Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]

Summary of Share Based Payment Award Stock Options Valuation Assumptions

The assumptions used to estimate the fair value of stock options granted during the three and six months ended June 30, 2023 and 2022, are as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Risk-free interest rate		4.09	%		2.72	%		4.09	%		2.12	%
Expected term (in years)		5.50			5.50			5.50			5.58
Expected volatility		80.63	%		78.40	%		80.63	%		77.82	%
Dividend yield		—	%		—	%		—	%		—	%

Summary of the Stock Option Activity

The stock option activity is summarized in the following table:

	Number of Option Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2022		24,716,270		$	2.19		7.32	$	49.69
Granted		104,020			13.53
Exercised		(789,766	)		0.68
Cancelled/ Forfeited		(361,941	)		1.40
Outstanding as of June 30, 2023		23,668,583		$	2.31		6.90	$	265.65
Exercisable as of June 30, 2023		13,332,059		$	1.22		6.21	$	164.05
Exercisable and expected to vest as of June 30, 2023		23,668,583		$	2.31		6.90	$	265.65

Summary of stock option grants, vesting and exercises

The following table summarizes additional information on stock option grants, vesting and exercises (in millions, except per share amounts):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Total intrinsic value of options exercised	$	5.6	$	4.9	$	6.1	$	6.8
Aggregate grant-date fair value of options vested	$	4.8	$	2.7	$	8.1	$	4.9
Weighted-average grant date fair value per share for    options granted	$	9.38	$	3.82	$	9.38	$	8.10

Summary of restricted stock unit ("RSU") activity

The RSU activity is summarized in the following table:

	Number of RSUs			Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (Years)		Aggregate Fair Value (in millions)
Outstanding as of December 31, 2022		9,320,045		$	7.02		3.21	$	65.38
Granted		7,960,369			8.32
Vested		(1,947,948	)		8.39
Forfeited		(554,407	)		5.85
Outstanding as of June 30, 2023		14,778,059		$	7.58		3.24	$	112.04
Expected to vest after June 30, 2023		14,737,059		$	7.57		3.24	$	111.51

Summary of Stock-based Compensation Expenses for Stock Options and Unvested Common Stock

Total stock-based compensation expense for stock option awards and RSU awards, which are included in the condensed consolidated financial statements, is as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Cost of revenue	$	433	$	247	$	782	$	351
Research and development		6,354		2,368		11,634		4,066
Sales and marketing		759		503		1,523		576
General and administrative		3,758		2,766		7,633		7,563
Stock-based compensation, net of amounts capitalized	$	11,304	$	5,884	$	21,572	$	12,556
Capitalized stock-based compensation—Intangibles and fixed assets		976		471		1,595		647
Total stock-based compensation	$	12,280	$	6,355	$	23,167	$	13,203

Smmary of Unrecognized Stock-Based Compensation

A summary of the Company's remaining unrecognized compensation expense and the weighted-average remaining amortization period as of June 30, 2023, related to its non-vested stock options and RSU awards is presented below (in millions, except time period amounts):

	Unrecognized Expense		Weighted- Average Amortization Period (Years)
Restricted stock units	$	104.7		1.7
Stock options	$	37.9		1.4