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Equity Incentive Plan (Tables)
9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Stock option activity
The following summary of stock option activity for the periods presented is as follows:
Number of Shares
Underlying
Outstanding Options
Weighted
Average
Exercise Price
per Share
Weighted
Average
Remaining
Contractual Life
(in Years)
Aggregate
Intrinsic Value
Balance as of December 31, 20216,972,376 $5.61 6.71$108,426 
Options granted 1,908,934 11.93 
Options exercised(393,378)5.00 
Options cancelled/forfeited (238,901)7.26 
Balance as of September 30, 20228,249,031 7.05 5.8429,859 
Exercisable as of September 30, 20225,357,424 $4.81 5.68$26,823 
Restricted Stock Units activity
The following summary of Restricted Stock Units (RSU) activity for the periods presented is as follows:
Number of SharesWeighted
average grant
date fair value
Balance as of December 31, 20212,523,122 $11.53 
RSU granted6,351,009 11.76 
RSU vested and settled(810,008)9.43 
RSU cancelled/forfeited(1,641,314)13.78 
Balance as of September 30, 20226,422,809 $11.40 
Fair value assumptions
The fair value of the employee stock options granted is estimated using the Black-Scholes option-pricing model, based on the following assumptions:
Nine Months Ended September 30,Year Ended December 31,
20222021
Expected terms (in years)3.874.24
Expected volatility65 %49 %
Risk-free interest rate2.22 %0.68 %
Expected dividend rate%%
Stock-based compensation expense
Stock-based compensation expense was allocated as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Cost of revenue
Subscription costs$117 $97 $553 $301 
Hardware costs127 — 409 — 
Other costs67 16 170 52 
Total cost of revenue$311 $113 $1,132 $353 
Research and development4,222 2,164 13,133 5,448 
Sales and marketing935 174 3,106 464 
General and administrative2,495 809 7,116 2,135 
Total stock-based compensation expense$7,963 $3,260 $24,487 $8,400