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Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Payment Arrangement, Option, Activity
A summary of the status of the 2015 Plan and 2021 Plan as of December 31, 2023 and June 30, 2024, and changes during the six month period ended June 30, 2024, is presented below:
Options Outstanding
Number of OptionsWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Term
(in years)
Aggregate Intrinsic Value
(in thousands)
Outstanding at December 31, 202313,249,983 $3.60 6.50$927 
Granted— 
Exercised(25,000)1.27 
Forfeited(89,670)4.64 
Cancelled(866,710)3.86 
Outstanding at June 30, 202412,268,603 3.58 6.04343 
Vested and exercisable at June 30, 20248,663,470 3.99 5.13343 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The following weighted average assumptions were used for issuances during the three and six months ended June 30, 2023, for employees and non-employees:
Three Months Ended June 30,Six Months Ended June 30,
20232023
Risk-free interest rate3.44 %3.50 %
Dividend yield— — 
Volatility41.80 %42.08 %
Expected lives (in years)6.136.00
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions
The following table summarizes the weighted-average assumptions used in estimating the fair value of the 2021 ESPP grants for the following offering periods presented, using the Black Scholes option-pricing model:
Offering Period - May 3, 2024 to November 2, 2024
Offering Period - November 3, 2023 to May 2, 2024
Offering Period - May 3, 2023 to November 2, 2023Offering Period - November 3, 2022 to May 2, 2023
Risk-free interest rate5.41 %5.45 %5.08 %4.44 %
Dividend yield— — — — 
Volatility37.13 %43.12 %45.59 %43.42 %
Expected lives (years)0.50.50.50.5
Schedule of Share-based Payment Arrangement, Restricted Stock Unit, Activity
RSU activity during the six months ended June 30, 2024 was as follows:
Number of SharesWeighted-Average Grant Date Fair Value per Share
Unvested at December 31, 2023
10,264,090 $1.93 
Granted2,028,365 0.78 
Vested(2,268,497)2.17 
Forfeited(1,171,602)2.06 
Unvested at June 30, 2024
8,852,356 $1.59 
Schedule of Share-Based Payment Arrangement, Performance Shares, Activity
PSU activity during the six months ended June 30, 2024 was as follows:
Target Number of SharesWeighted-Average Grant Date Fair Value per Share
Unvested at December 31, 2023
525,108 $5.29 
Granted654,857 0.13 
Vested— 
Forfeited(262,554)$5.11 
Unvested at June 30, 2024
917,411 $1.56 
Schedule of Stock-based Compensation Expense
Stock-based compensation expense, recognized as selling, general, and administrative expense in the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2024 and 2023, was comprised of the following:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2024202320242023
Stock-based compensation, net of amounts capitalized$2,929 $5,302 6,273 10,972 
Capitalized stock-based compensation87 187 173 429 
Total stock-based compensation$3,016 $5,489 $6,446 $11,401