v3.25.2
Stockholders' Equity and Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Shares of Common Stock Outstanding and Reserved for Future Issuance
Shares of common stock outstanding and reserved for future issuance were as follows (in thousands):
June 30, 2025
2011 Stock Plan:
Options, RSUs and PRSUs outstanding551 
2021 Equity Incentive Plan:
Options, RSUs and PRSUs outstanding (1)
24,759 
Shares reserved for future award issuances89,465 
2022 Inducement Plan:
Options and RSUs outstanding2,412 
Shares reserved for future award issuances6,811 
2021 Employee Stock Purchase Plan
Shares reserved for future award issuances15,714 
Total awards outstanding and shares of common stock reserved for issuance
139,712 
(1)Outstanding shares include the 2025 Executive PRSUs as discussed below, based on 100% achievement of target performance.
Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions The following table summarizes the range of valuation assumptions used in estimating the fair value of the ESPP during the period.
Three and Six Months Ended June 30,
Valuation Assumption Inputs
20252024
Expected terms (in years)
0.5 - 1.0
0.5 - 2.0
Stock price volatility
48.2% - 48.5%
48.3% - 57.2%
Risk-free interest rate
4.13% - 4.30%
4.78% - 5.41%
Dividend yield
—%—%
Schedule of Stock Option Activity
Share Information:Number of Shares (in thousands)Weighted-Average Exercise PriceWeighted-Average Remaining Contractual Term (in years)
Aggregate Intrinsic Value (in thousands) (1)
Balance as of December 31, 20242,569 $10.30 7.4$15,066 
Stock options expired
(11)$0.42 
Stock options exercised(189)$0.33 
Balance as of June 30, 20252,369 $11.14 7.4$9,138 
Options vested and expected to vest as of June 30, 20252,369 $11.14 7.4$9,138 
Options exercisable as of June 30, 20251,290 $13.19 7.0$2,341 
(1)Aggregate intrinsic value for stock options represents the difference between the exercise price and the per share fair value of our common stock as of the end of the period, multiplied by the number of stock options outstanding, exercisable, or vested.
Schedule of Restricted Stock Unit Activity
RSU activity, which includes PRSUs, during the six months ended June 30, 2025 was as follows:
Share Information:Number of SharesWeighted-Average Grant Date Fair Value Per Share
(in thousands, except per share data)
Unvested, as of December 31, 2024
21,797 $18.54 
Granted
10,878 $15.60 
Vested (1)
(5,000)$21.20 
Forfeited/Cancelled
(2,322)$16.36 
Unvested, as of June 30, 2025
25,353 $16.96 
(1) During the six months ended June 30, 2025, total shares that vested were 5.0 million, of which 1.9 million were withheld for tax purposes.
Schedule of Stock-Based Compensation Expense
Total stock-based compensation expense recorded for the three and six months ended June 30, 2025 and 2024 was as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Cost of revenue$1,437 $1,682 $2,955 $3,203 
Research and development(1)
8,618 10,355 17,831 19,021 
Sales and marketing
11,819 18,376 25,228 35,677 
General and administrative(2)
27,406 24,726 54,930 49,680 
Stock-based compensation, net of amounts capitalized49,280 55,139 100,944 107,581 
Capitalized stock-based compensation1,021 382 1,713 756 
Total stock-based compensation expense
$50,301 $55,521 $102,657 $108,337 
(1)     Stock-based compensation expense recorded to research and development in the condensed consolidated statements of operations excludes amounts that were capitalized for internal-use software.
(2)    General and administrative expense includes stock-based compensation associated with RSUs and PRSUs granted to our Executive Chairman of $10.4 million and $12.7 million for the three months ended June 30, 2025 and 2024, respectively, and $21.7 million and $26.2 million for the six months ended June 30, 2025 and 2024, respectively.
Schedule of Unrecognized Stock-Based Compensation Expense Related to Unvested Stock-Based Awards
As of June 30, 2025, unrecognized stock-based compensation expense related to unvested stock-based awards was as follows (in thousands, except for period data):
June 30, 2025
Unrecognized Stock-Based CompensationWeighted-Average Period to Recognize Expense
(in years)
RSUs and PRSUs$378,094 2.9
Stock options5,211 1.1
ESPP3,354 0.7
Total unrecognized stock-based compensation expense$386,659