STOCK-BASED COMPENSATION (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Shares Available for Future Grant |
Shares available for future grant consisted of the following: | | | | | | | | | | | | | As of December 31, | | | 2024 | | 2023 | Shares available for future grant under the 2021 Plan | 3,139,086 | | | 3,230,183 | | | Shares available for future grant under the 2021 ESPP | 1,564,147 | | | 1,268,564 | | Shares available for future grant under the 2022 Inducement Plan | 995,117 | | | 1,003,680 | |
|
| Summary of Stock Options Activity |
The following table summarizes the stock option activities under the Company’s 2016 and 2021 Plan: | | | | | | | | | | | | | | | | | | | | | | | | | | Options Outstanding | | | Number of Shares | | Weighted-
Average
Exercise
Price | | Weighted-
Average
Remaining
Contractual
Term (Years) | | Aggregate
Intrinsic
Values
($‘000s) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance—December 31, 2023 | 2,841,764 | | | $ | 1.91 | | | 6.16 | | $ | 11,554 | | Granted | 130,000 | | | 6.85 | | | | | | Exercised | (693,909) | | | 1.28 | | | | | | Canceled | (80,251) | | | 5.34 | | | | | | Balance—December 31, 2024 | 2,197,604 | | | $ | 2.27 | | | 5.48 | | $ | 17,404 | | Options vested and exercisable—December 31, 2024 | 1,903,854 | | | $ | 1.59 | | | 4.95 | | $ | 16,373 | | Options vested and exercisable—December 31, 2023 | 2,351,656 | | | $ | 1.29 | | | 5.69 | | $ | 10,844 | |
|
| Stock Options Valuations Assumptions |
The following table summarizes the valuation assumptions: | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | | | 2024 | | 2023 | | | | Fair value of common stock | | $6.85 | | $6.54 | | | | Expected volatility | | 50.2% | | 44.0% | | | | Expected term (in years) | | 6.1 | | 6.0 | | | | Risk-free interest rate | | 3.8% | | 3.9% | | | | Expected dividend yield | | 0% | | 0% | | |
|
| Summary of Restricted Stock Units and Awards Activity |
The following table summarizes the restricted stock unit activities under the Company’s 2016 and 2021 Plan and the 2022 Inducement Plan: | | | | | | | | | | | | | Restricted Stock Units | | Number of Shares | | Weighted-Average Grant Date Fair Value Per Share | | | | | | | | | | | | | | | | | Unvested—December 31, 2023 | 5,732,950 | | | 6.56 | | Granted | 2,631,881 | | | 7.30 | | Vested | (2,432,842) | | | 6.53 | | Canceled | (706,041) | | | 6.21 | | Unvested—December 31, 2024 | 5,225,948 | | | 7.00 | |
|
| Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions |
The following table summarizes the ESPP valuation assumptions: | | | | | | | | | | | Year Ended December 31, | | | 2024 | | Expected volatility | | 65.1% | | Expected term (in years) | | 0.5 | | Risk-free interest rate | | 4.9% | | Expected dividend yield | | 0% |
|
| Stock-Based Compensation Related to Stock-Based Awards to Employees |
Stock-based compensation expense is recorded on a departmental basis, based on the classification of the award holder. The following table presents the amount of stock-based compensation related to stock-based awards to employees on the Company’s consolidated statements of operations (in thousands): | | | | | | | | | | | | | | | Year Ended December 31, | | 2024 | | 2023 | | | | Cost of revenue | $ | 783 | | | $ | 556 | | | | Research and development | 7,509 | | | 7,324 | | | | Sales and marketing | 3,079 | | | 2,712 | | | | General and administrative | 4,567 | | | 3,943 | | | | Total stock-based compensation | $ | 15,938 | | | $ | 14,535 | | | |
|