Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation (Tables)

v3.24.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
The summary of stock option activity for the year ended December 31, 2023 is as follows:
Stock Option Activity Number of
Options 		Weighted-
Average
Exercise
Price Per
Share		 Weighted-
Average
Remaining
Contractual
Term
(in years)		 Aggregate
Intrinsic
Value
(in thousands)
Balances—December 31, 2022 17,093,447  $ 0.68  6.97 $ 45,689 
Additional shares authorized    
Options canceled and forfeited (555,855) $ 0.65   
Repurchases —     
Options granted —   
Options exercised (2,963,007) $ 0.57   
Balances—December 31, 2023 13,574,585  $ 0.70  6.15 $ 80,736 
Vested and expected to vest 13,574,585  $ 0.70  6.15 $ 80,736 
Shares exercisable (vested and unvested) 7,928,025  $ 0.57  6.00 $ 48,210 
Schedule of Black-Scholes Valuation Assumptions
The assumptions in the Black-Scholes option-pricing models used to determine the fair value of 2021 ESPP awards granted during the year ended December 31, 2023, were as follows:
Year Ended December 31,
2023 2022
Expected volatility
58.5% - 85.1%
69.1% - 83.9%
Expected dividend yield —  % —  %
Expected term (in years)
0.5 - 1.0
0.5 - 1.0
Risk-free interest rate
4.9% - 5.4%
4.5% - 4.6%
Schedule of Restricted Stock Units Activity
A summary of RSU activity for the year ended December 31, 2023 is as follows: (in thousands, except per share data):
Number of Shares Weighted-Average Grant Date Fair Value Per
Share		 Aggregate Intrinsic Value (in thousands)
Balances—December 31, 2022 28,537,127  $ 5.75  $ 95,599 
Granted 16,542,324  $ 6.67   
Vested (11,696,228) $ 5.18 
Forfeited (2,306,524) $ 6.26 
Balances—December 31, 2023 31,076,699  $ 6.41  $ 206,660 
Summary of Stock-Based Compensation Expense The following sets forth the total stock-based compensation expense for the Company’s stock options included in the Company’s consolidated statements of operations (in thousands):
Year Ended December 31,
2023 2022 2021
Research and development expenses $ 73,160  $ 49,713  $ 19,426 
Selling, general and administrative expenses 20,476  19,357  7,506 
Total stock-based compensation expense $ 93,636  $ 69,070  $ 26,932