Stockholders’ Equity (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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| Equity [Abstract] |
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| Schedule of Equity Based Compensation Expense |
Stock-based compensation expense, consisting of service-based expense related to the equity incentive plans, including expense from stock options and restricted stock units, and the employee stock purchase plan, was classified as follows in the accompanying consolidated statements of operations for each of the periods presented (in thousands):
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Year Ended December 31, |
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2024 |
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2023 |
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2022 |
| Cost of revenue |
$ |
1,014 |
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$ |
971 |
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$ |
723 |
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| Sales and marketing |
6,582 |
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4,233 |
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3,436 |
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| Research and development |
8,374 |
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5,590 |
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4,576 |
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| General and administrative |
16,250 |
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12,029 |
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10,017 |
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| Total |
$ |
32,220 |
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$ |
22,823 |
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$ |
18,752 |
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| Schedule of Stock Option Activity |
Stock option activity was as follows for the year ended December 31, 2024:
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Number of Stock Options |
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Weighted Average Exercise Price |
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Weighted Average Remaining Contractual Life (years) |
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Aggregate Intrinsic Value
(in thousands) |
| Outstanding as of December 31, 2023 |
1,840,735 |
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$ |
4.32 |
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5.96 |
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$ |
13,165 |
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| Exercisable as of December 31, 2023 |
1,480,536 |
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$ |
3.82 |
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5.62 |
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$ |
11,320 |
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| 2024 Activity |
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| Exercised |
(325,641) |
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$ |
5.30 |
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| Forfeited and expired |
(53,984) |
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$ |
6.82 |
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| Outstanding as of December 31, 2024 |
1,461,110 |
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$ |
4.01 |
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4.54 |
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$ |
17,408 |
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| Exercisable as of December 31, 2024 |
1,400,993 |
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$ |
3.88 |
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4.46 |
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$ |
16,866 |
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| Schedule of Restricted Stock Unit Activity |
RSU activity was as follows:
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Number of Shares |
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Weighted Average Grant Date Fair Value |
| Outstanding as of December 31, 2023 |
7,504,848 |
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$ |
5.98 |
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| Granted |
3,847,441 |
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11.20 |
| Vested |
(4,198,162) |
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5.87 |
| Forfeited |
(478,189) |
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7.78 |
| Outstanding as of December 31, 2024 |
6,675,938 |
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$ |
8.93 |
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| 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, 2024, 2023, and 2022:
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Year Ended December 31, |
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2024 |
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2023 |
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2022 |
| Risk free interest rate |
5.02% - 5.54% |
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4.98% - 5.54% |
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3.12 |
% |
| Expected term |
0.50 years |
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0.50 years |
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0.50 years |
| Expected volatility |
59.98% - 67.16% |
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61.48% - 67.16% |
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90.62 |
% |
| Dividend yield |
0.00 |
% |
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0.00 |
% |
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0.00 |
% |
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