Stockholders' Equity (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Equity [Abstract] |
|
| Schedule of shares of common stock reserved for future issuance |
As of September 30, 2023, there were 81,630,808 shares of common stock outstanding, and the Company had reserved a total of 49,302,290 of its authorized shares of common stock for future issuance as follows: | | | | | | | Shares Reserved for Future Issuance | | Outstanding restricted stock units | 5,498,359 | | | Outstanding performance restricted stock units | 1,946,407 | | | Outstanding stock options | 4,744,465 | | | Reserved for convertible senior notes | 37,113,059 | | | Total shares of common stock reserved for future issuance | 49,302,290 | |
|
| Schedule of stock-based compensation expense included in the consolidated statements of operations and comprehensive loss |
The following table presents stock-based compensation expense related to the Stock Plans and the ESPP, contained on the following line items on the Company’s condensed consolidated statements of operations and comprehensive loss for each of the periods indicated. | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | | 2023 | | 2022 | | 2023 | | 2022 | | | | | | | | | | | (in thousands) | | Curriculum and teaching | $ | 37 | | | $ | 59 | | | $ | 128 | | | $ | 155 | | | Servicing and support | 2,257 | | | 3,061 | | | 7,773 | | | 11,741 | | | Technology and content development | 737 | | | 1,288 | | | 4,354 | | | 7,785 | | | Marketing and sales | 1,436 | | | 1,013 | | | 3,959 | | | 4,861 | | | General and administrative | 5,973 | | | 10,546 | | | 19,772 | | | 38,198 | | | Total stock-based compensation expense | $ | 10,440 | | | $ | 15,967 | | | $ | 35,986 | | | $ | 62,740 | |
|
| Schedule of restricted and performance restricted stock unit activity |
The following table presents a summary of the Company’s RSU activity for the period indicated. | | | | | | | | | | | | | | Number of
Units | | Weighted-
Average Grant
Date Fair Value per Share | | | | | | Outstanding balance as of December 31, 2022 | 4,739,861 | | | $ | 14.24 | | | Granted* | 4,080,159 | | | 6.45 | | | Vested | (2,684,619) | | | 14.74 | | | Forfeited | (637,042) | | | 10.69 | | | Outstanding balance as of September 30, 2023 | 5,498,359 | | | $ | 8.62 | |
| | | | | | | | | | | | | | | | | * | | Includes 215,054 RSUs issued pursuant to an inducement award outside of the 2014 Plan. |
| | | | | | | | | | | | | | Number of
Units | | Weighted-
Average Grant
Date Fair Value per Share | | Outstanding balance as of December 31, 2022 | 1,651,864 | | | $ | 22.74 | | | Granted | 1,176,077 | | | 9.55 | | | Vested | — | | | — | | | Forfeited | (881,534) | | | 19.33 | | | Outstanding balance as of September 30, 2023 | 1,946,407 | | | $ | 16.04 | |
|
| Schedule of assumptions used for estimating the fair value of the stock options granted |
The following tables present a summary of (i) for the nine months ended September 30, 2023, the assumptions used for estimating the fair value of the TSR-performance component of the PRSUs, (ii) for the nine months ended September 30, 2022, the assumptions used for estimating the fair values of the PRSUs subject to market-based vesting conditions and (iii) the Company’s PRSU activity for the period indicated. As of September 30, 2023 and December 31, 2022, there were 1.3 million and 1.0 million outstanding PRSUs for which the performance metrics had not been defined as of each respective date. Accordingly, such awards are not considered granted for accounting purposes as of September 30, 2023 and December 31, 2022, and have been excluded from the tables below. No PRSUs were granted during each of the three months ended September 30, 2023 and 2022. | | | | | | | | Nine Months Ended September 30, 2023 | | | | Risk-free interest rate | 4.68% | | Expected term (years) | 1.00 | | Expected volatility | 108% | | Dividend yield | 0% | Weighted-average grant date fair value of the TSR-performance component | $0.39 |
| | | | | | | | Nine Months Ended September 30, 2022 | | | | Risk-free interest rate | 0.39% – 1.88% | | Expected term (years) | 1.00 – 3.00 | | Expected volatility | 49% – 97% | | Dividend yield | 0% | | Weighted-average grant date fair value per share | $18.67 |
| | | | | | | Three Months Ended
September 30, 2022 | | | | Risk-free interest rate | 3.0% | | Expected term (years) | 5.78 | | Expected volatility | 79% | | Dividend yield | 0% | | Weighted-average grant date fair value per share | $7.78 |
| | | | | | | | | | | | | Nine Months Ended
September 30, | | 2023 | | 2022 | | | | | | | | | | Risk-free interest rate | 3.6% | | 1.9% – 3.0% | | Expected term (years) | 5.69 | | 5.63 – 5.78 | | Expected volatility | 87% | | 75% – 79% | | Dividend yield | 0% | | 0% | | Weighted-average grant date fair value per share | $4.93 | | $7.02 |
|
| Schedule of stock option activity |
The following table presents a summary of the Company’s stock option activity for the period indicated. | | | | | | | | | | | | | | | | | | | | | | | | | | Number of
Options | | Weighted-Average
Exercise Price per
Share | | Weighted-Average
Remaining
Contractual Term
(in years) | | Aggregate
Intrinsic
Value
(in thousands) | | | | | | | | | | Outstanding balance as of December 31, 2022 | 5,195,538 | | | $ | 25.28 | | | 5.88 | | $ | 78 | | | Granted | 66,910 | | | 6.76 | | | 8.50 | | | | Exercised | (17,166) | | | 6.38 | | | 0.65 | | | | Forfeited | (169,427) | | | 10.80 | | | | | | | Expired | (331,390) | | | 19.55 | | | | | | | Outstanding balance as of September 30, 2023 | 4,744,465 | | | 26.01 | | | 4.75 | | — | | | Exercisable as of September 30, 2023 | 3,511,374 | | | $ | 30.56 | | | 3.79 | | $ | — | |
|