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Stockholders’ Equity (Tables)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Equity Based Compensation Expense
Stock-based compensation expense, consisting of service-based expense related to the equity incentive plan, including expense from stock options and restricted stock units, and the employee stock purchase plan, as well as expenses related to secondary sales of shares of Company common stock, was classified as follows in the accompanying consolidated statements of operations for each of the periods presented (in thousands):
Year Ended December 31,
202220212020
Cost of revenue$723 $526 $282 
Sales and marketing3,436 1,962 544 
Research and development4,576 3,545 1,442 
General and administrative10,017 8,058 9,345 
Total$18,752 $14,091 $11,613 
Stock Option Activity Stock option activity was as follows for the year ended December 31, 2022:
Number of OptionsWeighted Average Exercise PriceWeighted Average Remaining Contractual Life (years)Aggregate Intrinsic Value
(in thousands)
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 
2022 Activity
Granted— $— 
Exercised(1,069,935)$1.57 
Forfeited and expired(2,318,325)$11.64 
Outstanding as of December 31, 20224,185,876 $6.32 5.03$3,470 
Exercisable as of December 31, 20223,060,997 $6.47 3.87$3,286 
Fair value assumptions
The assumptions used in the Black-Scholes pricing model for stock-based compensation for options granted in the periods below were as follows:
Year Ended December 31,
20212020
Risk free interest rate
0.97% - 1.06%
0.38% - 0.53%
Expected term
5.83 - 6.25 Years
5.50 - 6.25 Years
Expected volatility
42.43% - 43.01%
42.00 %
Dividend yield0.00 %0.00 %
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 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 
Schedule of Restricted Stock Unit Activity
Restricted Stock Unit activity was as follows:
Number of SharesWeighted Average Grant Date Fair Value
Outstanding as of December 31, 2021171,075 $18.50 
Granted9,362,682 5.46
Vested(179,143)7.67
Canceled(1,076,253)6.91
Outstanding as of December 31, 20228,278,361 $5.51 
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 years ended December 31, 2022 and 2021:
Year Ended December 31,
20222021
Risk free interest rate3.12 %0.21 %
Expected term0.50 years0.67 years
Expected volatility90.62 %36.62 %
Dividend yield0.00 %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 %