Stockholders’ Equity (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of shares and warrants reserved for issuance

The Company's amended and restated certificate of incorporation authorizes the issuance of 700,000,000 shares of common stock with a par value of $0.0001 per share. Shares of common stock reserved for issuance, on an as-converted basis, are as follows:

	December 31,	March 31,
	2021	2022
Options issued and outstanding	12,785,176	12,098,735
RSUs outstanding	1,508,615	2,047,575
PRSUs outstanding	—	687,500
Shares available for future issuance under 2020 plan	9,979,700	12,653,410
Shares available for issuance under ESPP	1,869,302	2,657,991
Total	26,142,793	30,145,211

Summarized Stock Option Activity

The following table summarized stock option activity for the three months ended March 31, 2022:

	Number of Options	Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Life (years)	Aggregate Intrinsic Value
Balances at December 31, 2021	12,785,176	$	10.23	6.8	$	1,803,812
Options granted	263,757	129.61
Options exercised	(888,961)	6.37
Options cancelled and forfeited	(61,237)	28.13
Balances at March 31, 2022	12,098,735	13.03		6.6	1,174,625
Options exercisable – March 31, 2022	7,386,004	3.89		5.5	777,194
Options vested and expected to vest – March 31, 2022	12,010,095	$	12.60	6.6	$	1,170,468

Summaries of Restricted Stock Units and Restricted Stock

The following table summarized RSU activity for the three months ended March 31, 2022:

	Number of Shares	Weighted-Average Grant Date Fair Value Per Share
Unvested at December 31, 2021	1,508,615	$	140.10
RSUs granted	661,064	127.55
RSUs vested	(80,226)	96.81
RSUs cancelled and forfeited	(41,878)	136.98
Unvested at March 31, 2022	2,047,575	$	137.81

The following table summarized Restricted Stock activity for the three months ended March 31, 2022:

	Number of Shares	Weighted-Average Grant Date Fair Value Per Share
Unvested at December 31, 2021	61,651	$	121.65
Vested	10,275	121.65
Unvested at March 31, 2022	51,376	$	121.65

Stock Options Fair Value Assumptions

The following assumptions were used to estimate the fair value of options granted:

	Three Months Ended March 31,
	2021	2022
Expected term (in years)	5.3 – 6.9	5.2 – 7.0
Expected volatility	63.12% – 65.01%	47.58% – 48.72%
Risk-free interest rate	0.62% – 1.14%	1.70% – 2.16%
Dividend yield	—%	—%

Employee Stock Purchase Plan Fair Value Assumptions

The following assumptions were used to estimate the fair value of the February 2022 PRSUs granted:

Expected term (in years)	6.9
Expected volatility	48.43%
Risk-free interest rate	1.89%
Dividend yield	—%

The following assumptions were used to estimate the fair value of ESPP purchase rights:

	Three Months Ended March 31,
	2021	2022
Expected term (in years)	0.6	0.5
Expected volatility	61.65%	91.98%
Risk-free interest rate	0.09%	0.72%
Dividend yield	—%	—%

Stock-Based Compensation Expense

The Company recorded stock-based compensation in the following expense categories in its condensed consolidated statements of operations and comprehensive income for employees and nonemployees:

	Three Months Ended March 31,
	2021		2022
Sales and marketing	$	753	$	2,238
Customer operations	752		1,619
Engineering and product development	4,307		13,634
General, administrative, and other	2,810		7,559
Total	$	8,622	$	25,050