Stock Plans (Tables)
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9 Months Ended |
Sep. 30, 2022 |
Schedule of Stock-based Compensation Expense |
The Company’s stock-based compensation expense by type of award and by operating expense grouping are presented below:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2022 |
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2021 |
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2022 |
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2021 |
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Stock-based compensation expense by type of award: |
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Restricted stock units |
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$ |
3,509 |
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$ |
4,264 |
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$ |
9,999 |
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$ |
14,014 |
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Stock awards |
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— |
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— |
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19 |
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Performance-based stock options |
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— |
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— |
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16,314 |
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Stock options |
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1,226 |
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791 |
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4,001 |
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2,426 |
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Employee stock purchase plan |
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367 |
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86 |
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540 |
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337 |
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Common stock issued for services |
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— |
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131 |
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39 |
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381 |
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Total |
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$ |
5,102 |
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$ |
5,272 |
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$ |
14,579 |
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$ |
33,491 |
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Stock-based compensation expense by operating expense grouping: |
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Cost of revenue |
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$ |
46 |
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$ |
— |
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$ |
90 |
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$ |
— |
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Sales and marketing |
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538 |
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226 |
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1,728 |
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1,358 |
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Research and development |
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1,532 |
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431 |
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3,783 |
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2,016 |
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General and administrative |
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2,986 |
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4,615 |
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8,978 |
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30,117 |
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$ |
5,102 |
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$ |
5,272 |
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$ |
14,579 |
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$ |
33,491 |
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Schedule of Restricted Stock Unit Activity |
The Company’s restricted stock unit activity for the nine months ended September 30, 2022 was as follows:
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Weighted |
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Average Grant |
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Shares |
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Date Fair Value |
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Unvested at December 31, 2021 |
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886,461 |
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$ |
32.56 |
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Granted |
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766,935 |
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$ |
13.18 |
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Forfeited |
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(40,500 |
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$ |
24.88 |
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Vested |
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(511,719 |
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$ |
37.38 |
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Unvested at September 30, 2022 |
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1,101,177 |
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$ |
15.60 |
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Schedule of Stock Option Activity |
The activity during the nine months ended September 30, 2022 related to all other stock options was as follows:
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Weighted-Average |
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Remaining |
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Aggregate |
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Exercise |
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Contractual |
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Intrinsic |
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Options |
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Price |
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Term |
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Value |
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Outstanding at December 31, 2021 |
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5,508,608 |
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$ |
15.10 |
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Granted |
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630,467 |
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$ |
11.50 |
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Exercised |
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(49,343 |
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$ |
5.91 |
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Forfeited |
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(190,212 |
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$ |
19.44 |
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Expired |
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(41,776 |
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$ |
15.45 |
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Outstanding at September 30, 2022 |
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5,857,744 |
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$ |
14.69 |
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6.0 |
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$ |
1,464 |
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Exercisable at September 30, 2022 |
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4,504,070 |
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$ |
14.03 |
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5.1 |
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$ |
1,049 |
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Employee Stock Purchase Plan [Member] |
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Summary of Fair Value Assumptions of Stock Purchase Plan |
The assumptions used in calculating the fair values of purchase rights granted under the ESPP during the three months ended September 30, 2022 are set forth in the table below:
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Expected term (in years) |
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0.5 - 2.0 |
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Expected volatility |
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67% - 119% |
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Risk-free interest rate |
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0.1% - 3.0% |
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Expected dividend yield |
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— |
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Stock Options [Member] |
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Schedule of Fair Value Assumptions |
The following assumptions were used to compute the grant date fair values of the stock options granted during the nine months ended September 30, 2022:
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Expected term (in years) |
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5.5 - 6.1 |
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Expected volatility |
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82% - 92% |
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Risk-free interest rate |
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1.7% - 3.5% |
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Expected dividend yield |
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— |
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Performance-based Stock Options [Member] |
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Schedule of Stock Option Activity |
The activity during the nine months ended September 30, 2022 related to stock options that are subject to performance-based vesting conditions tied to the achievement of stock price goals by the Company was as follows:
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Weighted-Average |
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Remaining |
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Aggregate |
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Exercise |
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Contractual |
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Intrinsic |
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Options |
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Price |
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Term |
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Value |
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Outstanding at December 31, 2021 |
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3,834,441 |
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$ |
11.05 |
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Exercised |
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(40,916 |
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$ |
5.61 |
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Expired |
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(14,243 |
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$ |
5.30 |
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Outstanding at September 30, 2022 |
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3,779,282 |
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$ |
11.13 |
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5.8 |
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$ |
2 |
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Exercisable at September 30, 2022 |
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3,779,282 |
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$ |
11.13 |
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5.8 |
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$ |
2 |
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