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Stock-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Schedule of Fair Value Weighted-Average Assumptions

The fair value of stock option awards was determined on the grant date using the Black-Scholes option-pricing model. No new options were granted during the year ended December 31, 2023 and 2021. The assumptions for the Black-Scholes model for options granted during the period ended December 31, 2022 were as follows:

 

 

 

Expected term (years)(1)

 

6.02

Expected volatility(2)

 

48.7% - 49.0%

Common Stock Value

 

2.92 - 3.28

Risk-free interest rate(3)

 

2.73% - 2.93%

Dividend yield(4)

 

0%

 

(1)
Expected term is the length of time the grant is expected to be outstanding before it is exercised or terminated. This number is calculated as the midpoint between the vesting term and the original contractual term (contractual period to exercise). If the option contains graded vesting, then the vesting term would be based on the vesting pattern.
(2)
Expected volatility was estimated based on comparable companies' reported volatilities.
(3)
The risk-free rate is an interpolation of yields on U.S. Treasury securities with maturities equivalent to the expected term.
(4)
The Company has assumed a dividend yield of zero as they have no plans to declare dividends in the foreseeable future.
Schedule of Stock Options Activity

The following table summarized the stock option activity and related information under all stock option plans:

 

 

Number of
Options

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Life (Years)

 

 

Aggregate
Intrinsic Value
(in thousands)

 

Outstanding as of December 31, 2020

 

 

17,801,986

 

 

$

0.36

 

 

 

8.27

 

 

$

140,560

 

Exercised

 

 

(3,701,243

)

 

 

0.25

 

 

 

—

 

 

 

—

 

Forfeited

 

 

(242,387

)

 

 

0.41

 

 

 

—

 

 

 

—

 

Outstanding as of December 31, 2021

 

 

13,858,356

 

 

$

0.39

 

 

 

7.47

 

 

$

99,406

 

Granted

 

 

1,335,000

 

 

 

3.08

 

 

 

—

 

 

 

—

 

Exercised

 

 

(1,464,760

)

 

 

0.24

 

 

 

—

 

 

 

—

 

Forfeited

 

 

(294,513

)

 

 

0.51

 

 

 

—

 

 

 

—

 

Outstanding as of December 31, 2022

 

 

13,434,083

 

 

$

0.67

 

 

 

6.77

 

 

$

11,593

 

Exercised

 

 

(657,242

)

 

 

0.36

 

 

 

—

 

 

 

—

 

Forfeited

 

 

(703,264

)

 

 

2.85

 

 

 

—

 

 

 

—

 

Outstanding as of December 31, 2023

 

 

12,073,577

 

 

$

0.56

 

 

 

5.73

 

 

$

4,004

 

Vested and exercisable as of December 31, 2023

 

 

11,538,928

 

 

$

0.48

 

 

 

5.64

 

 

$

3,972

 

Vested and expected to vest as of December 31,
   2023

 

 

12,073,577

 

 

$

0.56

 

 

 

5.73

 

 

$

4,004

 
Schedule of Restricted Stock Activity

The following table summarizes our RSU activity (includes performance-based restricted stock units) for the year ended December 31, 2023:

 

 

Shares

 

 

Weighted Average
Grant Date Fair
Value per Share

 

Outstanding as of December 31, 2020

 

 

1,536,195

 

 

$

7.74

 

Granted

 

 

6,206,975

 

 

 

10.51

 

Released

 

 

(758,945

)

 

 

9.34

 

Forfeited

 

 

(353,146

)

 

 

9.83

 

Outstanding as of December 31, 2021

 

 

6,631,079

 

 

$

10.04

 

Granted

 

 

9,200,047

 

 

 

3.20

 

Released

 

 

(2,521,081

)

 

 

8.75

 

Forfeited

 

 

(1,364,670

)

 

 

8.45

 

Outstanding as of December 31, 2022

 

 

11,945,375

 

 

$

5.22

 

Granted

 

 

25,715,759

 

 

 

1.21

 

Released

 

 

(6,027,613

)

 

 

3.77

 

Forfeited

 

 

(5,612,635

)

 

 

3.64

 

Outstanding as of December 31, 2023

 

 

26,020,886

 

 

$

1.93

 
Summary of Stock-Based Compensation Expense

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

 

 

Year ended December 31,

 

 

2023

 

 

2022

 

 

2021

 

Cost of revenue

 

$

965

 

 

$

1,161

 

 

$

1,483

 

Research and development expenses

 

 

16,760

 

 

 

17,197

 

 

 

12,754

 

Sales and marketing expenses

 

 

819

 

 

 

917

 

 

 

371

 

General and administrative expenses

 

 

5,131

 

 

 

4,972

 

 

 

7,629

 

Total

 

$

23,675

 

 

$

24,247

 

 

$

22,237

 
Restricted stock units  
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:

 

 

 

 

 

Expected term (years)

 

0.5 - 4.7

 

Expected volatility

 

 

70.9

%

Risk-free interest rate

 

 

3.29

%

Dividend yield

 

 

0

%

Share price

 

$

1.02