| Summary of Stock Options Activity |
The activity for stock options under the Company’s stock plans for the nine months ended September 30, 2023 is as follows:
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Remaining |
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weighted- |
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Weighted- |
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average |
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Per share |
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average |
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contractual |
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average |
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Price per |
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exercise |
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terms |
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intrinsic |
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Options |
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share |
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price |
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(in years) |
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value |
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Outstanding as of December 31, 2022 |
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348,284 |
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$1.17-$83.30 |
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$ |
44.21 |
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0.43 |
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$ |
2.07 |
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Exercised |
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(54,432 |
) |
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1.17-8.37 |
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7.03 |
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Forfeited |
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(4,125 |
) |
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44.19 |
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44.19 |
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Expired |
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(232,363 |
) |
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44.19 |
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44.19 |
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Outstanding as of September 30, 2023 |
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57,364 |
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8.37-83.30 |
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79.56 |
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0.32 |
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— |
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Vested and exercisable as of September 30, 2023 |
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57,364 |
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8.37-83.30 |
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79.56 |
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0.32 |
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— |
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Vested and expected to vest as of September 30, 2023 |
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57,364 |
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$8.37-$83.30 |
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$ |
79.56 |
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0.32 |
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$ |
— |
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| Summary of Restricted Stock Activity |
Stock Awards activity for the nine months ended September 30, 2023 is summarized below:
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Weighted- |
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average |
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grant |
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Performance |
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date fair |
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and |
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value |
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Restricted stock units |
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Time-based |
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time-based |
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Total |
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per share |
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Unvested restricted stock units as of December 31, 2022 |
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820,941 |
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183,197 |
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1,004,138 |
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$ |
32.72 |
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Granted |
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915,314 |
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536,990 |
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1,452,304 |
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14.66 |
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Vested |
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(194,102 |
) |
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(15,618 |
) |
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(209,720 |
) |
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35.74 |
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Forfeited/canceled |
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(443,625 |
) |
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(235,745 |
) |
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(679,370 |
) |
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23.71 |
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Unvested restricted stock units as of September 30, 2023 (1) |
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1,098,528 |
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468,824 |
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1,567,352 |
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$ |
19.99 |
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Unvested and expected to vest restricted stock units outstanding as of September 30, 2023 |
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1,138,017 |
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$ |
20.27 |
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Weighted- |
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average |
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grant |
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Performance |
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date fair |
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and |
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value |
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Restricted stock awards |
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Time-based |
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time-based |
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Total |
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per share |
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Unvested restricted stock awards outstanding as of December 31, 2022 |
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786 |
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— |
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|
786 |
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$ |
59.55 |
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Vested |
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(786 |
) |
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— |
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(786 |
) |
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59.55 |
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Unvested restricted stock awards outstanding as of September 30, 2023 (1) |
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— |
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— |
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— |
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$ |
— |
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Unvested and expected to vest restricted stock awards outstanding as of September 30, 2023 |
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— |
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$ |
— |
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(1) Outstanding restricted stock units and restricted stock awards are based on the maximum payout of the targeted number of shares.
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| Summary of Stock-based Compensation Expense |
Stock-based compensation expense recognized for the three and nine months ended September 30, 2023 and 2022, was as follows:
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Three months ended |
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Nine months ended |
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September 30, |
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September 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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Stock-based compensation expense by type of award: |
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Restricted stock units and restricted stock awards |
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$ |
1,682 |
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$ |
3,389 |
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$ |
8,164 |
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$ |
8,748 |
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Employee stock purchase plan |
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97 |
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|
111 |
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|
320 |
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|
437 |
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Total stock-based compensation expense |
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$ |
1,779 |
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$ |
3,500 |
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$ |
8,484 |
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$ |
9,185 |
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For the three and nine months ended September 30, 2023 and 2022, respectively, stock-based compensation expense recognized under ASC 718, included in cost of revenue, research and development expense, sales and marketing expense, and general and administrative expense was as follows:
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Three months ended |
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Nine months ended |
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September 30, |
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September 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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Cost of revenue |
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$ |
164 |
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$ |
327 |
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$ |
401 |
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$ |
863 |
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Research and development |
|
|
358 |
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|
|
409 |
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1,192 |
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1,205 |
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Sales and marketing |
|
|
(255 |
) |
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|
754 |
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1,177 |
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|
2,111 |
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General and administrative |
|
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1,512 |
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|
2,010 |
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|
5,714 |
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|
5,006 |
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Total stock-based compensation expense |
|
$ |
1,779 |
|
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$ |
3,500 |
|
|
$ |
8,484 |
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$ |
9,185 |
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|