In December 2020, the Company's amended and restated certificate of incorporation became effective, which authorizes the issuance of 700,000,000 shares of common stock with a par value of $0.0001 per share. Shares of common stock reserved for issuance, on an as-converted basis, are as follows:


	December 31, 2024	June 30, 2025
Options issued and outstanding	10,709,898	9,839,891
Restricted stock units outstanding	3,703,631	3,152,602

Shares available for future issuance under 2020 plan	7,669,374	11,290,010
Shares available for issuance under employee stock purchase plan	3,425,952	4,209,172
Total	25,508,855	28,491,675

In February 2022, the Board of Directors authorized the Company to purchase up to $400.0 million of common stock of the Company. The Company may repurchase shares from time to time through open market purchases, in privately negotiated transactions or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1. The repurchase program does not obligate the Company to acquire any particular amount of its common stock, and may be suspended or terminated by the Company at any time at its discretion without prior notice.

The Company records share repurchases on the settlement date. Repurchased shares are subsequently retired and returned to the status of authorized but unissued. The Company’s policy for share retirements is to allocate the excess between par value and the repurchase price, including costs and fees, to additional paid-in capital. During the six months ended June 30, 2025, the Company made no repurchases of common stock. As of June 30, 2025, $222.1 million remains available for future purchases of our common stock under the share repurchase program.

On February 14, 2025, in connection with the commencement of an “at the market” offering program, the Company entered into a sales agreement (the “Sales Agreement”) with BTIG, LLC, under which the Company may offer and sell, from time to time, up to an aggregate of $500.0 million of its common stock. The Company will pay a commission of up to 2% of the gross proceeds of shares sold, if any, under the Sales Agreement and intends to use the net proceeds from sales for working capital and general corporate purposes.

The 2020 Equity Incentive Plan authorizes grants of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units, and performance awards to eligible participants.


	Number of Options	Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Life (years)	Aggregate Intrinsic Value
Balances at December 31, 2024	10,709,898	$	18.35	5.9	$	495,359

Options granted	772,255	66.31
Options exercised	(944,442)	10.45
Options cancelled and forfeited	(697,820)	25.63
Balances at June 30, 2025	9,839,891	22.36		5.7	447,475
Options exercisable – June 30, 2025	7,216,142	17.98		4.7	364,781
Options vested and expected to vest – June 30, 2025	9,821,829	$	22.30	5.7	$	447,179

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the fair value of the Company’s stock as of June 30, 2025. The aggregate intrinsic value of options exercised for the six months ended June 30, 2024 and 2025 was $15.3 million and $50.9 million respectively. The weighted-average grant date fair value of options granted during the six months ended June 30, 2024 and 2025 was $14.06 and $35.60 per share, respectively. The total fair value of options vested for the six months ended June 30, 2024 and 2025 was $15.6 million, and $12.0 million, respectively.

As of June 30, 2025, total unrecognized stock-based compensation expense related to unvested stock options was $45.1 million, which is expected to be recognized over a remaining weighted-average period of 2.3 years.

The Company grants restricted stock units (“RSUs”) to employees and nonemployees. RSUs vest upon satisfaction of a service-based condition, which is generally satisfied over one to four years. The following table summarizes RSU activity for the six months ended June 30, 2025:


	Number of Shares	Weighted-Average Grant Date Fair Value Per Share
Unvested at December 31, 2024	3,703,631	$	33.46
RSUs granted	1,511,248	64.17
RSUs vested	(1,526,427)	37.96
RSUs cancelled and forfeited	(535,850)	32.75
Unvested at June 30, 2025	3,152,602	$	46.12

As of June 30, 2025, total unrecognized stock-based compensation expense related to outstanding unvested RSUs was $114.3 million, which is expected to be recognized over a remaining weighted-average period of 1.3 years.

Our employee stock purchase plan (“ESPP”) provides for consecutive six-month offering periods. The offering periods are scheduled to start on the first trading day on or after February 15 and August 15 of each year. The ESPP permits participants to purchase shares in the amount of 85% of the lower of the fair market value of our shares of common stock on the first trading day of the offering period or on the exercise date. During the six months ended June 30, 2025, 150,853 shares of common stock were purchased under the ESPP.

In determining the fair value of stock-based awards, the Company uses a Black-Scholes option-pricing model for its options granted and ESPP purchase rights. The inputs used for estimating the fair values of options and ESPP purchase rights granted during the period include:

Fair Value of Common Stock–The fair value of the Company’s common stock is determined by the closing price, on the date of grant, of its common stock, which is traded on the Nasdaq Global Select Market.

Expected Term–The expected term represents the period that the Company’s stock options and ESPP purchase rights are expected to be outstanding. We estimate the expected term for stock options based on the simplified method, which is the weighted-average time to vesting and the contractual maturity. For ESPP, the expected term represents the term from the first day of the offering period to the purchase date.

Volatility–Because the Company has not had an active trading market for its common stock for a sufficient period of time, the expected volatility for stock options is estimated based on the average volatility for comparable publicly-traded companies, over a period equal to the expected term of the stock option grants. For ESPP, the expected volatility is estimated using historical volatility of the Company’s common stock.

Risk-free Interest Rate–The risk-free interest rate assumption is based on the U.S. Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of the option.

Dividends–The Company has never paid dividends on its common stock and does not anticipate paying dividends on common stock for the foreseeable future. Therefore, the Company uses an expected dividend yield of zero.

Three Months Ended June 30,

Six Months Ended June 30,

2024

2025

2024

2025

Expected term (in years)

5.3

5.3 – 7.0

5.2 – 7.0

Expected volatility

53.68% - 53.71%

50.32% – 53.38%

50.66% – 53.71%

Risk-free interest rate

3.72%

4.21% – 4.27%

3.72% – 4.09%

Dividend yield

—%

_________


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2025	2024	2025
Expected term (in years)	*	*	0.5	0.5
Expected volatility	*	*	96.69%	99.09%
Risk-free interest rate	*	*	5.30%	4.34%
Dividend yield	*	*	—%	—%

_________

The Company recorded stock-based compensation in the following expense categories in its condensed consolidated statements of operations and comprehensive income (loss) for employees and non-employees:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2025		2024		2025
Sales and marketing	$	3,078	$	3,606	$	6,056	$	6,309
Customer operations	2,120		2,025		4,083		3,671
Engineering and product development	17,917		17,698		37,127		32,250
General, administrative, and other	11,094		12,182		22,720		23,112
Total	$	34,209	$	35,511	$	69,986	$	65,342