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Stockholders’ Equity (Deficit) (Tables)
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Equity Based Compensation Expense Equity-based compensation expense, consisting of service-based expense related to the equity incentive plan, the employee stock purchase plan and restricted stock units as well as expense from secondary sales of commons shares, was classified as follows in the accompanying consolidated statements of operations for each of the periods presented (in thousands):
Year Ended December 31,
202120202019
Cost of revenue$526 $282 $35 
Sales and marketing1,962 544 323 
Research and development3,545 1,442 273 
General and administrative8,058 9,345 764 
Total$14,091 $11,613 $1,395 
Stock Option Activity
Stock option activity was as follows for the year ended December 31, 2021:
Number of OptionsWeighted Average Exercise PriceWeighted Average Remaining Contractual Life (years)Aggregate Intrinsic Value
(in thousands)
Outstanding as of December 31, 20209,868,915 $3.62 8.13$101,070 
Exercisable as of December 31, 20204,401,361 $1.10 6.78$56,117 
2021 Activity
Granted2,439,759 $15.66 
Exercised(3,501,964)$1.19 
Forfeited and expired(1,232,574)$3.76 
Outstanding as of December 31, 20217,574,136 $8.60 8.35$52,257 
Exercisable as of December 31, 20212,719,252 $3.44 7.03$31,929 
Fair value assumptions
The assumptions used in the Black-Scholes pricing model for equity-based compensation for options granted in the periods below were as follows:
Year Ended December 31,
202120202019
Risk free interest rate
0.97% - 1.06%
0.38% - 0.53%
2.07% - 2.59%
Expected term
5.83 - 6.25 Years
5.50 - 6.25 Years
5.50 - 6.25 Years
Expected volatility
42.43% - 43.01%
42.00 %37.00 %
Dividend yield0.00 %0.00 %0.00 %
Black-Scholes Valuation for Warrants
The following inputs were used in the Black‑Scholes valuation for these warrants:
Risk free interest rate1.16 %
Contractual term11 years
Expected volatility55.00 %
Dividend yield0.00 %
The following inputs were used in the Black‑Scholes valuation for these warrants:
Risk free interest rate1.97 %
Contractual term10 years
Expected volatility40.00 %
Dividend yield0.00 %
Estimated Fair Value of Granted Options by Grant Date
Estimated fair value of granted options by grant date based on the Black-Scholes model:
Number of OptionsFair Value
March 20191,102,625$0.8428 
April 2019824,000$1.1304 
July 2019412,000$1.5193 
September 20191,351,242
$1.6574 - 1.8930
March 2020502,016$6.5353 
July 2020414,149
$8.3377 - 8.4404
October 2020346,250$9.3857 
December 20202,371,893
$6.7118 - 10.1240
April 2021249,067$9.8159 
July 20211,610,102$9.1387 
September 2021580,590$8.6490 
Fair Value Assumptions For ESPP
The following assumptions were used to calculate the fair value of shares to be granted under the ESPP during the period:
Risk free interest rate0.21 %
Expected term0.67 years
Expected volatility36.62 %
Dividend yield0.00 %