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Stockholders' Equity (Deficit) and Equity Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Reserved Shares of Common Stock

The Company has reserved shares of its common stock as follows:


	As of December 31, 2022		As of December 31, 2021

2014 Stock Option and Grant Plan and 2021 Incentive Award Plan:
Equity plan stock options outstanding		16,767,752		21,214,155
RSUs outstanding		9,914,125		1,716,614
Shares available for future issuance		16,774,634		19,005,008
2021 Employee Stock Purchase Plan:
Shares available for future issuance		3,411,791		2,663,371
Total reserved shares		46,868,302		44,599,148

Summary of Stock Option Activity

Option activity under the Company's combined stock plans is set forth below:


						Weighted
				Weighted		average		Aggregate
	Outstanding			average		remaining		intrinsic
	stock			exercise		contractual		value
	options			price		life (years)		(in thousands)
Balances as of December 31, 2021		21,214,155		$	4.15		8.12	$	1,035,039
Granted		858,630			14.84
Exercised		(2,498,763	)		2.77
Cancelled/forfeited		(2,806,270	)		8.42
Balances as of December 31, 2022(1)		16,767,752		$	4.19		7.19	$	132,298
Exercisable as of December 31, 2022(2)		12,822,860		$	3.29		6.89	$	112,713

(1)

As no forfeitures are estimated due to the Company's adoption of ASU No. 2016-09, all options are vested or expected to vest. As of December 31, 2022, no options were outstanding that were subject to a future performance condition

(2)

Exercisable shares include vested options as well as unvested shares that can be early exercised

Schedule of Assumptions and Data Inputs to Estimate Fair Value of Options

The following range of assumptions and data inputs were used in the Black-Scholes option-pricing model to estimate the fair value of the options granted under the 2021 Plan:


	Year Ended December 31, 2022

Fair value of common stock	$14.62 - $15.63
Expected dividend yield		—
Risk-free interest rate	3.01% - 3.36%
Expected volatility	55.3% - 55.6%
Expected term (years)	6.0 - 6.3

Schedule of RSU Activity

RSU activity for the year ended December 31, 2022 was as follows:


	Restricted stock units			Weighted-average grant date fair value per share
Balance as of December 31, 2021		1,716,614		$	38.40
Granted		10,664,063			17.60
Vested		(1,482,082	)		23.71
Cancelled/forfeited		(984,470	)		29.15
Balance as of December 31, 2022		9,914,125		$	19.14

Schedule of Stock-based Compensation Expense

Stock-based compensation expense, net of actual forfeitures is reflected in the consolidated statement of operations and comprehensive loss (in thousands):


	Year Ended December 31,
	2022		2021		2020

Cost of revenue	$	6,468	$	1,951	$	590
Research and development		27,855		13,613		5,582
Sales and marketing		17,143		7,871		6,512
General and administrative		15,757		10,959		3,869
Total stock-based compensation expense	$	67,223	$	34,394	$	16,553

Schedule of Fair Value of Shares To be Granted Under the ESPP

The following assumptions were used to calculate the fair value of shares to be granted under the ESPP during the period utilizing the Black-Scholes option-pricing model:


	Year Ended December 31, 2022

Fair value of common stock	$14.77 - $17.04
Expected dividend yield		—
Risk-free interest rate	1.54% - 4.63%
Expected volatility	60%
Expected term (years)	0.50 - 1.0