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Equity Incentive Plans (Tables)
12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity

Stock option activity for the year ended December 31, 2023 is as follows:

 

 

 

Options Outstanding

 

 

Weighted-Average Exercise Price

 

 

Weighted-Average Remaining Term (Years)

 

 

Aggregate Intrinsic Value (in thousands)

 

Balance at December 31, 2022

 

 

10,214,430

 

 

$

13.90

 

 

 

8.00

 

 

$

12,685

 

Options granted

 

 

3,576,669

 

 

 

4.17

 

 

 

 

 

 

 

Options exercised

 

 

(188,998

)

 

 

0.52

 

 

 

 

 

 

 

Options forfeited

 

 

(1,657,069

)

 

 

8.92

 

 

 

 

 

 

 

Balance at December 31, 2023

 

 

11,945,032

 

 

$

11.89

 

 

 

6.89

 

 

$

454

 

Vested and exercisable, December 31, 2023

 

 

6,893,780

 

 

$

8.88

 

 

 

6.40

 

 

$

410

 

Schedule of Stock Option Valuation Assumptions

The fair value of stock options granted to employees, directors, and non-employees that are calculated using the Black-Scholes option pricing model using the following assumptions:

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

Risk-free interest rate

 

3.4% - 4.7%

 

 

1.6% - 4.2%

 

Expected volatility

 

76.0% - 83.5%

 

 

59.8% - 97.0%

 

Expected term (in years)

 

5.77 - 6.08

 

 

5.77 - 6.08

 

Expected dividend yield

 

 

 

 

 

 

Schedule of RSU Activity

RSU activity for the year ended December 31, 2023 is as follows:

 

 

 

Number of Shares

 

 

Weighted-Average
Grant Date
Fair Value

 

Balance at December 31, 2022

 

 

1,650,976

 

 

$

18.23

 

Granted

 

 

3,415,976

 

 

 

3.86

 

Vested

 

 

(510,538

)

 

 

18.13

 

Forfeited

 

 

(876,338

)

 

 

7.37

 

Balance at December 31, 2023

 

 

3,680,076

 

 

$

7.49

 

Schedule of Employee Stock Purchase Plan Valuation Assumptions

The fair value of the ESPP shares is estimated using the Black-Scholes option pricing model, based on the following assumptions:

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

Risk-free interest rate

 

5.3% - 5.4%

 

 

1.5% - 4.5%

 

Expected volatility

 

85.7% - 97.3%

 

 

79.1% - 88.5%

 

Expected term (in years)

 

 

0.50

 

 

 

0.50

 

Expected dividend yield

 

 

 

 

 

 

 

Schedule of Components of Stock-based Compensation Expensed

The following table summarizes the components of stock-based compensation recognized in the Company’s consolidated statements of operations and comprehensive loss (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

Cost of revenue

 

$

1,490

 

 

$

1,083

 

Research and development

 

 

9,709

 

 

 

9,125

 

Selling, general and administrative

 

 

23,225

 

 

 

23,465

 

Total stock-based compensation

 

$

34,424

 

 

$

33,673