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Stockholders' Equity and Stock Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Schedule of Unrealized Gains or Losses Within Accumulated Other Comprehensive Income (Loss)
The following tables shows the change in unrealized gains or losses within accumulated other comprehensive (loss) income:
Year Ended December 31,
202220212020
Beginning balance$(747)$411 $139 
Unrealized (losses) gains on available-for-sale debt securities
(6,684)(1,152)405 
Reclassification of unrealized gains to interest and other income, net, in the consolidated statements of operations
— (6)(133)
Net impact to other comprehensive (loss) income in current period
(6,684)(1,158)272 
Ending balance$(7,431)$(747)$411 
Summary of Common Shares Reserved for Future Issuance
Shares of common stock reserved for future issuance were as follows (in thousands):
December 31,
2022
2011 Stock Plan:
Options and RSUs outstanding21,380 
2021 Equity Incentive Plan:
RSUs outstanding10,122 
Shares reserved for future award issuances52,178 
2022 Inducement Plan:
Options and RSUs outstanding3,509 
Shares reserved for future award issuances6,491 
2021 Employee Stock Purchase Plan8,371 
Total shares of common stock reserved for issuance102,051 
Summary of Valuation Assumptions of Employee Stock Purchase Plan The following table summarizes the range of valuation assumptions used in estimating the fair value of the ESPP during the period:
Year Ended December 31,
Valuation Assumption Inputs20222021
Expected term (in years)
0.5 - 2.0
0.6 - 2.1
Stock price volatility
55.8% - 84.5%
47.7% - 58.5%
Risk-free interest rate
1.54% - 4.62%
0.06% - 0.29%
Dividend yield0.00%0.00%
Schedule of Stock Option Activity
Stock option activity during the year ended December 31, 2022 is as follows (in thousands, except per share data):
Share Information:Number of SharesWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Term (in years)
Aggregate Intrinsic Value (1)
Balance as of December 31, 20211,348 $0.27 3.6$35,020 
Stock options granted1,816 $13.61 
Stock options exercised(406)$0.27 
Stock options cancelled / forfeited / expired— $— 
Balance as of December 31, 20222,758 $9.06 7.3$15,595 
Options vested and expected to vest as of December 31, 20222,758 $9.06 7.3$15,595 
Options exercisable as of December 31, 2022942 $0.27 2.7$13,598 
(1)Aggregate intrinsic value for stock options represents the difference between the exercise price and the per share fair value of the Company’s common stock as of the end of the period, multiplied by the number of stock options outstanding, exercisable, or vested.
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions The following table summarizes the valuation assumptions used in estimating the fair value of stock options granted during the year:
Year Ended December 31,
Valuation Assumption Inputs2022
Expected term (in years)6.1
Stock price volatility65.0%
Risk-free interest rate3.37%
Dividend yield—%
Schedule of Restricted Stock Unit Activity
RSU activity, which includes PRSUs, during the year ended December 31, 2022 is as follows (in thousands, except per share data):
Share Information:Number of SharesWeighted-Average Grant Date Fair Value
Unvested, as of December 31, 202147,830 $14.47 
Granted13,054 $16.88 
Vested (1)
(24,397)$9.63 
Forfeited(4,234)$16.24 
Unvested, as of December 31, 202232,253 $18.86 
(1)    During the year ended December 31, 2022 total shares that vested were 24.4 million, of which 9.8 million shares were withheld for tax withholding requirements.
Summary of Valuation Assumptions, CEO Performance Award
The valuation assumptions using the Monte Carlo simulation model at the date of grant were:
Valuation Assumption Inputs
Measurement period (in years)7.0
Stock price volatility60.0%
Risk-free interest rate1.12%
Dividend yield—%
Stock-based Compensation Expense
Total stock-based compensation expense recorded for the years ended December 31, 2022, 2021, and 2020 was as follows (in thousands):
Year Ended December 31,
202220212020
Equity awards:
Cost of revenue$7,039 $5,604 $— 
Research and development (1)
36,413 45,162 8 
Sales and marketing (2)
64,328 53,169 7 
General and administrative (3)
99,916 69,508 29 
Total employee awards207,696 173,443 44 
Secondary transaction— — 43,236 
Stock-based compensation, net of amounts capitalized207,696 173,443 43,280 
Capitalized stock-based compensation1,665 585 — 
Total stock-based compensation expense$209,361 $174,028 $43,280 
(1) Stock-based compensation expense recorded to research and development in the consolidated statements of operations excludes amounts that were capitalized for internal-use software for the years ended December 31, 2022 and 2021.
(2) Sales and marketing expense for the year ended December 31, 2022 includes $3.2 million of stock-based compensation expense associated with RSU and options granted to the President in September 2022.
(3) General and administrative expense includes $55.9 million and $19.1 million of stock-based compensation expense associated with RSUs and PRSUs primarily granted to the CEO in September 2021 for the years ended December 31, 2022 and 2021, respectively.
Share-Based Payment Arrangement, Nonvested Award, Cost As of December 31, 2022, unrecognized stock-based compensation expense related to unvested stock-based awards was as follows (in thousands, except for period data):
December 31, 2022
Unrecognized Stock-Based CompensationWeighted-Average Period to Recognize Expense (in years)
RSUs and PSUs$531,758 3.0
Stock options13,758 3.7
ESPP12,606 1.1
Total unrecognized stock-based compensation expense$558,122