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STOCK-BASED AWARDS (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

A summary of stock option activity for the six months ended June 30, 2023 was as follows:


	Outstanding Options
	Number of Options	Weighted Average Exercise Price		Weighted-Average Remaining Contractual Term	Intrinsic Value (in thousands)
Balance as of December 31, 2022	39,011,116	$	1.19	6.52	$	224,721
Options granted	1,776,333	8.56
Options exercised	(5,002,102)	1.02
Options canceled	(935,414)	2.25
Balance as of June 30, 2023	34,849,933	$	1.56	5.92	$	192,773
Options vested and exercisable as of June 30, 2023	28,051,811	$	1.08	5.61	$	165,688

Schedule of Nonvested Restricted Stock Units Activity

A summary of RSUs activity for the six months ended June 30, 2023 was as follows:


	Restricted Stock Units
	Time-Based Shares	Performance-Based Shares	Total Shares	Weighted-Average Grant-Date Fair Value
Balance as of December 31, 2022	38,570,298	2,090,140	40,660,438	$	19.38
Granted	28,793,438	3,696,694	32,490,132	7.61
Vested	(7,755,145)	—	(7,755,145)	17.96
Cancelled/Forfeited	(4,892,169)	—	(4,892,169)	16.43
Balance as of June 30, 2023	54,716,422	5,786,834	60,503,256	$	13.48

Schedule of Share-based Compensation Arrangement Awards

The fair value of these performance-based RSUs was measured on the grant date, March 27, 2021, using a Monte Carlo simulation model, with the following assumptions:


Weighted average volatility	60.0	%
Expected term (in years)	5.0
Risk-free interest rate	0.9	%
Expected dividends	—

Summary of Stock-Based Compensation Expense

Total employee and nonemployee stock-based compensation expense for the three and six months ended June 30, 2023 and 2022, was classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Cost of revenue	$	765	$	10,381	$	1,339	$	18,980
Research and development	37,410		39,220		65,393		88,976
Selling, general and administrative	33,201		44,791		59,906		160,987
Restructuring charges	—		—		(1,443)		—
Total	$	71,376	$	94,392	$	125,195	$	268,943