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Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Shares Available for Grant

The following table summarizes the shares available for grant under the 2018 Plan:

			Shares Available for Grant
Balance - December 31, 2022			7,848,832
Authorized			2,144,521
Granted			(2,172,448)
Shares withheld to cover taxes			26,016
Forfeited			665,294
Balance - September 30, 2023			8,512,215

Schedule of Fair Value Assumptions

Following are the assumptions used in the Black-Scholes valuation model for options granted during the periods shown below:

Three Months Ended

Nine Months Ended

September 30, 2023

October 1, 2022

September 30, 2023

October 1, 2022

Risk-free interest rate

N/A

N/A

4.1%

1.9%

Average expected term (years)

N/A

N/A

7.0

7.0

Expected volatility

N/A

N/A

55.3%

55.0%

Dividend yield

N/A

N/A

—

—

Schedule of Stock Option Activity

The following table summarizes the Company’s stock option activity during the nine months ended September 30, 2023:

			Number of Stock Options						Weighted Average Exercise Price						Weighted Average Remaining Contractual Life (Years)						Aggregate Intrinsic Value (in thousands)(1)
Outstanding at December 31, 2022			3,999,933						$	25.58					5.3						$	20,712
Granted			1,014,718						$	17.84					—						$	—
Exercised			(215,943)						$	0.79					—						$	3,646
Canceled/Forfeited			(415,082)						$	36.76					—						$	—
Outstanding at September 30, 2023			4,383,626						$	23.95					5.6						$	13,670
Vested and exercisable at September 30, 2023			3,056,564						$	22.82					4.0						$	13,670
Vested and expected to vest at September 30, 2023			4,214,949						$	23.69					5.4						$	13,670

__________

(1) Aggregate intrinsic value is calculated as the difference between the value of common stock on the transaction date and the exercise price multiplied by the number of shares issuable under the stock option. Aggregate intrinsic value of shares outstanding at the beginning and end of the reporting period is calculated as the difference between the value of common stock on the beginning and end dates, respectively, and the exercise price multiplied by the number of shares outstanding.

Schedule of RSU Activity

The following table summarizes the Company’s RSU activity during the nine months ended September 30, 2023:

						Number of Units						Weighted Average Grant Date Fair Value Per Unit
Unvested at December 31, 2022						993,313						$	35.98
Granted						1,157,730						$	16.52
Vested(1)						(500,922)						$	30.74
Canceled/Forfeited						(250,212)						$	28.99
Unvested at September 30, 2023						1,399,909						$	23.01

________

(1) Includes 26,016 shares of common stock that were withheld to cover taxes on the release of vested RSUs and became available for future grants pursuant to the 2018 Plan.

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