Equity Incentive Plans and Stock-Based Compensation (Tables)

3 Months Ended

Jun. 30, 2023

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Summary of Stock Option Activity and Activity Regarding Shares Available for Grant

Stock option activity and activity regarding shares available for grant under the 2021 Plan are as follows:

	Options Outstanding
	Outstanding Stock Options			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
	(in thousands, except share, years, and per share data)
Balance as of March 31, 2023		68,050,752		$	4.20		6.0	$	10,621
Granted		2,018,253		$	2.06
Exercised		(180,718	)	$	0.48
Canceled/forfeited/expired		(1,501,597	)	$	5.67
Balance as of June 30, 2023		68,386,690		$	4.12		5.7	$	7,121
Vested and exercisable as of June 30, 2023		49,302,828		$	4.16		4.8	$	5,402

Schedule of Assumptions Used in the Black-Scholes Option-Pricing Model

The Company estimated the fair value of options granted using the Black-Scholes option-pricing model. The fair value of stock options is being amortized on a straight-line basis over the requisite service period of the awards.

The weighted average Black-Scholes assumptions used to value stock options at the grant dates are as follows:

	Three Months Ended June 30,
	2023						2022
	Min			Max			Min			Max
Expected term (years)		5.8			6.0			6.0			6.8
Expected volatility		78	%		79	%		76	%		77	%
Risk-free interest rate		3.6	%		3.9	%		2.8	%		2.8	%
Expected dividend yield		—			—		—				—

Summary of Restricted Stock Awards Activity under the Equity Incentive Plan

The following table summarizes the RSU activity under the equity incentive plans and related information:

	Unvested RSUs			Weighted-Average Grant Date Fair Value Per Share
Balance as of March 31, 2023		26,562,566		$	4.73
Granted		30,076,226		$	2.15
Vested		(10,757,178	)	$	2.64
Canceled/forfeited		(3,252,056	)	$	4.00
Balance as of June 30, 2023		42,629,558		$	3.49

Schedule of Share Based Compensation Costs

Total stock-based compensation expense, including stock-based compensation expense related to awards classified as liabilities, was included in costs and expenses as follows:

	Three Months Ended June 30,
	2023		2022
	(in thousands)
Cost of revenue	$	2,472	$	3,327
Research and development		11,692		12,076
Sales and marketing		1,718		2,889
General and administrative (1)		34,576		12,170
Restructuring and other charges		642	—
Total stock-based compensation expense	$	51,100	$	30,462

(1)Includes $22.0 million of stock-based compensation expense related to the termination of a Former Lemonaid Officer during the three months ended June 30, 2023.