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Stock-Based Compensation and Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Employee and Non-Employee Stock-Based Compensation Expense

The following table summarizes the components of stock-based compensation expense in the condensed consolidated statements of operations (in thousands):


	Three Months Ended March 31,
	2024		2023

Cost of revenue	$	3,814	$	4,161
Research and development	5,084		8,410
Sales and marketing	2,090		5,817
General and administrative	7,872		11,165
	$	18,860	$	29,553

Schedule of Stock Option Activity

The following table summarizes the stock option activity under our stock plans during the reporting period:


	Outstanding Options
	Number of Shares	Weighted Average Exercise Price		Remaining Contractual Life (Years)	Aggregate Intrinsic Value
	(in thousands)
Balances at December 31, 2023	7,247,624	$	20.93	3.8	$	19,446
Granted	1,000,000	9.08
Exercised	(99,640)	5.44

Expired	(284,187)	27.03
Balances at March 31, 2024	7,863,797	19.39		4.7	24,003
Vested and expected to vest at March 31, 2024	7,519,528	19.86		4.4	22,034
Exercisable at March 31, 2024	6,859,630	$	20.89	3.7	$	18,252

The following table presents the stock activity and the total number of shares available for grant under our stock plans:


						Plan Shares Available for Grant

Balances at December 31, 2023						32,877,906
Added to plan						9,871,670
Granted						(4,944,248)

Cancelled/Forfeited						789,664
Expired						(221,086)
Balances at March 31, 2024						38,373,906

Schedule of Weighted-Average Valuation Assumptions

We used the following weighted-average assumptions in applying the Black-Scholes valuation model for determination of the performance-based stock options valuation:


						Three Months Ended March 31, 2024

Risk-free interest rate						4.1%
Expected term (years)						6.0
Expected dividend yield						—
Expected volatility						97.1%

Schedule of Stock Award Activity

A summary of our stock awards activity and related information is as follows:


	Number of Awards Outstanding	Weighted Average Grant Date Fair Value

Unvested Balance at December 31, 2023	9,889,341	$	18.25
Granted	3,948,296	9.52
Vested	(1,483,902)	19.43
Forfeited	(707,643)	20.33
Unvested Balance at March 31, 2024	11,646,092	$	15.01