Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Summary of Significant Accounting Policies

Contract assets and contract liabilities

The following tables present changes in the Company’s contract assets and contract liabilities during the three months ended March 31, 2023 and 2022 (in thousands):

	Balance at								Balance at
	December 31, 2022		Additions		Deductions		Impact of Netting		March 31, 2023
Contract liabilities (deferred revenue)	$	50,211	$	—	$	(2,712)	$	—	$	47,499

	Balance at								Balance at
	December 31, 2021		Additions		Deductions		Impact of Netting		March 31, 2022
Contract asset	$	3,000	$	—	$	—	$	—	$	3,000
Contract liabilities (deferred revenue)	$	92,068	$	3,803	$	(25,760)	$	—	$	70,111

The Company recognized the following revenues as a result of changes in contract asset and contract liability balances in the respective periods (in thousands):

	Three Months Ended
	March 31,
	2023		2022
Revenue recognized in the period from:
Amounts included in contract liabilities at the beginning of the period	$	2,712	$	25,760

Schedule of common stock equivalents, as calculated in accordance with the treasury-stock method

The Company’s common stock equivalents, as calculated in accordance with the treasury-stock method for options and unvested restricted stock are shown in the following table (in thousands):

	Three Months Ended
	March 31,
	2023	2022
Options outstanding to purchase common stock, shares issuable under the employee stock purchase plan, and unvested restricted stock/units at end of period	39,064	27,012
Common stock equivalents under treasury stock method for options, shares issuable under the employee stock purchase plan, and unvested restricted stock/units	1,098	1,981

Schedule of risk-free rate of the stock options based on US Treasury rate

	Three Months Ended March 31,
	2023	2022
Dividend	None	None
Volatility	82.3%	83.0%
Risk-free interest rate	3.65%	1.81%
Expected life (years)	5.6	6.0

Summary of stock option activity

A summary of option activity under the Company’s equity plans for the three months ended March 31, 2023 is presented below (in thousands, except weighted-average data):

		Weighted-
	Number	Average
	of Stock	Exercise
	Options	Price
Outstanding at December 31, 2022	33,126	$	5.76
Granted	4,757		4.62
Exercised	(16)		2.31
Forfeited/Canceled	(763)		5.60
Outstanding at March 31, 2023	37,104	$	5.61

Summary of restricted stock activity

A summary of restricted stock unit activity under the Company’s equity plans for the three months ended March 31, 2023 is presented below (in thousands, except weighted-average data):

	Number of	Weighted-
	Restricted	Average Grant
	Stock Shares	Date Fair Value
Unvested at December 31, 2022	138	$	5.45
Granted	1,824		4.65
Forfeited	(2)		4.66
Unvested at March 31, 2023	1,960	$	4.71