Annual report pursuant to Section 13 and 15(d)

Stockholders??? Equity (Tables)

v3.22.4
Stockholders’ Equity (Tables)
12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Equity Based Compensation Expense
Stock-based compensation expense, consisting of service-based expense related to the equity incentive plan, including expense from stock options and restricted stock units, and the employee stock purchase plan, as well as expenses related to secondary sales of shares of Company common stock, was classified as follows in the accompanying consolidated statements of operations for each of the periods presented (in thousands):
Year Ended December 31,
2022 2021 2020
Cost of revenue $ 723  $ 526  $ 282 
Sales and marketing 3,436  1,962  544 
Research and development 4,576  3,545  1,442 
General and administrative 10,017  8,058  9,345 
Total $ 18,752  $ 14,091  $ 11,613 
Stock Option Activity Stock option activity was as follows for the year ended December 31, 2022:
Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value
(in thousands)
Outstanding as of December 31, 2021 7,574,136  $ 8.60  8.35 $ 52,257 
Exercisable as of December 31, 2021 2,719,252  $ 3.44  7.03 $ 31,929 
2022 Activity
Granted —  $ — 
Exercised (1,069,935) $ 1.57 
Forfeited and expired (2,318,325) $ 11.64 
Outstanding as of December 31, 2022 4,185,876  $ 6.32  5.03 $ 3,470 
Exercisable as of December 31, 2022 3,060,997  $ 6.47  3.87 $ 3,286 
Fair value assumptions
The assumptions used in the Black-Scholes pricing model for stock-based compensation for options granted in the periods below were as follows:
Year Ended December 31,
2021 2020
Risk free interest rate
0.97% - 1.06%
0.38% - 0.53%
Expected term
5.83 - 6.25 Years
5.50 - 6.25 Years
Expected volatility
42.43% - 43.01%
42.00  %
Dividend yield 0.00  % 0.00  %
Estimated Fair Value of Granted Options by Grant Date
Estimated fair value of granted options by grant date based on the Black-Scholes model:
Number of Options Fair Value
March 2020 502,016 $ 6.5353 
July 2020 414,149
$8.3377 - 8.4404
October 2020 346,250 $ 9.3857 
December 2020 2,371,893
$6.7118 - 10.1240
April 2021 249,067 $ 9.8159 
July 2021 1,610,102 $ 9.1387 
September 2021 580,590 $ 8.6490 
Schedule of Restricted Stock Unit Activity
Restricted Stock Unit activity was as follows:
Number of Shares Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2021 171,075  $ 18.50 
Granted 9,362,682  5.46
Vested (179,143) 7.67
Canceled (1,076,253) 6.91
Outstanding as of December 31, 2022 8,278,361  $ 5.51 
Fair Value Assumptions For ESPP
The following assumptions were used to calculate the fair value of shares to be granted under the ESPP during the years ended December 31, 2022 and 2021:
Year Ended December 31,
2022 2021
Risk free interest rate 3.12  % 0.21  %
Expected term 0.50 years 0.67 years
Expected volatility 90.62  % 36.62  %
Dividend yield 0.00  % 0.00  %
Black-Scholes Valuation for Warrants
The following inputs were used in the Black-Scholes valuation for these warrants:
Risk free interest rate 1.16  %
Contractual term 11 years
Expected volatility 55.00  %
Dividend yield 0.00  %
The following inputs were used in the Black-Scholes valuation for these warrants:
Risk free interest rate 1.97  %
Contractual term 10 years
Expected volatility 40.00  %
Dividend yield 0.00  %