| Schedule of stock-based compensation expense |
Total stock-based compensation expense related to all of the Company’s stock-based awards granted is reported in the condensed consolidated statements of operations as follows (in thousands):
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2021 |
|
2020 |
Research and development |
|
$ |
916 |
|
$ |
713 |
General and administrative expense |
|
|
839 |
|
|
237 |
Sales and marketing expense |
|
|
345 |
|
|
209 |
Cost of sales |
|
|
117 |
|
|
100 |
Total stock-based compensation expenses |
|
$ |
2,217 |
|
$ |
1,259 |
|
Total stock-based compensation expense related to all of the Company’s stock-based awards granted is reported in the consolidated statements of operations as follows (in thousands):
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
|
2020 |
|
2019 |
Research and development |
|
$ |
3,276 |
|
$ |
2,713 |
General and administrative expense |
|
|
3,464 |
|
|
941 |
Sales and marketing expense |
|
|
894 |
|
|
1,373 |
Cost of sales |
|
|
372 |
|
|
188 |
Total stock-based compensation expenses |
|
$ |
8,006 |
|
$ |
5,215 |
|
| Schedule of option activity |
There were 14,140,956 shares available for award under the 2020 Plan at March 31, 2021. The option activity of the Plans for the three months ended March 31, 2021, is as follows (shares in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
|
|
|
Weighted-Average |
|
Remaining |
|
Aggregate |
|
|
Number of |
|
Exercise Price |
|
Contractual Term |
|
Intrinsic Value |
|
|
Shares |
|
per Share |
|
(in years) |
|
(in thousands) |
Outstanding at January 1, 2021 |
|
19,553 |
|
$ |
1.53 |
|
7.75 |
|
$ |
306,408 |
Granted |
|
— |
|
$ |
— |
|
|
|
|
|
Exercised |
|
(163) |
|
$ |
1.10 |
|
|
|
|
|
Forfeited/expired |
|
(12) |
|
$ |
1.40 |
|
|
|
|
|
Outstanding at March 31, 2021 |
|
19,378 |
|
$ |
1.53 |
|
7.51 |
|
$ |
259,023 |
Options vested at March 31, 2021 |
|
11,044 |
|
$ |
1.55 |
|
6.29 |
|
$ |
147,481 |
Options vested or expected to vest at March 31, 2021 |
|
18,673 |
|
$ |
1.54 |
|
7.45 |
|
$ |
249,529 |
|
There were 14,379,052 shares available for award under the 2020 Plan at December 31, 2020. The option activity of the 2015 Plan and Make Plan for the year ended December 31, 2020, is as follows (shares in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
|
|
|
Weighted-Average |
|
Remaining |
|
Aggregate |
|
|
Number of |
|
Exercise Price |
|
Contractual Term |
|
Intrinsic Value |
|
|
Shares |
|
per Share |
|
(in years) |
|
(in thousands) |
Outstanding at January 1, 2020 |
|
18,072 |
|
$ |
2.01 |
|
7.84 |
|
$ |
24,045 |
Granted |
|
8,463 |
|
$ |
1.51 |
|
|
|
|
|
Exercised |
|
(522) |
|
$ |
0.62 |
|
|
|
|
|
Forfeited/expired |
|
(6,460) |
|
$ |
2.92 |
|
|
|
|
|
Outstanding at December 31, 2020 |
|
19,553 |
|
$ |
1.53 |
|
7.75 |
|
$ |
306,408 |
Options vested at December 31, 2020 |
|
10,905 |
|
$ |
1.53 |
|
6.52 |
|
$ |
170,868 |
Options vested or expected to vest at December 31, 2020 |
|
18,818 |
|
$ |
1.53 |
|
7.69 |
|
$ |
294,824 |
|
| Schedule of RSU activity |
|
|
|
|
|
|
|
Shares Subject |
|
Weighted-Average |
|
|
to Vesting |
|
Grant Date Fair Value |
Balance of unvested shares as of January 1, 2021 |
|
683 |
|
$ 8.02 |
Granted |
|
250 |
|
$ 30.49 |
Vested |
|
(15) |
|
$ 8.19 |
Balance of unvested shares as of March 31, 2021 |
|
918 |
|
$ 14.14 |
|
|
|
|
|
|
|
|
Shares subject |
|
Weighted Average |
|
|
to Vesting |
|
Grant Date Fair Value |
Balance of unvested shares as of January 1, 2020 |
|
— |
|
— |
Granted |
|
683 |
|
$ 8.02 |
Vested |
|
— |
|
— |
Balance of unvested shares as of December 31, 2020 |
|
683 |
|
$ 8.02 |
|
| Schedule of assumptions using Black-Scholes option-pricing model |
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, 2020 |
|
Risk‑free interest rate |
|
|
0.8 |
% |
Expected volatility |
|
|
54.3 |
% |
Expected life (in years) |
|
|
10.0 |
|
Expected dividend yield |
|
|
— |
|
Fair value of Common Stock |
|
$ |
3.34 |
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
|
|
2020 |
|
2019 |
|
Risk‑free interest rate |
|
|
0.6% – 0.8 |
% |
|
1.4% – 3.1 |
% |
Expected volatility |
|
|
54.3% – 54.8 |
% |
|
52.4% – 61.5 |
% |
Expected life (in years) |
|
|
9.4 – 10.0 |
|
|
6.2 – 10.0 |
|
Expected dividend yield |
|
|
— |
|
|
— |
|
Fair value of Common Stock |
|
$ |
1.40 – 7.98 |
|
$ |
3.34 |
|
|
| Schedule of assumptions using Black-Scholes option-pricing model |
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, 2020 |
|
Risk‑free interest rate |
|
|
0.7 % – 0.9 |
% |
Expected volatility |
|
|
52.7 % – 52.9 |
% |
Expected life (in years) |
|
|
5.9 – 6.1 |
|
Expected dividend yield |
|
|
— |
|
Fair value of Common Stock |
|
$ |
3.34 |
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
|
|
2020 |
|
2019 |
|
Risk‑free interest rate |
|
|
0.3% – 1.7% |
% |
|
1.7% – 2.6 |
% |
Expected volatility |
|
|
52.7% – 54.2 |
% |
|
52.7% – 53.6 |
% |
Expected life (in years) |
|
|
5.9 – 6.3 |
|
|
5.6 – 6.1 |
|
Expected dividend yield |
|
|
— |
|
|
— |
|
Fair value of Common Stock |
|
$ |
1.40 – 7.98 |
|
$ |
3.34 |
|
|