v3.26.1
Stockholders' Equity and Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Schedule of Shares of Common Stock Reserved for Future Issuance
Shares of common stock reserved for future issuance were as follows (in thousands):
June 30, 2026
2021 Equity Incentive Plan(1)
91,578 
2022 Inducement Plan7,066 
2021 Employee Stock Purchase Plan17,843 
Total shares of common stock reserved for issuance116,487 
(1)Outstanding shares include the 2026 Executive PRSUs as discussed below, based on 100% achievement of target performance.
Schedule of Employee Stock Purchase Plan The following table summarizes the information on shares purchased under the ESPP:
Three and Six Months Ended June 30,
20262025
Net shares issued under ESPP(1)
403,394 208,870 
Weighted average purchase price
$7.62 $11.84 
Aggregate net proceeds (in millions)$3.1 $3.3 
(1)     Net of shares withheld and retired to satisfy withholding tax requirements for certain employees in jurisdictions outside the United States.
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 Inputs20262025
Expected term (in years)
0.5 - 2.0
0.5 - 1.0
Stock price volatility
45.0% - 54.1%
48.2% - 48.5%
Risk-free interest rate
3.77% - 4.07%
4.13% - 4.30%
Dividend yield—%—%
Schedule of Stock Option Activity
Stock option activity for the six months ended June 30, 2026 is as follows (in thousands, except per share data):
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, 20252,332 $11.32 7.1$4,650 
Stock options exercised(4)$0.40 
Balance as of June 30, 20262,328 $11.33 6.6$3,511 
Options vested and expected to vest as of June 30, 20262,328 $11.33 6.6$3,511 
Options exercisable as of June 30, 20262,214 $11.22 6.6$3,511 
(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, 2026 was as follows:
Share Information:
Number of Shares
(in thousands)
Weighted-Average Grant Date Fair Value Per Share
Unvested, as of December 31, 202521,936 $14.98 
Granted
20,155 $11.00 
Vested (1)
(4,852)$14.95 
Forfeited/Cancelled
(6,155)$13.50 
Unvested, as of June 30, 2026
31,084 $12.70 
(1) During the six months ended June 30, 2026, total shares that vested were 4.9 million, of which 1.8 million were withheld for tax purposes.
Schedule of Stock-Based Compensation Expense
Total stock-based compensation expense recorded was as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Cost of revenue$1,636 $1,437 $3,254 $2,955 
Research and development(1)
8,956 8,618 21,257 17,831 
Sales and marketing
11,088 11,819 24,088 25,228 
General and administrative(2)
16,168 27,406 33,170 54,930 
Stock-based compensation, net of amounts capitalized37,848 49,280 81,769 100,944 
Capitalized stock-based compensation454 1,021 1,165 1,713 
Total stock-based compensation expense
$38,302 $50,301 $82,934 $102,657 
(1)     Stock-based compensation expense recorded to research and development in the condensed consolidated statements of operations excludes amounts that were capitalized primarily for internal-use software.
(2)    General and administrative expense includes stock-based compensation associated with RSUs and PRSUs granted to our former Executive Chairman of $10.4 million and $21.7 million for the three and six months ended June 30, 2025, respectively.
Schedule of Unrecognized Stock-Based Compensation Expense Related to Unvested Stock-Based Awards
As of June 30, 2026, unrecognized stock-based compensation expense related to unvested stock-based awards was as follows (in thousands, except for period data):
Unrecognized Stock-Based CompensationWeighted-Average Period to Recognize Expense
(in years)
RSUs and PRSUs$345,837 2.8
Stock options707 0.2
ESPP6,077 1.2
Total unrecognized stock-based compensation expense$352,621