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Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Company's Stock Option Activity and Related Information

A summary of the Company’s stock option activity and related information is as follows:

 

 

 

 

 

 

 

Options Outstanding

 

 

 

Shares

Available

for Grant

 

 

Number

of Stock

Options

Outstanding

 

 

Weighted-

Average

Exercise

Price

 

 

Weighted-

Average

Remaining

Contractual Life

(Years)

 

 

Aggregate

Intrinsic

Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Balance at December 31, 2019

 

 

948,415

 

 

 

11,165,846

 

 

$

7.44

 

 

 

7.6

 

 

$

1,907

 

Additional options authorized

 

 

9,137,667

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options granted

 

 

(736,579

)

 

 

736,579

 

 

 

1.97

 

 

 

 

 

 

 

 

 

Options exercised

 

 

 

 

 

(20,579

)

 

 

0.72

 

 

 

 

 

 

 

 

 

Options cancelled

 

 

2,165,317

 

 

 

(2,165,317

)

 

 

6.27

 

 

 

 

 

 

 

 

 

Withheld shares to pay for taxes on released RSUs

 

 

45,913

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RSUs granted

 

 

(5,962,979

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RSUs forfeited

 

 

557,428

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2020

 

 

6,155,182

 

 

 

9,716,529

 

 

$

7.26

 

 

 

7.9

 

 

$

907

 

Vested and exercisable at June 30, 2020

 

 

 

 

 

 

4,870,115

 

 

$

7.04

 

 

 

7.3

 

 

$

626

 

Vested and expected to vest at June 30, 2020

 

 

 

 

 

 

9,297,531

 

 

$

7.28

 

 

 

7.8

 

 

$

871

 

Schedule of Weighted-Average Assumptions Used in Black-Scholes Option-Pricing Model to Estimate Fair Value of Employee Stock Options at Grant Date

The fair value of employee stock options is estimated at the date of grant using a Black-Scholes option-pricing model with the following weighted-average assumptions:  

 

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

Expected term (in years)

 

 

6.0

 

 

 

6.0

 

Expected volatility

 

68.8%

 

 

60.1%

 

Risk-free interest rate

 

0.7%

 

 

2.5%

 

Expected dividend yield

 

0.0%

 

 

0.0%

 

Summary of RSU Activity

 

 

RSUs

 

 

 

Number of Shares

 

 

Weighted Average Grant Date Fair Value

 

Unvested at December 31, 2019

 

 

4,379,777

 

 

$

5.14

 

RSUs granted

 

 

5,962,979

 

 

 

2.78

 

RSUs vested

 

 

(393,772

)

 

 

6.20

 

RSUs forfeited

 

 

(557,428

)

 

 

3.16

 

Unvested at June 30, 2020

 

 

9,391,556

 

 

$

3.72

 

Vested and unreleased

 

 

142,336

 

 

 

 

 

Outstanding at June 30, 2020

 

 

9,533,892

 

 

 

 

 

Summary of Stock-Based Compensation Expense Recognized for Employee Stock Awards and Employee Stock Purchase Plan Shares

Total stock-based compensation expense recognized for employee stock awards and employee stock purchase plan shares in the Company’s condensed consolidated statements of operations and comprehensive loss is classified as follows (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Cost of revenue

 

$

270

 

 

$

628

 

 

$

508

 

 

$

1,210

 

Research and development

 

 

636

 

 

 

946

 

 

 

1,156

 

 

 

1,824

 

Selling and marketing

 

 

343

 

 

 

365

 

 

 

559

 

 

 

642

 

General and administrative

 

 

4,554

 

 

 

2,968

 

 

 

9,081

 

 

 

5,783

 

Total stock-based compensation expense

 

$

5,803

 

 

$

4,907

 

 

$

11,304

 

 

$

9,459