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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Shares Available for Future Issuances

The table below summarizes the activity pursuant to the 2021 Plan, for the years ended December 31, 2023, 2022, and the shares available for future issuances as of December 31, 2023, 2022 and 2021.

 

Shares Available for Future Issuance

 

Shares available as of December 31, 2021

 

15,074

 

Stock options issued, net

 

(175

)

RSUs issued, net

 

(2,045

)

Shares available as of December 31, 2022

 

12,854

 

Stock options issued, net

 

(2,704

)

RSUs issued, net

 

(1,840

)

Shares available as of December 31, 2023

 

8,310

 

 

Summary of Stock Options Activity

The table below summarizes the activity related to stock options, pursuant to the 2018 Plan and 2021 Plan, for the years ended December 31, 2023 and 2022.

 

Options Outstanding

 

 

Number of
Options

 

 

Weighted-
Average
Exercise Price
($ per share)

 

 

Weighted
Average
Remaining
Contractual
Life (years)

 

 

Aggregate
Intrinsic
Value

 

December 31, 2021

 

10,457

 

 

$

0.51

 

 

 

7.96

 

 

$

95,935

 

Granted

 

175

 

 

$

9.58

 

 

 

 

 

 

 

Exercised

 

(465

)

 

$

0.47

 

 

 

 

 

 

 

Forfeited

 

(496

)

 

$

0.47

 

 

 

 

 

 

 

December 31, 2022

 

9,671

 

 

$

0.67

 

 

 

6.99

 

 

$

18,234

 

Granted

 

3,299

 

 

$

2.84

 

 

 

 

 

 

 

Exercised

 

(3,035

)

 

$

0.47

 

 

 

 

 

 

 

Forfeited

 

(777

)

 

$

4.31

 

 

 

 

 

 

 

December 31, 2023

 

9,158

 

 

$

1.21

 

 

 

6.81

 

 

$

18,112

 

Exercisable options as of December 31, 2023

 

5,940

 

 

$

0.52

 

 

 

6.03

 

 

$

15,866

 

 

Summary of Restricted Stock Units Activity

The table below summarizes the activity related to RSUs, pursuant to the 2018 Plan and 2021 Plan, for the years ended December 31, 2023 and 2022.

 

Restricted Stock Units

 

Number of
Restricted Stock Units

 

 

Weighted
Average
Grant Date Fair Value (per share)

 

 

December 31, 2021

 

7,671

 

 

$

4.98

 

 

Granted

 

2,047

 

 

$

6.63

 

 

Vested or distributed

 

(3,026

)

 

$

4.88

 

 

Forfeited

 

(1,199

)

 

$

5.06

 

 

December 31, 2022

 

5,493

 

 

$

5.43

 

 

Granted

 

2,718

 

 

$

2.94

 

 

Vested or distributed

 

(2,260

)

 

$

5.55

 

 

Forfeited

 

(1,490

)

 

$

4.27

 

 

December 31, 2023

 

4,461

 

 

$

4.24

 

 

Summary of Activity Related to ESPP

The table below summarizes the activity related to the ESPP for the years ended December 31, 2023 and 2022.

 

Shares Available

 

December 31, 2021

 

2,000

 

Annual additions to the plan

 

1,939

 

Shares purchased

 

(208

)

December 31, 2022

 

3,731

 

Annual additions to the plan

 

1,985

 

Shares purchased

 

(314

)

December 31, 2023

 

5,402

 

 

Summary of Fair value of Stock Option Grants

The fair value of stock option grants is estimated by the Company on the date of grant using the Black Scholes-Merton option pricing model with the following weighted-average assumptions for the years ended December 31, 2023 and 2022. During the years ended December 31, 2023 and 2022, there were options granted covering 3,299 and 175 shares, respectively. There were no options granted during the year ended December 31, 2021.

 

For the years ended December 31,

 

 

2023

 

2022

 

Risk free interest

3.55% - 4.32%

 

1.47%

 

Dividend yield

0.00%

 

0.00%

 

Expected volatility

75.00%

 

58.80%

 

Expected life (years)

6.08 - 6.25

 

 

6.08

 

Summary of Stock-based Compensation Expense

The Company recorded stock-based compensation expense as follows.

 

For the years ended December 31,

 

 

2023

 

 

2022

 

 

2021

 

Cost of revenue

$

1,026

 

 

$

-

 

 

$

-

 

Research and development

 

3,664

 

 

 

3,668

 

 

 

2,340

 

Sales and marketing

 

635

 

 

 

1,396

 

 

 

1,379

 

General and administrative

 

7,946

 

 

 

8,652

 

 

 

4,412

 

Total

$

13,271

 

 

$

13,716

 

 

$

8,131