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Equity Incentive Plan (Tables)
3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
Summary of Stock Option Activity

The following table summarizes the stock option activity for the three months ended March 31, 2023:

 

 

 

Shares
(in thousands)

 

 

Weighted-
Average
Exercise Price

 

 

Weighted-
Average
Remaining
Contractual
Term (Years)

 

Outstanding at December 31, 2022

 

 

20,749

 

 

$

14.61

 

 

 

6.44

 

Granted

 

 

1,588

 

 

$

2.92

 

 

 

 

Exercised

 

 

 

 

$

 

 

 

 

Expired and forfeited

 

 

(961

)

 

$

15.52

 

 

 

 

Outstanding at March 31, 2023

 

 

21,376

 

 

$

13.70

 

 

 

5.61

 

Summary of Restricted Stock Unit Activity

The following table summarizes the restricted stock unit activity (“RSUs”) for the three months ended March 31, 2023:

 

 

 

Shares
(in thousands)

 

 

Weighted-Average Grant Date Fair Value

 

Outstanding at December 31, 2022

 

 

3,167

 

 

$

6.46

 

Granted

 

 

1,408

 

 

$

2.58

 

Released

 

 

(195

)

 

$

10.13

 

Expired and forfeited

 

 

(529

)

 

$

3.16

 

Outstanding at March 31, 2023

 

 

3,851

 

 

$

5.31

 

Summary of Stock-Based Compensation Expense related to Stock-Based Payment Awards Granted

The following table summarizes stock-based compensation expense related to stock-based payment awards granted pursuant to all of our equity compensation arrangements (in thousands):

 

 

 

Three Months Ended
March 31,

 

 

 

2023

 

 

2022

 

Research and development

 

$

2,939

 

 

$

4,563

 

General and administrative

 

 

2,329

 

 

 

3,002

 

Sales and marketing

 

 

2,679

 

 

 

3,350

 

Total stock-based compensation expense

 

$

7,947

 

 

$

10,915

 

Summary of Fair Value of Option Grant on Grant Date Using Black-Scholes Option Pricing Model

We estimated the fair value of each option grant on the grant date using the Black-Scholes option pricing model with the following weighted-average assumptions:

 

 

 

For the Three Months Ended

 

 

 

March 31,

 

 

 

2023

 

 

2022

 

Risk-free interest rate

 

 

3.7

%

 

 

2.1

%

Dividend yield

 

 

0.0

%

 

 

0.0

%

Volatility

 

 

63.9

%

 

 

59.1

%

Expected life (years)

 

 

6

 

 

 

6