Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Stock Options Activity

A summary of the Company’s stock option activity, for the six months ended June 30, 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
Exercised		(33,909	)		1.57		—		—
Forfeited		(398	)		2.74		—		—
Outstanding as of June 30, 2024		2,380,423		$	2.81		5.25	$	1,341
Vested and exercisable as of June 30, 2024		2,322,245		$	2.51		5.18	$	1,341
Vested and expected to vest as of June 30, 2024		2,380,423		$	2.81		5.25	$	1,341

There were no options granted during the six months ended June 30, 2024.

Schedule of Restricted Stock Activity

The following table summarizes our RSU activity for the six months ended June 30, 2024:

	Shares			Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2023		5,204,177		$	9.65
Granted		3,343,772			3.58
Released		(835,539	)		12.86
Forfeited		(713,437	)		8.80
Outstanding as of June 30, 2024		6,998,973		$	6.45

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:

	June 30, 2024
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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cost of revenue	$	64	$	367	$	166	$	697
Research and development expenses		4,189		5,213		8,178		9,623
General and administrative expenses		913		1,216		1,820		2,335
Selling and marketing expenses		198		245		461		349
Total	$	5,364	$	7,041	$	10,625	$	13,004