Quarterly report pursuant to Section 13 or 15(d)

STOCK BASED COMPENSATION (Tables)

v3.22.1
STOCK BASED COMPENSATION (Tables)
3 Months Ended
Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of option activity

The option activity of the Plans for the three months ended March 31, 2022, 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, 2022

13,249

$

1.73

 

7.23

$

42,775

Granted

 

$

 

Exercised

 

(787)

$

1.14

 

Forfeited/expired

 

(283)

$

1.68

 

Outstanding at March 31, 2022

 

12,179

$

1.77

 

7.06

$

36,302

Options vested at March 31, 2022

 

8,001

$

1.91

 

6.47

$

22,710

Options vested or expected to vest at March 31, 2022

 

11,652

$

1.78

 

7.01

$

40,852

RSU activity under the Plan

The activity for stock subject to vesting as of March 31, 2022 is as follows (shares in thousands):

Shares Subject 

    

Weighted-Average

    

to Vesting

    

Grant Date Fair Value

Balance of unvested shares as of January 1, 2022

264

 

$ 7.79

Cancelled/Forfeited

 

(5)

 

$ 8.78

Vested

 

(84)

 

$ 6.90

Balance of unvested shares as of March 31, 2022

 

175

 

$ 7.79

Schedule of RSU activity

RSU activity under the 2020 Plan for the three months ended March 31, 2022 is as follows (shares in thousands):

Shares Subject 

    

Weighted-Average

    

to Vesting

    

Grant Date Fair Value

Balance of unvested shares as of January 1, 2022

16,395

$ 7.54

Granted

5,527

$ 4.20

Vested

(520)

$ 13.41

Cancelled/Forfeited

(392)

$ 11.09

Balance of unvested shares as of March 31, 2022

21,010

$ 6.44

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 consolidated statements of operations as follows (in thousands):

Three Months Ended March 31, 

    

2022

    

2021

Research and development

$

4,720

$

916

General and administrative expense

 

3,420

 

839

Sales and marketing expense

 

1,285

 

345

Cost of sales

 

487

 

117

Total stock-based compensation expenses

$

9,912

$

2,217

Assumed Stock Options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of assumptions using Black-Scholes option-pricing model

As of November 12, 2021

Risk‑free interest rate

0.5% – 0.8

Expected volatility

57.2% – 59.4

%

Expected life (in years)

1.0 – 2.8

Expected dividend yield

Fair value of Common Stock

$

8.61

Market Based Restricted Stock Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of assumptions using Black-Scholes option-pricing model

The table below sets forth the assumptions used to value the market-based awards and the estimated grant-date fair value:

October 2021

Awards

Risk-free interest rate

1.3

%

Expected dividend yield

%

Remaining performance period (in years)

7.0

Expected volatility

55.0

%

Estimated grant date fair value (per share)

$

0.98 – 4.95

Target performance (number of shares)

9,070,269