General form of registration statement for all companies including face-amount certificate companies

CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (Tables)

v3.20.4
CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (Tables)
9 Months Ended 12 Months Ended
Sep. 30, 2020
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Summarizes details of Preferred Stock authorized, issued and outstanding

The following table summarizes details of Preferred Stock authorized, issued and outstanding as of September 30, 2020 and December 31, 2019 ($ in thousands):

 

 

 

 

 

 

 

 

 

 

    

 

 

 

 

 

 

Convertible Preferred Stock Classes

    

September 30, 2020

    

December 31, 2019

    

Series A Convertible Preferred Stock, $0.0001 par value—authorized,  issued, and outstanding,  26,189,545 and 26,189,545 shares, (liquidation preference of $255,348 and $106,853 at September 30, 2020 and December 31, 2019, respectively)

 

$

13,878

 

$

13,878

 

Series B Convertible Preferred Stock, $0.0001 par value—authorized,  issued, and outstanding,  23,675,035 and 23,675,035 shares (liquidation preference of $230,832 and $96,594 at September 30, 2020 and December 31, 2019, respectively)

 

 

37,806

 

 

37,806

 

Series C Convertible Preferred Stock, $0.0001 par value—authorized,  issued, and outstanding,  13,152,896 and 13,152,896 shares (liquidation preference of $128,241 and $53,664 at September 30, 2020 and December 31, 2019, respectively)

 

 

44,852

 

 

44,852

 

Series D Convertible Preferred Stock, $0.0001 par value—authorized,  issued, and outstanding,  21,075,193 and 21,075,193 shares (liquidation preference of $205,483 and $180,522 at September 30, 2020 and December 31, 2019, respectively)

 

 

180,353

 

 

180,353

 

Series E Convertible Preferred Stock, $0.0001 par value—authorized,  issued, and outstanding 13,450,703 and 13,450,703 shares (liquidation preference of $134,791 and $134,791 at September 30, 2020 and December 31, 2019, respectively)

 

 

134,667

 

 

134,667

 

Series E‑1 Convertible Preferred Stock, $0.0001 par value—authorized,  issued, and outstanding 2,494,737 and 2,494,737 shares (liquidation preference of $25,000 and $25,000 at September 30, 2020 and December 31, 2019, respectively)

 

 

24,977

 

 

24,977

 

Total

 

$

436,533

 

$

436,533

 

 

The following table summarizes details of Convertible Preferred Stock authorized, issued and outstanding as of December 31, 2019 and 2018 ($ in thousands):

 

 

 

 

 

 

 

 

 

 

Years Ended December 31, 

Convertible Preferred Stock Classes

    

2019

    

2018

Series A Convertible Preferred Stock, $0.0001 par value—authorized, issued, and outstanding,  26,189,545 and 26,189,545 shares, (liquidation preference of $106,853 and $88,783 at December 31, 2019 and 2018, respectively)

 

$

13,878

 

$

13,878

Series B Convertible Preferred Stock, $0.0001 par value—authorized, issued, and outstanding,  23,675,035 and 23,675,035 shares (liquidation preference of $96,594 and $80,258 at December 31, 2019 and 2018, respectively)

 

 

37,806

 

 

37,806

Series C Convertible Preferred Stock, $0.0001 par value—authorized, issued, and outstanding,  13,152,896 and 13,152,896 shares (liquidation preference of $53,664 and $45,000 at December 31, 2019 and 2018, respectively)

 

 

44,852

 

 

44,852

Series D Convertible Preferred Stock, $0.0001 par value—authorized, issued and outstanding,  21,075,193 and 21,075,193 shares (liquidation preference of $180,522 and $180,522 at December 31, 2019 and 2018, respectively)

 

 

180,353

 

 

180,353

Series E Convertible Preferred Stock, $0.0001 par value—authorized, 13,450,703 shares; issued and outstanding,  13,450,703 and 0 shares (liquidation preference of $134,791 and $0 at December 31, 2019 and 2018, respectively)

 

 

134,667

 

 

 —

Series E‑1 Convertible Preferred Stock, $0.0001 par value—authorized, 2,494,737 shares; issued and outstanding,  2,494,737 and 0 shares (liquidation preference of $25,000 and $0 at December 31, 2019 and 2018, respectively)

 

 

24,977

 

 

 —

Total

 

$

436,533

 

$

276,889

 


The activity for stock subject to vesting for the years ended December 31, 2019 and 2018, are as follows (shares in thousands):

 

 

 

 

 

 

 

 

Shared subject 

    

Weighted Average

 

    

to Vesting

    

 Purchase Price

Balance of unvested shares as of January 1, 2019

 

9,731

 

0.0001

Issuance of additional shares

 

497

 

0.0001

Vested

 

(5,653)

 

0.0001

Balance of unvested shares as of December 31, 2019

 

4,575

 

0.0001

 

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):

 

 

 

 

 

 

 

 

 

 

 

September 30, 

 

 

 

2020

    

2019

    

Research and development

 

$

2,176

 

$

1,501

 

Sales and marketing expense

 

 

715

 

 

1,020

 

General and administrative expense

 

 

1,070

 

 

668

 

Cost of sales

 

 

267

 

 

241

 

Total stock-based compensation expenses

 

$

4,228

 

$

3,430

 

 

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, 

 

    

2019

    

2018

Research and development

 

$

2,713

 

$

1,696

Sales and marketing expense

 

 

1,373

 

 

567

General and administrative expense

 

 

941

 

 

658

Cost of sales

 

 

188

 

 

44

Total stock based compensation expenses

 

$

5,215

 

$

2,965

 

Schedule of option activity

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

Weighted-Average 

 

 

 

 

Weighted-Average 

 

Remaining 

 

 

Number of 

 

Exercise Price 

 

