Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Stock Options Activity

A summary of the Company’s stock option activity, for three months ended March 31, 2024, 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, 2023		2,414,730		$	2.79		5.73	$	4,004
Granted		—			—		—		—
Exercised		(28,227	)		1.37		—		—
Forfeited		—			—		—		—
Outstanding as of March 31, 2024		2,386,503		$	2.81		5.49	$	4,253
Vested and exercisable as of March 31, 2024		2,317,344		$	2.46		5.42	$	4,251
Vested and expected to vest as of March 31, 2024		2,386,503		$	2.81		5.49	$	4,253

There were no options granted during the three months ended March 31, 2024.

Schedule of Restricted Stock Activity

The following table summarizes our RSU activity for the three months ended March 31, 2024:

	Shares			Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2023		5,204,177		$	9.65
Granted		889,257			5.05
Released		(398,583	)		12.91
Forfeited		(210,453	)		8.83
Outstanding as of March 31, 2024		5,484,398		$	8.69

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	$	5.10

Summary of Stock-Based Compensation Expense

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

	Three Months Ended March 31,
	2024		2023
Cost of revenue	$	102	$	330
Research and development expenses		3,989		4,410
General and administrative expenses		907		1,119
Sales and marketing expenses		263		104
Total	$	5,261	$	5,963