

 

4.09

 

 

21,459

 

 

$5.50–$8.25

 

 

7.65

 

 

 

5.84

 

 

 

10,059

 

 

 

5.81

 

 

1,100,494

 

 

$8.80–$13.20

 

 

3.57

 

 

 

11.18

 

 

 

996,018

 

 

 

11.20

 

 

3,116,010

 

 

$13.50–$20.25

 

 

4.13

 

 

 

16.10

 

 

 

2,817,050

 

 

 

16.16

 

 

2,828,424

 

 

$20.93–$31.40

 

 

4.26

 

 

 

25.72

 

 

 

2,827,112

 

 

 

25.72

 

 

178,000

 

 

$31.45–$41.18

 

 

3.17

 

 

 

35.45

 

 

 

178,000

 

 

 

35.45

 

 

24,574,862

 

 

 

 

 

7.58

 

 

 

7.06

 

 

 

11,390,275

 

 

 

12.87

 

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

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

 

 

 

December 31,

 

 

 

2023

 

 

2022

 

Research and development

 

$

10,880

 

 

$

17,909

 

General and administrative

 

 

12,471

 

 

 

11,688

 

Sales and marketing

 

 

9,503

 

 

 

13,383

 

Total stock-based compensation expense

 

$

32,854

 

 

$

42,980

 

Summary of Fair Value of Option Grant and ESPP Purchase Right on Grant Date Using Black-Scholes Option Pricing Model

We estimated the fair value of each option grant and ESPP purchase right on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions:

Options:

 

 

 

December 31,

 

 

 

2023

 

 

2022

 

Risk-free interest rate

 

 

3.7

%

 

 

3.3

%

Dividend yield

 

 

%

 

 

%

Volatility

 

 

68.1

%

 

 

62.0

%

Expected life (years)

 

6 to 10

 

 

 

6

 

 

ESPP:

 

 

 

December 31,

 

 

 

2023

 

 

2022

 

Risk-free interest rate

 

 

5.3

%

 

 

3.2

%

Dividend yield

 

 

%

 

 

%

Volatility

 

 

99.6

%

 

 

83.8

%

Expected life (months)

 

 

6

 

 

 

6