Contractual Term 

 

    

Shares

    

per Share

    

(in years)

Outstanding at January 1, 2020

 

14,792

 

$

2.45

 

7.84

Granted

 

6,935

 

 

1.85

 

 

Exercised

 

(409)

 

 

0.65

 

 

Forfeited/expired

 

(5,287)

 

 

3.57

 

 

Outstanding at September 30, 2020

 

16,031

 

 

1.87

 

7.85

Options vested at September 30, 2020

 

8,167

 

 

1.83

 

6.38

Options vested or expected to vest at September 30, 2020

 

15,384

 

$

1.87

 

7.78

 

There were 3,894,467 shares available for award under the Plan at December 31, 2019. The option activity of the Plan and Make Plan for the year ended December 31, 2019, is as follows (shares in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

Weighted-Average 

 

 

 

 

Weighted-Average 

 

Remaining 

 

 

Number of 

 

Exercise Price 

 

Contractual Term 

 

    

Shares

    

per Share

    

(in years)

Outstanding at January 1, 2019

 

12,007

 

$

1.65

 

8.21

Granted

 

4,790

 

 

3.98

 

9.26

Exercised

 

(997)

 

 

0.71

 

1.68

Forfeited/expired

 

(1,008)

 

 

1.88

 

Outstanding at December 31, 2019

 

14,792

 

 

2.45

 

7.84

Options vested at December 31, 2019

 

7,195

 

 

1.52

 

6.92

Options vested or expected to vest at December 31, 2019

 

14,555

 

 

2.44

 

7.82

 

Common Stock Reserved for Future Issuance

As of September 30, 2020 and 2019, the Company has reserved the following shares of Common Stock for future issuance (in thousands):

 

 

 

 

 

 

 

 

    

 

 

 

    

 

    

September 30, 2020

    

September 30, 2019

    

Common Stock options outstanding

 

16,031

 

14,490

 

Restricted Stock units outstanding

 

459

 

 —

 

Shares available for issuance under the Plan

 

1,960

 

4,463

 

Convertible Preferred Stock outstanding

 

100,038

 

100,038

 

Common Stock warrants outstanding

 

919

 

464

 

Total shares of authorized Common Stock reserved for future issuance

 

119,407

 

119,455

 

 

Common Stock Reserved for Future Issuance—As of December 31, 2019 and 2018, the Company has reserved the following shares of Common Stock for future issuance (in thousands):

 

 

 

 

 

 

 

    

Years Ended December 31, 

 

    

2019

    

2018

Common Stock options outstanding

 

14,792

 

12,007

Shares available for issuance under the Plan

 

3,894

 

565

Convertible Preferred Stock outstanding

 

100,038

 

84,093

Common Stock warrants outstanding

 

2,032

 

2,000

Total shares of authorized Common Stock reserved for future issuance

 

120,756

 

98,665

 

Restricted stock    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
RSU activity under the Plan

The activity for stock subject to vesting for the nine‑month period ended September 30, 2020 is as follows (shares in thousands):

 

 

 

 

 

 

 

 

Shares subject 

    

Weighted Average

 

    

to Vesting

    

 Purchase Price

Balance of unvested shares as of January 1, 2020

 

4,575

 

$0.001

Issuance of additional shares

 

 —

 

 —

Vested

 

(4,301)

 

0.001

Balance of unvested shares as of September 30, 2020

 

274

 

$0.001

 

 
RSU    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
RSU activity under the Plan

 

 

 

 

 

 

 

Shares subject 

    

Weighted Average

 

    

to Vesting

    

Grant Date Fair Value

Balance of unvested shares as of January 1, 2020

 

 —

 

 —

Issuance of additional shares

 

459

 

$ 9.75

Vested

 

 —

 

 —

Balance of unvested shares as of September 30, 2020

 

459

 

$ 9.75

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2020

 

September 30, 2019

 

    

 

Risk‑free interest rate

 

 

0.6 % – 0.8

%

 

1.5 % – 2.5

%

 

 

Expected volatility

 

 

54.3 % – 54.8

%

 

54.4 % – 54.9

%

 

 

Expected life (in years)

 

 

9.4 – 10.0

 

 

9.4 – 10.0

 

 

 

Expected dividend yield

 

 

 —

 

 

 —

 

 

 

Fair value of Common Stock

 

$

1.71 – $ 9.75

 

$

4.08

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31, 

 

 

    

2019

    

2018

 

Risk‑free interest rate

 

 

1.4%–3.1

%

 

2.1%–3.1

%

Expected volatility

 

 

52.4%–61.5

%

 

53.7%–61.5

%

Expected life (in years)

 

 

6.2–10.0

 

 

7.2–10.0

 

Expected dividend yield

 

 

 

 

 

Fair value of Common Stock

 

$

4.08

 

$

3.39

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2020

    

September 30, 2019

 

    

Risk‑free interest rate

 

 

0.3 % – 1.7

%  

 

1.9 % – 2.6

%

 

Expected volatility

 

 

52.7 % – 54.2

%  

 

53.3 % – 53.6

%

 

Expected life (in years)

 

 

5.9 – 6.3

 

 

5.6 – 6.1

 

 

Expected dividend yield

 

 

 —

 

 

 —

 

 

Fair value of Common Stock

 

$

1.71 –  $ 9.75

 

$

4.08

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31, 

 

 

    

2019

    

2018

 

Risk‑free interest rate

 

 

1.7%–2.6

%

 

2.7%–3.0

%

Expected volatility

 

 

52.7%–53.6

%

 

52.9%–53.8

%

Expected life (in years)

 

 

5.6–6.1

 

 

5.3–6.1

 

Expected dividend yield

 

 

 —

 

 

 —

 

Fair value of Common Stock

 

$

4.08

 

$

3.39