Stockholders' Equity and Equity Incentive Plans (Tables)
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3 Months Ended |
Mar. 31, 2024 |
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| Equity [Abstract] |
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| Schedule of Reserved Shares of Common Stock |
The Company has reserved shares of its common stock as follows:
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As of
March 31,
2024 |
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As of
December 31,
2023 |
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2014 Stock Option and Grant Plan and 2021 Incentive Award Plan: |
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Equity plan stock options outstanding |
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13,504,931 |
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14,268,055 |
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RSUs outstanding |
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10,091,214 |
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11,301,279 |
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Shares available for future issuance |
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24,635,517 |
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18,260,813 |
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2021 Employee Stock Purchase Plan: |
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Shares available for future issuance |
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5,280,091 |
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4,079,994 |
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Total reserved shares |
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53,511,753 |
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47,910,141 |
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| Summary of Stock Option Activity |
Option activity under the Company's combined stock plans for the three months ended March 31, 2024 is set forth below:
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Weighted |
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Weighted |
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average |
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Aggregate |
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Outstanding |
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average |
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remaining |
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intrinsic |
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stock |
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exercise |
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contractual |
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value |
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options |
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price |
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life (years) |
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(in thousands) |
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Balances as of December 31, 2023 |
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14,268,055 |
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$ |
4.40 |
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6.27 |
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$ |
118,757 |
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Granted |
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— |
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— |
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Exercised |
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(698,858 |
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2.57 |
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Cancelled/forfeited |
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(64,266 |
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4.93 |
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Balances as of March 31, 2024(1) |
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13,504,931 |
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$ |
4.49 |
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6.06 |
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$ |
86,326 |
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Exercisable as of March 31, 2024(2) |
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12,191,939 |
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$ |
3.84 |
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5.87 |
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$ |
85,786 |
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(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 March 31, 2024, 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.
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| Schedule of RSU Activity |
RSU activity during the three months ended March 31, 2024 was as follows:
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Restricted stock
units |
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Weighted-average
grant date fair
value per share |
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Balance as of December 31, 2023 |
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11,301,279 |
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$ |
14.76 |
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Granted |
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687,854 |
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13.46 |
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Vested |
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(1,442,104 |
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15.07 |
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Cancelled/forfeited |
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(455,815 |
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17.37 |
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Balance as of March 31, 2024 |
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10,091,214 |
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$ |
14.52 |
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| Schedule of Stock-based Compensation Expense |
Stock-based compensation expense, net of actual forfeitures is reflected in the condensed consolidated statements of operations and comprehensive loss (in thousands):
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Three Months Ended
March 31, |
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2024 |
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2023 |
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Cost of revenue |
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$ |
1,474 |
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$ |
1,792 |
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Research and development |
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8,914 |
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8,579 |
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Sales and marketing |
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6,871 |
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6,368 |
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General and administrative |
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3,805 |
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3,218 |
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Total stock-based compensation expense |
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$ |
21,064 |
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$ |
19,957 |
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