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Stock compensation and other employee benefit plans (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock compensation expense

Stock compensation expense for each period was as follows:

 

 

Year ended December 31,

 

(in thousands)

 

2023

 

 

2022

 

 

2021

 

Cost of revenue

 

$

1,596

 

 

$

3,292

 

 

$

8,094

 

Research and development

 

 

541

 

 

 

1,460

 

 

 

3,657

 

Selling and marketing

 

 

718

 

 

 

1,889

 

 

 

2,056

 

General and administrative

 

 

5,440

 

 

 

13,662

 

 

 

47,958

 

Total stock compensation expense

 

$

8,295

 

 

$

20,303

 

 

$

61,765

 

 
Summary of outstanding option awards activity

Information relating to our outstanding option awards was as follows:

Options

 

Shares

 

 

Weighted-average exercise price

 

 

Weighted-average remaining contractual term (in years)

 

 

Intrinsic value (in thousands)

 

Outstanding as of December 31, 2022

 

 

6,809,850

 

 

$

4.29

 

 

 

 

 

 

 

Granted

 

 

450,000

 

 

$

0.67

 

 

 

 

 

 

 

Modified(1)

 

 

(1,053,750

)

 

$

8.14

 

 

 

 

 

 

 

Exercised

 

 

(717,960

)

 

$

0.32

 

 

 

 

 

 

 

Forfeited

 

 

(3,054,352

)

 

$

3.38

 

 

 

 

 

 

 

Expired

 

 

(18,262

)

 

$

0.48

 

 

 

 

 

 

 

Outstanding as of December 31, 2023

 

 

2,415,526

 

 

$

1.82

 

 

 

7.03

 

 

$

455

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vested at December 31, 2023 or expected to vest in the future

 

 

2,415,526

 

 

$

1.82

 

 

 

7.03

 

 

$

455

 

Exercisable at December 31, 2023

 

 

1,958,481

 

 

$

2.08

 

 

 

6.37

 

 

$

443

 

Unvested and expected to vest in the future

 

 

457,045

 

 

$

0.67

 

 

 

9.87

 

 

$

12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2023:

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation cost not yet recognized (in thousands)

 

 

 

 

 

 

 

 

 

 

$

233

 

Weighted-average remaining expense recognition period (in years)

 

 

 

 

 

 

 

 

 

 

 

1.04

 

(1) - In April 2023, we modified a grant of 2,107,500 options initially made to our former Chief Executive Officer in September 2021. The options originally granted vested after a period of time once our stock price reached certain targets and had an exercise price of $8.14 per option. The modification in April 2023 resulted in cancellation of 1,053,750 options, reset the stock price targets for vesting and reduced the exercise price to $2.48 per option, based on the estimated fair value of our stock as of the modification date. As a result of the departure of our former Chief Executive Officer during the fourth quarter of 2023, the remaining options, all of which were unvested, were forfeited.
Summary of option awards Activity

Assumptions used to value option awards were as follows:

 

 

Year ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

Black-Scholes-Merton pricing formula weighted-average assumptions:

 

 

 

 

 

 

 

 

 

Expected life (in years)

 

 

5.50

 

 

 

5.27

 

 

 

7.72

 

Risk-free interest rate

 

 

4.16

%

 

 

1.82

%

 

 

1.32

%

Volatility

 

 

97.51

%

 

 

80.00

%

 

 

56.47

%

Dividend yield

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

 

 

 

 

 

 

 

 

 

 

Valuations:

 

 

 

 

 

 

 

 

 

Grant-date fair value per option(2)

 

$

0.52

 

 

$

1.85

 

 

$

4.79

 

Intrinsic value of options exercised (in thousands)

 

$

1,324

 

 

$

14,646

 

 

$

22,852

 

Average intrinsic value per share of options exercised

 

$

1.84

 

 

$

4.42

 

 

$

8.05

 

 

(2) - Includes options granted with market conditions in 2022 and 2021. Such options were forfeited in 2023.
Summary of outstanding restricted stock unit and restricted stock awards

Information relating to our outstanding restricted stock unit and restricted stock awards was as follows:

 

 

Shares

 

 

Weighted-average grant date fair value

 

Restricted stock units:

 

 

 

 

 

 

Nonvested as of December 31, 2022

 

 

7,072,663

 

 

$

4.73

 

Granted

 

 

12,129,309

 

 

$

1.54

 

Vested

 

 

(3,841,815

)

 

$

3.92

 

Forfeited

 

 

(3,469,021

)

 

$

4.28

 

Nonvested as of December 31, 2023

 

 

11,891,136

 

 

$

1.87

 

 

 

 

 

 

 

 

Restricted stock unit vesting conditions:

 

 

 

 

 

 

Service-based vesting

 

 

5,811,724

 

 

$

3.15

 

Performance conditions and service-based vesting

 

 

779,412

 

 

$

4.33

 

Market conditions and service-based vesting

 

 

5,300,000

 

 

$

0.10

 

Nonvested as of December 31, 2023

 

 

11,891,136

 

 

$

1.87

 

 

 

 

 

 

 

 

At December 31, 2023:

 

 

 

 

 

 

Stock-based compensation cost not yet recognized (in thousands)

 

 

 

 

$

13,482

 

Weighted-average remaining expense recognition period (in years)

 

 

 

 

 

1.88