STOCK BASED COMPENSATION (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
|---|
| Share-based Compensation Arrangement by Share-based Payment Award |
|
| Schedule of option activity |
The option activity of the Plans for the year ended December 31, 2022, is as follows (shares in thousands):
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|
|
|
|
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Weighted-Average |
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|
Weighted-Average |
|
Remaining |
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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 |
|
(2,311) |
|
$ |
1.38 |
|
|
|
|
|
Forfeited/expired |
|
(2,515) |
|
$ |
1.71 |
|
|
|
|
|
Outstanding at December 31, 2022 |
|
8,423 |
|
$ |
1.83 |
|
6.02 |
|
|
922 |
Options vested at December 31, 2022 |
|
7,099 |
|
$ |
1.88 |
|
5.76 |
|
|
922 |
Options vested or expected to vest at December 31, 2022 |
|
8,409 |
|
$ |
1.83 |
|
6.02 |
|
|
922 |
|
| RSU activity under the Plan |
The activity for stock subject to vesting under the Plans for the year ended December 31, 2022 is as follows (shares in thousands):
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|
|
|
|
|
|
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 |
|
(157) |
|
$ 7.11 |
Balance of unvested shares as of December 31, 2022 |
|
102 |
|
$ 8.78 |
|
| Schedule of RSU activity |
RSU activity under the 2020 Plan for the year ended December 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 |
|
13,771 |
|
$ 3.16 |
Vested |
|
(4,154) |
|
$ 11.03 |
Cancelled/Forfeited |
|
(3,867) |
|
$ 7.60 |
Balance of unvested shares as of December 31, 2022 |
|
22,145 |
|
$ 4.15 |
|
| 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):
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|
Years Ended December 31, |
|
|
2022 |
|
2021 |
|
2020 |
Research and development(1) |
|
$ |
24,394 |
|
$ |
11,446 |
|
$ |
3,276 |
General and administrative expense |
|
|
16,748 |
|
|
10,939 |
|
|
3,464 |
Sales and marketing expense |
|
|
5,386 |
|
|
4,593 |
|
|
894 |
Cost of sales |
|
|
2,257 |
|
|
1,800 |
|
|
372 |
Total stock-based compensation expense |
|
$ |
48,785 |
|
$ |
28,778 |
|
$ |
8,006 |
|
| Assumed Stock Options |
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| Share-based Compensation Arrangement by Share-based Payment Award |
|
| Schedule of assumptions using Black-Scholes option-pricing model |
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|
|
|
|
|
|
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 |
|
| Schedule of assumptions using Black-Scholes option-pricing model |
|
|
|
|
|
|
|
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 |
|
|
| Employee |
|
| Share-based Compensation Arrangement by Share-based Payment Award |
|
| Schedule of assumptions using Black-Scholes option-pricing model |
|
|
|
|
|
|
|
Year Ended |
|
|
|
December 31, 2020 |
|
Risk‑free interest rate |
|
|
0.3% – 1.7 |
% |
Expected volatility |
|
|
52.7% – 54.2 |
% |
Expected life (in years) |
|
|
5.9 – 6.3 |
|
Expected dividend yield |
|
|
— |
|
Fair value of Common Stock |
|
$ |
1.40 – 7.98 |
|
|
| Non-employee |
|
| Share-based Compensation Arrangement by Share-based Payment Award |
|
| Schedule of assumptions using Black-Scholes option-pricing model |
|
|
|
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|
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|
Year Ended |
|
|
|
|
December 31, 2020 |
|
|
Risk‑free interest rate |
|
|
0.6% – 0.8 |
% |
|
Expected volatility |
|
|
54.3% – 54.8 |
% |
|
Expected life (in years) |
|
|
9.4 – 10.0 |
|
|
Expected dividend yield |
|
|
— |
|
|
Fair value of Common Stock |
|
$ |
1.40 – 7.98 |
|
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