On November 26, 2019, the Company’s board of directors approved the 2019 Equity Incentive Plan (2019 EIP), which became effective on December 10, 2019. Awards granted under the 2019 EIP may include stock options, restricted stock units (RSUs), or restricted stock awards, as determined by the Company’s board of directors.

The stock option awards granted during the six months ended December 31, 2020 were not significant. As of December 31, 2020, the total unamortized stock-based compensation expense related to the unvested stock options was $28.0 million, which the Company expects to recognize over a weighted-average period of 2.59 years.

During the six months ended December 31, 2020, the Company granted an aggregate of 196,355 RSUs with a weighted grant-date fair value of $103.48 per unit. The fair value of the RSUs was estimated based upon the market closing price of the Company’s common stock on the date of grant. The RSUs vest over the requisite service period, which range between 1 year and 4 years from the date of grant, subject to the continued employment of the employees and services of the nonemployee board members.

As of December 31, 2020, the total unamortized stock-based compensation expense related to the unvested RSUs was $64.1 million, which the Company expects to amortize over a weighted-average period of 3.49 years.

The fair value of the ESPP offering during the six months ended December 31, 2020 was estimated at the date of the offering using the Black-Scholes option-pricing model with the following assumptions: (i) expected term range of 0.5 to 1.0 year, (ii) expected volatility of 88.4 %, (iii) risk-free interest rate range of 0.12% to 0.13% and (iv) expected dividend yield of 0%.

As of December 31, 2020, the total unrecognized compensation expense related to the ESPP was $0.4 million, which is expected to be amortized over the next 12 months.

Stock-based compensation expense from stock options, RSUs and ESPP was included in the following line items in the accompanying condensed consolidated statements of operations during the periods presented (in thousands):

	Three months ended December 31,				Six months ended December 31,
	2020		2019		2020		2019
Cost of revenue	$	642	$	211	$	1,243	$	359
Research and development		3,246		1,084		6,315		1,755
Sales and marketing		1,871		494		3,375		877
General and administrative		4,930		1,286		9,650		2,360
Total	$	10,689	$	3,075	$	20,583	$	5,351

The Company has an agreement with a customer to issue warrants for up to 5.6 million shares of the Company’s common stock at an exercise price of $4.50 per share over a period of five years, ending in September 2023. Issuance of the warrants is contingent upon certain performance conditions and subject to certain limits. As of December 31, 2020, there were no warrants issued or issuable under this agreement. The Company has concluded that the performance conditions for the issuance of this warrant are not probable of being met.