Equity Incentive Plans (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Share-Based Payment Arrangement [Abstract] |
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| Summary of Changes in Shares Available for Grant |
Changes in shares available for grant during the six months ended June 30, 2025 were as follows:
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Shares Available for Grant |
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Shares available for grant at December 31, 2024 |
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18,018,312 |
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Stock options, restricted stock units and performance-based restricted stock units granted and the maximum market-based restricted stock units granted eligible to be earned |
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(8,031,976 |
) |
Stock options, restricted stock units and market-based restricted stock units forfeited or expired |
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1,398,109 |
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Shares available for grant at June 30, 2025 |
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11,384,445 |
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| Summary of Stock Option Activity Under 2009 Plan and 2019 Plan |
Stock option activity under the 2009 Plan and 2019 Plan during the six months ended June 30, 2025 was as follows:
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Shares Subject to
Outstanding Stock Options |
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Weighted-Average Exercise
Price per Share |
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Aggregate Intrinsic Value
(in thousands) |
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Stock options outstanding at December 31, 2024 |
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12,295,297 |
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$ |
15.11 |
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Stock options granted |
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759,724 |
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|
8.12 |
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Stock options forfeited |
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(203,886 |
) |
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8.77 |
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Stock options expired |
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(336,998 |
) |
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21.51 |
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Stock options exercised |
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(1,120,704 |
) |
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6.30 |
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Stock options outstanding at June 30, 2025 |
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11,393,433 |
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$ |
15.43 |
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$ |
29,364 |
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Stock options vested and exercisable at June 30, 2025 |
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9,385,784 |
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$ |
16.93 |
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$ |
22,055 |
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| Summary of Restricted Stock Unit and Market-Based Restricted Stock Units Activity |
Restricted stock unit activity under the 2019 Plan during the six months ended June 30, 2025 was as follows:
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Restricted Stock Units
Outstanding |
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Weighted-Average Grant Date
Fair Value per Share |
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Nonvested restricted stock units outstanding at December 31, 2024 |
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10,174,852 |
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$ |
7.20 |
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Restricted stock units granted |
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5,127,276 |
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8.13 |
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Restricted stock units forfeited |
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(610,108 |
) |
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7.62 |
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Restricted stock units vested |
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(3,093,207 |
) |
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|
8.29 |
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Nonvested restricted stock units outstanding at June 30, 2025 |
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11,598,813 |
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$ |
7.30 |
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Market-based restricted stock unit activity under the 2019 Plan during the six months ended June 30, 2025 was as follows:
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Maximum Market-Based Restricted
Stock Units Outstanding |
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Weighted-Average Grant Date
Fair Value per Share |
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Nonvested maximum market-based restricted stock units outstanding at December 31, 2024 |
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3,831,114 |
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$ |
10.80 |
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Maximum market-based restricted stock units granted |
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2,020,000 |
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13.50 |
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Portion of maximum market-based restricted stock units that was not earned and vested at the end of the performance period, and therefore forfeited |
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(247,117 |
) |
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18.89 |
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Market-based restricted stock units vested |
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(247,117 |
) |
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18.89 |
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Nonvested maximum market-based restricted stock units outstanding at June 30, 2025 |
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5,356,880 |
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$ |
11.07 |
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| Summary of Estimated Grant Date Fair Values of Stock Options Granted |
The estimated grant date fair values of stock options granted during the six months ended June 30, 2025 and 2024 were estimated using the Black-Scholes option-pricing model with the following assumptions:
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Six Months Ended June 30, |
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2025 |
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2024 |
Fair value of common stock |
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$8.12 |
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$3.99 |
Expected term (in years) |
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5.27 - 6.08 |
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5.27 - 6.08 |
Risk-free interest rate |
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4.0% - 4.1% |
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4.2% |
Expected volatility |
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74.2% - 74.7% |
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74.5% - 75.0% |
Expected dividend yield |
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— |
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— |
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| Summary of Compensation Costs Related to Stock Options and RSUs Included on Unaudited Condensed Consolidated Statements of Operations |
The compensation cost related to stock options, restricted stock units, performance-based restricted stock units and market-based restricted stock units for the three and six months ended June 30, 2025 and 2024, respectively, are included on the unaudited condensed consolidated statements of operations as follows (in thousands):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Cost of revenue |
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$ |
1,010 |
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$ |
1,011 |
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$ |
1,889 |
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$ |
1,917 |
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Research and development |
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4,276 |
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4,170 |
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8,334 |
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8,854 |
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Sales and marketing |
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3,508 |
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3,177 |
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6,652 |
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6,190 |
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General and administrative |
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4,565 |
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4,600 |
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8,631 |
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10,295 |
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Total share-based compensation expense |
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$ |
13,359 |
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$ |
12,958 |
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$ |
25,506 |
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$ |
27,256 |
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| Schedule of Unrecognized Share-Based Compensation Expense and the Remaining Weighted-Average Recognition Period |
As of June 30, 2025, unrecognized share-based compensation expense and the remaining weighted-average recognition period were as follows:
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Unrecognized Share-Based
Compensation Expense
(in thousands) |
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Remaining Weighted-Average
Recognition Period
(in years) |
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Nonvested stock options |
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$ |
10,373 |
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|
2.03 |
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Nonvested restricted stock units |
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72,339 |
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|
2.79 |
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Nonvested market-based restricted stock units |
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17,859 |
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2.24 |
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