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Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Shares Available for Future Issuances

The table below summarizes the activity pursuant to the 2021 Plan, for the six months ended June 30, 2024, and the shares available for future issuances as of June 30, 2024.

 

Shares Available for Future Issuance

 

Shares available as of December 31, 2023

 

8,310

 

Stock options issued, net

 

(2,527

)

RSUs issued, net

 

(1,352

)

Shares available as of March 31, 2024

 

4,431

 

Additions to the plan

 

8,900

 

RSUs issued, net

 

(335

)

Shares available as of June 30, 2024

 

12,996

 

 

 

Summary of Stock Options Activity

The table below summarizes the activity related to stock options, pursuant to the 2018 Stock Plan and 2021 Plan, for the six months ended June 30, 2024.

 

Options Outstanding

 

 

Number of
Options

 

 

Weighted-
Average
Exercise Price
($ per share)

 

 

Weighted
Average
Remaining
Contractual
Life (years)

 

 

Aggregate
Intrinsic
Value

 

December 31, 2023

 

9,158

 

 

$

1.21

 

 

 

6.81

 

 

$

18,112

 

Granted

 

2,527

 

 

$

3.36

 

 

 

 

 

 

 

Exercised

 

(192

)

 

$

0.47

 

 

 

 

 

 

 

March 31, 2024

 

11,493

 

 

$

1.70

 

 

 

7.30

 

 

$

13,504

 

Forfeited

 

(347

)

 

$

2.96

 

 

 

 

 

 

 

June 30, 2024

 

11,146

 

 

$

1.66

 

 

 

7.09

 

 

$

11,646

 

Exercisable options as of June 30, 2024

 

6,670

 

 

$

0.75

 

 

 

5.81

 

 

$

11,240

 

Summary of Restricted Stock Units Activity

The table below summarizes the activity related to RSUs, pursuant to the 2018 Plan and 2021 Plan, for the six months ended June 30, 2024.

 

Restricted Stock Units

 

Number of
Restricted Stock Units

 

 

Weighted
Average
Grant Date Fair Value (per share)

 

 

December 31, 2023

 

4,461

 

 

$

4.24

 

 

Granted

 

1,747

 

 

$

3.32

 

 

Vested or distributed

 

(776

)

 

$

3.89

 

 

Forfeited

 

(579

)

 

$

3.69

 

 

March 31, 2024

 

4,853

 

 

$

4.04

 

 

Granted

 

369

 

 

$

2.70

 

 

Vested or distributed

 

(567

)

 

$

4.43

 

 

Forfeited

 

(181

)

 

$

4.06

 

 

June 30, 2024

 

4,474

 

 

$

3.88

 

 

Summary of Activity Related to ESPP

The table below summarizes the activity related to the ESPP for the six months ended June 30, 2024.

ESPP Activity

Shares Available for Sale

 

December 31, 2023

 

5,402

 

Annual additions to the plan

 

2,000

 

Shares purchased

 

(134

)

March 31, 2024

 

7,268

 

<no activity in Q2'24>

 

-

 

June 30, 2024

 

7,268

 

Summary of Fair value of Stock Option Grants The fair value of stock option grants is estimated by the Company on the date of grant using the Black Scholes option pricing model with the following weighted-average assumptions for the six months ended June 30, 2024 and 2023.

 

For the six months ended June 30,

 

 

2024

 

 

2023

 

Risk free interest

4.09%

 

 

 

3.55

%

Dividend yield

0.00%

 

 

0.00%

 

Expected volatility

75.00%

 

 

 

75.00

%

Expected life (years)

 

6.25

 

 

 

6.08

 

 

Summary of Stock-based Compensation Expense

The Company recorded stock-based compensation expense as follows.

 

For the three months ended June 30,

 

 

For the six months ended June 30,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

Cost of revenue

$

292

 

 

$

253

 

 

$

590

 

 

$

504

 

 

Research and development

 

953

 

 

 

912

 

 

 

1,914

 

 

 

1,890

 

 

Sales and marketing

 

165

 

 

 

182

 

 

 

296

 

 

 

418

 

 

General and administrative

 

1,874

 

 

 

1,929

 

 

 

3,765

 

 

 

4,144

 

 

Total

$

3,284

 

 

$

3,276

 

 

$

6,565

 

 

$

6,956