Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Stock Options Activity

A summary of the Company’s stock option activity, for nine months ended September 30, 2023, was as follows:

	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2022		13,434,083		$	0.67		6.77	$	11,593
Granted		—			—		—		—
Exercised		(458,565	)		0.33		—		—
Forfeited		(418,700	)		2.99		—		—
Expired		(59,564	)		0.26		—		—
Outstanding as of September 30, 2023		12,497,254		$	0.60		5.82	$	4,151
Vested and exercisable as of September 30, 2023		11,528,748		$	0.52		5.69	$	4,034
Vested and expected to vest as of September 30, 2023		12,497,254		$	0.60		5.82	$	4,151

There were no options granted during the nine months ended September 30, 2023.

Schedule of Restricted Stock Activity

The following table summarizes our RSU activity for the nine months ended September 30, 2023:

	Shares			Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2022		11,945,375		$	5.22
Granted		23,022,625			1.28
Released		(4,028,417	)		4.36
Forfeited		(4,795,217	)		3.80
Outstanding as of September 30, 2023		26,144,366		$	2.15

Schedule of Fair Value Weighted-Average Assumptions

The Company estimated the fair value of the market-based PBRSUs award on the grant date using the Monte Carlo simulation model with the following assumptions:

	September 30, 2023
Expected term (years)	0.5 - 4.7
Expected volatility		70.9	%
Risk-free interest rate		3.29	%
Dividend yield		0	%
Share price	$	1.02

Summary of Stock-Based Compensation Expense

Total stock-based compensation expense by function was as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Cost of revenue	$	161	$	396	$	858	$	738
Research and development expenses		3,094		4,177		12,717		13,152
General and administrative expenses		1,654		1,263		3,989		3,767
Sales and marketing expenses		240		304		589		701
Total	$	5,149	$	6,140	$	18,153	$	18,358