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Stock-based compensation (Tables)
3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of stock-based compensation
Employee stock-based compensation cost recognized in the condensed consolidated statements of loss and comprehensive loss was as follows:
Three Months Ended
March 31,
20242023
(in thousands)
Cost of revenue$482 $460 
Engineering, research, and development1,288 1,653 
Sales and marketing1,677 1,055 
General and administrative7,892 10,089 
Total stock-based compensation$11,339 $13,257 
Schedule of option activity
Stock option activity under the Company’s 2018 Plan is set forth below:
Number of OptionsWeighted Average Exercise PriceAggregate Intrinsic Value (in thousands)Weighted Average Contractual Term
(in years)
Options outstanding as of December 31, 2023
1,486,428 $3.54 $14,552 
Options exercised(65,533)$3.54 
Options outstanding as of March 31, 2024
1,420,895 $3.54 $12,433 4.8
Options vested and exercisable as of March 31, 2024
1,420,895 $3.54 $12,433 4.8
Stock option activity under the Company’s 2020 Plan is set forth below:
Number of OptionsWeighted Average Exercise PriceAggregate Intrinsic Value (in thousands)Weighted Average Contractual Term
(in years)
Options outstanding as of December 31, 2023
3,165,715 $12.79 $7,197 
Options granted19,000 $13.54 
Options exercised(3,587)$7.90 
Options forfeited(43,175)$14.75 
Options expired(27,541)$17.46 
Options outstanding as of March 31, 2024
3,110,412 $12.73 $5,066 7.3
Options vested and exercisable as of March 31, 2024
1,834,453 $11.73 $4,470 6.5
Schedule of restricted stock unit activity
The following table summarizes activity of the Company’s RSUs for the three months ended March 31, 2024:
Number of SharesWeighted Average Grant Date Fair Value
Unvested awards as of December 31, 2023
729,213 $11.99 
Awards granted1,411,350 $13.34 
Awards vested and released(306,063)$11.34 
Awards forfeited(1,500)$13.54 
Unvested awards as of March 31, 2024
1,833,000 $13.14 
Schedule of performance share activity
The following table summarizes activity of the Company’s PSUs for the three months ended March 31, 2024:
Number of SharesWeighted Average Grant Date Fair Value
Unvested awards as of December 31, 2023(1)
822,895 $11.97 
Awards granted (2)
1,626,600 $14.51 
Performance achievement adjustment (3)
200,614 $14.21 
Awards vested and released(822,895)$11.97 
Unvested awards as of March 31, 2024
1,827,214 $14.48 
__________________________
(1)Reported at the certified performance achievement of 170% of the target shares granted.
(2)Reported of 100% of the target shares granted.
(3)Reported at the estimate performance achievement of 137% for the first tranche of the target shares granted in 2024.