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Equity Incentive Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value
Stock option activity for the year ended December 31, 2021 is as follows:
Options Outstanding
Weighted-Average Exercise Price
Weighted-Average Remaining Term (Years)
Aggregate Intrinsic Value (in thousands)
Balance - December 31, 20209,551,105 $5.55 8.99$483,194 
Options granted1,678,042 46.89 
Options exercised(1,040,515)1.84 
Options cancelled and forfeited(355,708)19.64 
Balance - December 31, 20219,832,924 $12.49 8.48$139,143 
Vested and exercisable, December 31, 2021
3,062,451 $5.32 8.03$55,309 
Schedule of Stock Option Valuation Assumptions
The fair value of stock options granted to employees, directors, and non-employees is calculated using the Black-Scholes option pricing model using the following assumptions:
Year Ended December 31,
2021
2020
Risk-free interest rate
0.6% - 1.4%
0.3% - 1.6%
Expected volatility
62.5% - 71.4%
62.2% - 70.6%
Expected term (in years)
6.00 - 10.00
 5.00 - 10.00
Expected dividend yield
——
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
The activity of restricted shares of Class A common stock for the year ended December 31, 2021 is as follows:
Number of Shares
Weighted-Average
Grant Date
Fair Value
Unvested at December 31, 2020775,641$1.77 
Granted10,728 1.66 
Repurchased(20,556)1.14 
Vested(591,513)1.89 
Unvested at December 31, 2021174,300$1.43 
Share-based Payment Arrangement, Restricted Stock Unit, Activity RSU activity for the year ended December 31, 2021 is as follows:
Number of Shares
Weighted-Average
Grant Date
Fair Value
Balance at December 31, 2020491,318 $7.91 
Granted325,378 51.98 
Vested
(66,544)14.12 
Cancelled
(9,786)24.70 
Balance at December 31, 2021
740,366$26.49 
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, 2021
Risk-free interest rate
0.1%
Expected volatility
56.9% - 67.4%
Expected term (in years)
0.34 - 0.50
Expected dividend yield
—
Share-based Payment Arrangement, Expensed and Capitalized, Amount
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,
20212020
Cost of revenue$1,800 $— 
Research and development4,422 899 
Selling, general and administrative19,705 6,449 
Total stock-based compensation$25,927 $7,348