Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Assumptions used in Determining Fair Value of Employee Stock Purchase Plan

Below are the assumptions used for the nine months ended September 30, 2022 in determining the fair value of shares under the ESPP. No shares were issued during the nine months ended September 30, 2021.

	Nine Months Ended September 30,
	2022
Expected volatility		70.3	%
Expected dividends		—
Expected term (in years)		0.50
Discount rate		10.0	%
Risk-free rate		2.79	%

Assumptions used in Determining Fair Value of Stock Options

Below are the assumptions used for the nine months ended September 30, 2022 and 2021 in determining the fair value of each option award:

	Nine Months Ended September 30,
	2022			2021
Expected volatility		52.0	%	52% - 54%
Expected dividends		—			—
Expected term (in years)		5.60		5.75 - 6.25
Risk-free rate		2.01	%	0.47% - 0.93%

Summary of Stock Option Activity

The following summarizes the Company’s stock option plan and the activity for the nine months ended September 30, 2022:

	Shares			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)
Outstanding, December 31, 2021		7,953,018		$	9.02		8.16
Granted		359,054			16.08
Exercised or released		(617,578	)		3.89
Forfeited or expired		(389,724	)		11.84
Outstanding, September 30, 2022		7,304,770		$	9.66		7.64
Exercisable, September 30, 2022		3,324,831		$	4.80		6.17
Vested and expected to vest at September 30, 2022		7,304,770		$	9.66		7.64

Summary of Restricted Stock Units Activity

The following summarizes the Company’s restricted stock units activity for the nine months ended September 30, 2022.

	Restricted Stock Units			Weighted-Average Fair Value
Outstanding, December 31, 2021		79,886		$	17.84
Granted		87,641			17.12
Vested		(14,062	)		16.00
Forfeited or expired		(8,918	)		16.82
Outstanding, September 30, 2022		144,547		$	17.64
Vested and expected to vest at September 30, 2022		144,547		$	17.64