Quarterly report pursuant to Section 13 or 15(d)

Stockholders??? Equity and Equity Incentive Plan (Tables)

v3.22.2.2
Stockholders’ Equity and Equity Incentive Plan (Tables)
9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Schedule of Common Stock Reserved for Future Issuance
The Company had the following shares of common stock reserved for future issuance (in thousands):
September 30,
2022
December 31,
2021
Outstanding stock awards to purchase common stock 26,021  25,181 
Stock awards available for future grants 20,538  16,154 
Shares available for issuance under 2021 ESPP 4,024  3,100 
50,583  44,435 
Summary of Stock Option Activity
The following table summarizes the stock option activity during the nine months ended September 30, 2022 (in thousands, except per share data):
Options Outstanding
Outstanding Stock options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life
(Years)
Aggregate Intrinsic Value
Balance as of December 31, 2021
22,690  $ 1.71  7.56 $ 153,883 
Exercised (1,680) 1.34  8,431 
Forfeited (1,013) 3.17 
Expired (53) 1.66 
Balance as of September 30, 2022
19,944  1.66  6.82 48,015 
Vested and exercisable:
September 30, 2022
14,435  $ 1.22  6.35 $ 39,336 
December 31, 2021
11,917  $ 0.96  6.66 $ 88,893 
Summary of Restricted Stock Unit Activity
The following table summarizes the RSU activity during the nine months ended September 30, 2022 (in thousands, except per share data):
Restricted Stock Units
Number of Shares Weighted-Average Grant Date Fair Value
Balance as of December 31, 2021
2,491  $ 16.11 
Granted 4,707  9.21 
Vested (207) 9.70 
Forfeited (914) 12.12 
Balance as of September 30, 2022
6,077  11.59 
Schedule of Stock Option Valuation Assumptions
The assumptions used under the Black-Scholes option pricing model to calculate the estimated fair value of stock options granted to employees are as follows:
Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
Fair value of common stock *
$ 10.97 — 17.04
*
$ 3.88 — 17.04
Risk-free interest rate *
0.94% — 1.00%
*
0.94% — 1.05%
Expected term (years) *
5.84 — 6.08
*
5.73 — 6.08
Expected volatility *
55.24% — 56.82%
*
54.04% — 56.82%
Expected dividend yield * None * None
____________
* No stock options were granted during the periods presented.
Schedule of ESPP Valuation Assumptions
The following table summarizes the assumptions used to calculate the estimated fair value of stock purchase rights granted under the 2021 ESPP using the Black-Scholes-Merton option pricing model:
Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
Fair value of common stock * * $ 4.52 *
Risk-free interest rate * *
1.54% — 2.66%
*
Expected term (years) * *
0.49 — 1.99
*
Expected volatility * *
53.74% — 60.64%
*
Expected dividend yield * * None *
____________
* No stock purchase rights were granted under the 2021 ESPP during the periods presented.
Summary of Stock-based Compensation Expense
The total stock-based compensation expense by line item in the accompanying condensed consolidated statements of operations is summarized as follows (in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
Cost of revenue:
Subscription $ 211  $ 11  $ 553  $ 30 
Professional services 239  78  701  160 
Operating expenses:
Sales and marketing 2,920  404  9,057  1,079 
Research and development 1,384  237  4,574  620 
General and administrative 2,562  2,057  7,811  3,030 
Total stock-based compensation expense $ 7,316  $ 2,787  $ 22,696  $ 4,919