Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Stock-Based Compensation

Schedule of option activity

The following table summarizes the Company’s option activity for the fiscal year ended December 31, 2022:

		Weighted
		Average		Weighted	Aggregate
	Number	Exercise		Contractual	Intrinsic
	of Shares	Price		Term	Value
				(in years)	(in thousands)
Outstanding at beginning of period	2,747,041	$	3.32	6.7	$	62,714
Granted	432,444		15.91
Exercised	(670,047)		1.46
Forfeited	(38,073)		19.19
Outstanding at end of period	2,471,365	$	5.78	6.7	$	10,311
Vested and expected to vest at end of period		$	5.73	6.7	$	10,188
Exercisable at end of period		$	3.56	5.8	$	8,061

Schedule of restricted stock unit activity

The following table summarizes the Company’s restricted stock units activity for the fiscal year ended December 31, 2022:

		Weighted
		Average
	Number	Grant Date
	of Shares	Fair Value
Unvested at beginning of period	187,764	$	35.87
Granted	983,491		15.21
Vested and released	(58,605)		34.83
Forfeited	(53,121)		23.57
Unvested at end of period	1,059,529	$	17.38

Schedule of stock-based compensation expense

The Company recorded stock-based compensation expense in the following expense categories of its consolidated statements of operations and comprehensive loss (in thousands):

	Year Ended December 31,
	2022		2021
Cost of revenue	$	286	$	97
Research and development expenses		1,659		448
Selling, general and administrative expenses		5,262		1,959
	$	7,207	$	2,504

2020 ESPP

Stock-Based Compensation

Schedule of assumptions used to determine the grant-date fair value of stock options

The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of 2020 ESPP granted:

	Year Ended December 31,
	2022
Risk-free interest rate	3.2	%
Expected volatility	90	%
Expected dividend yield	—
Expected term (in years)	0.5

Options

Stock-Based Compensation

Schedule of assumptions used to determine the grant-date fair value of stock options

The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted:

	Year Ended December 31,
	2022		2021
Risk-free interest rate	2.7	%	1.1	%
Expected volatility	67	%	65	%
Expected dividend yield	—		—
Expected term (in years)	6		6