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Equity Incentive Plans (Tables)
 12 Months Ended
Dec. 31, 2022
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, 2022 is as follows:
Options Outstanding
Weighted-Average Exercise Price
Weighted-Average Remaining Term (Years)
Aggregate Intrinsic Value (in thousands)
Balance at December 31, 2021
9,832,924$12.49 8.48$139,143 
Options granted3,356,254 13.53 
Options exercised(974,307)3.22 
Options forfeited
(2,000,441)11.55 
Balance at December 31, 2022
10,214,430$13.90 8.00$12,685 
Vested and exercisable, December 31, 2022
4,412,694$8.11 7.29$9,323 
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,
2022
2021
Risk-free interest rate
1.6% - 4.2%
0.6% - 1.4%
Expected volatility
59.8% - 97.0%
62.5% - 71.4%
Expected term (in years)
5.77 - 6.08
6.00 - 10.00
Expected dividend yield
——
Share-based Payment Arrangement, Restricted Stock Unit, Activity RSU activity for the year ended December 31, 2022 is as follows:
Number of Shares
Weighted-Average
Grant Date
Fair Value
Balance at December 31, 2021
740,366$26.49 
Granted1,738,125 14.61 
Vested
(319,598)18.42 
Forfeited
(507,917)17.61 
Balance at December 31, 2022
1,650,976$18.23 
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,
2022
2021
Risk-free interest rate
1.5%-4.5%
0.1%
Expected volatility
79.1%-88.5%
56.9% - 67.4%
Expected term (in years)
0.50
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,
20222021
Cost of revenue$1,083 $1,800 
Research and development9,125 4,422 
Selling, general and administrative23,465 19,705 
Total stock-based compensation$33,673 $25,927