Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Equity

Equity

As of December 31, 2023 and 2022, the Company had reserved shares of common stock for issuance in connection with the following:

	December 31,
	2023	2022
Options to purchase common stock	3,831,710	4,034,287
Restricted stock units outstanding	3,400,489	2,807,981
Shares available for future grant under the 2021 Plan	3,119,122	3,151,824
Shares available for future grant under the ESPP	1,572,504	1,179,902
Total	11,923,825	11,173,994

Preferred Stock

Effective June 14, 2021, in connection with the closing of the Company’s IPO, the Company’s board of directors (“Board”) is authorized to issue up to 10,000,000 shares of preferred stock, $0.01 par value per share, in one or more series. The Company's Board has the discretion to determine the rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock. As of December 31, 2023 and 2022, no shares of preferred stock were issued or outstanding.

Common Stock

As of December 31, 2023 and 2022, the Company had authorized 400,000,000 shares of voting common stock, $0.01 par value per share. Each holder of the Company's common stock is entitled to one vote for each share on all matters to be voted upon by the stockholders and there are no cumulative rights. Subject to any preferential rights of any outstanding preferred stock, holders of the Company's common stock are entitled to receive ratably the dividends, if any, as may be declared from time to time by the Board out of legally available funds. If there is a liquidation, dissolution, or winding up of the Company, holders of the Company's common stock would be entitled to share in the Company's assets remaining after the payment of liabilities and any preferential rights of any outstanding preferred stock. The rights, preferences, and privileges of the holders of the Company's common stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of preferred stock which the Company may designate and issue in the future.

Treasury Stock

As of December 31, 2023, the Company had 823,483 shares of treasury stock carried at its cost basis of $3.5 million, which the Company purchased during the year ended December 31, 2023, and approximately $16.5 million remains available for future purchases.

The repurchase may be affected, from time-to-time, through open market purchases, privately negotiated transactions, Rule 10b5-1 plans, accelerated stock repurchases, block trades, derivative contracts or otherwise in compliance with Rule 10b-18 of the Exchange Act. The repurchase program is not subject to a termination or expiration date, and it does not obligate the Company to acquire any specific number of shares. The timing, price and volume of repurchases will be based on a number of factors, including market conditions, relevant securities laws, and other considerations.