Quarterly report pursuant to Section 13 or 15(d)

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

v3.22.2
Stockholders’ Equity and Equity Incentive Plan (Tables)
6 Months Ended
Jun. 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):
June 30,
2022
December 31,
2021
Outstanding stock awards to purchase common stock 27,167  25,181 
Stock awards available for future grants 20,128  16,154 
Shares available for issuance under 2021 ESPP 4,024  3,100 
51,319  44,435 
Summary of Stock Option Activity
The following table summarizes the stock option activity during the six months ended June 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 (1,121) 1.39  6,485 
Forfeited (514) 3.32 
Expired (34) 1.07 
Balance as of June 30, 2022
21,021  1.68  7.08 72,330 
Vested and exercisable:
June 30, 2022
14,019  $ 1.15  6.49 $ 54,250 
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 six months ended June 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 4,098  9.85 
Vested (31) 9.48 
Forfeited (412) 12.14 
Balance as of June 30, 2022
6,146  12.24 
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 June 30, Six Months Ended June 30,
2022 2021 2022 2021
Fair value of common stock * $ 4.36 *
$ 3.88 — $ 4.36
Risk-free interest rate *
1.03% — 1.05%
*
0.95% — 1.05%
Expected term (years) *
5.96 — 6.06
*
5.73 — 6.06
Expected volatility *
54.95% — 55.07%
*
54.04% — 55.07%
Expected dividend yield * None * None
____________
* No stock options were granted during the three and six months ended June 30, 2022.
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 June 30, Six Months Ended June 30,
2022 2021 2022 2021
Fair value of common stock 4.52 * 4.52 *
Risk-free interest rate
1.54% — 2.66%
*
1.54% — 2.66%
*
Expected term (years)
0.49 — 1.99
*
0.49 — 1.99
*
Expected volatility
53.74% — 60.64%
*
53.74% — 60.64%
*
Expected dividend yield None * None *
____________
* Not applicable as the 2021 ESPP became effective only upon completion of the IPO in November 2021.
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 June 30, Six Months Ended June 30,
2022 2021 2022 2021
Cost of revenue:
Subscription $ 217  $ 11  $ 342  $ 19 
Professional services 278  46  462  82 
Operating expenses:
Sales and marketing 3,473  375  6,137  675 
Research and development 1,884  222  3,190  383 
General and administrative 2,251  570  5,249  973 
Total stock-based compensation expense $ 8,103  $ 1,224  $ 15,380  $ 2,132