Stock-Based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Summary of Shares of Common Stock Available for Issuance |
Shares of common stock available for issuance under the Company’s equity incentive plans at December 31, 2024 were as follows:
|
|
|
|
|
|
|
December 31, 2024 |
|
Outstanding stock awards |
|
|
9,312,702 |
|
Reserved for future award grants |
|
|
4,827,765 |
|
Reserved for future ESPP |
|
|
61 |
|
Total common stock reserved for stock awards |
|
|
14,140,528 |
|
|
| Summary of Stock Option Activity |
A summary of the Company’s stock option activity (excluding performance-based stock option activity summarized further below) for the years ended December 31, 2024 and 2023 is as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding Options |
|
(in thousands, except share and per share data) |
|
Number of
Shares |
|
|
Weighted-
Average
Exercise Price |
|
|
Weighted-
Average
Remaining
Contractual
Term (in years) |
|
|
Aggregate
Intrinsic
Value |
|
Balance—December 31, 2022 |
|
|
5,451,132 |
|
|
$ |
9.90 |
|
|
|
5.31 |
|
|
$ |
7 |
|
Options granted |
|
|
2,638,500 |
|
|
|
2.61 |
|
|
|
|
|
|
|
Options exercised |
|
|
(8 |
) |
|
|
2.44 |
|
|
|
|
|
|
|
Options forfeited or expired |
|
|
(2,284,038 |
) |
|
|
7.84 |
|
|
|
|
|
|
|
Balance—December 31, 2023 |
|
|
5,805,586 |
|
|
$ |
7.40 |
|
|
|
6.90 |
|
|
$ |
64 |
|
Options granted |
|
|
3,612,000 |
|
|
|
2.19 |
|
|
|
|
|
|
|
Options exercised |
|
|
(80,998 |
) |
|
|
2.46 |
|
|
|
|
|
|
|
Options forfeited or expired |
|
|
(728,870 |
) |
|
|
9.65 |
|
|
|
|
|
|
|
Balance—December 31, 2024 |
|
|
8,607,718 |
|
|
$ |
5.07 |
|
|
|
7.64 |
|
|
$ |
21,949 |
|
Options vested and exercisable as of December 31, 2024 |
|
|
4,491,161 |
|
|
$ |
7.29 |
|
|
|
6.45 |
|
|
$ |
8,233 |
|
|
| Summary of Weighted-average Assumptions Used in Determination of Fair Value of Stock Options |
air value of stock options is recognized as compensation expense on a straight-line basis over the requisite service periods of the awards. Fair value of stock options was estimated using the following range of assumptions:
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2024 |
|
2023 |
Expected term (in years) |
|
5.50 - 6.08 |
|
5.50 - 6.08 |
Volatility |
|
72.61 - 83.68% |
|
78.47 - 79.31% |
Risk-free interest rate |
|
3.48 - 4.65% |
|
3.47 - 4.66% |
Dividend yield |
|
–% |
|
–% |
|
| Summary of Restricted Stock Units Activity |
A summary of the Company’s RSU activity for the years ended December 31, 2024 and 2023 is as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unvested Restricted Stock Units |
|
(in thousands, except share and per share data) |
|
Number of
Shares |
|
|
Weighted-
Average
Grant Date
Fair Value |
|
|
Aggregate
Fair Value |
|
Balance—December 31, 2022 |
|
|
2,621,482 |
|
|
$ |
9.33 |
|
|
$ |
5,191 |
|
RSUs granted |
|
|
24,500 |
|
|
|
2.18 |
|
|
|
|
RSUs vested |
|
|
(839,194 |
) |
|
|
9.91 |
|
|
|
1,520 |
|
RSUs forfeited |
|
|
(552,962 |
) |
|
|
8.89 |
|
|
|
|
Balance—December 31, 2023 |
|
|
1,253,826 |
|
|
$ |
8.99 |
|
|
$ |
2,633 |
|
RSUs granted |
|
|
— |
|
|
|
— |
|
|
|
|
RSUs vested |
|
|
(601,285 |
) |
|
|
10.46 |
|
|
|
1,719 |
|
RSUs forfeited |
|
|
(219,057 |
) |
|
|
10.20 |
|
|
|
|
Balance—December 31, 2024 |
|
|
433,484 |
|
|
$ |
6.34 |
|
|
$ |
2,506 |
|
|
| Stock Based Compensation Expense by Award Type and Function |
The following is a summary of stock-based compensation expense by function (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2024 |
|
|
2023 |
|
Cost of revenue |
|
$ |
658 |
|
|
$ |
1,761 |
|
Research and development |
|
|
4,039 |
|
|
|
4,870 |
|
Selling, general and administrative |
|
|
5,989 |
|
|
|
7,420 |
|
Total stock-based compensation expense |
|
$ |
10,686 |
|
|
$ |
14,051 |
|
The following is a summary of stock-based compensation expense by award type (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2024 |
|
|
2023 |
|
Service-based stock options |
|
$ |
5,017 |
|
|
$ |
5,746 |
|
Performance-based stock options |
|
|
112 |
|
|
|
— |
|
RSUs |
|
|
5,251 |
|
|
|
7,539 |
|
ESPP |
|
|
306 |
|
|
|
766 |
|
Total stock-based compensation expense |
|
$ |
10,686 |
|
|
$ |
14,051 |
|
|
| 2019 Employee Stock Purchase Plan |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Summary of Weighted-average Assumptions Used in Determination of Fair Value of Stock Options |
During the years ended December 31, 2024 and 2023, 583,695 and 999,194 shares of common stock were purchased under the ESPP, respectively. The fair value of stock purchase rights granted under the ESPP was estimated using the following range of assumptions:
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|
|
|
|
|
|
Year Ended December 31, |
|
|
2024 |
|
2023 |
Expected term (in years) |
|
0.5 |
|
0.5 |
Volatility |
|
61.35 - 95.66% |
|
69.23 - 84.88% |
Risk-free interest rate |
|
4.42 - 5.43% |
|
5.14 - 5.51% |
Dividend yield |
|
–% |
|
–% |
Fair value |
|
$0.51 - $2.14 |
|
$0.33 - $0.91 |
|
| Performance-Based Stock Option | 2019 Employee Stock Purchase Plan |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Summary of Stock Option Activity |
A summary of the Company’s performance-based stock option activity for the years ended December 31, 2024 and 2023 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding Performance-Based Options |
|
(in thousands, except share and per share data) |
|
Number of
Shares |
|
|
Weighted-
Average
Exercise Price |
|
|
Weighted-
Average
Remaining
Contractual
Term (in
years) |
|
|
Aggregate
Intrinsic
Value |
|
Balance—December 31, 2022 |
|
|
421,000 |
|
|
$ |
5.10 |
|
|
|
1.00 |
|
|
$ |
— |
|
Options expired |
|
|
(421,000 |
) |
|
|
5.10 |
|
|
|
|
|
|
|
Balance—December 31, 2023 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
Options granted |
|
|
271,500 |
|
|
|
1.61 |
|
|
|
|
|
|
|
Balance—December 31, 2024 |
|
|
271,500 |
|
|
$ |
1.61 |
|
|
|
9.20 |
|
|
$ |
1,133 |
|
Options vested and exercisable as of December 31, 2024 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|