STOCK BASED COMPENSATION (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
|---|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Schedule of option activity |
The option activity of the Plans for the year ended December 31, 2021, is as follows (shares in thousands):
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-Average |
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|
|
|
|
|
|
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 |
|
86 |
|
$ |
4.47 |
|
|
|
|
|
Exercised |
|
(5,732) |
|
$ |
1.12 |
|
|
|
|
|
Forfeited/expired |
|
(658) |
|
$ |
1.46 |
|
|
|
|
|
Outstanding at December 31, 2021 |
|
13,249 |
|
$ |
1.73 |
|
7.23 |
|
$ |
42,775 |
Options vested at December 31, 2021 |
|
8,328 |
|
$ |
1.85 |
|
6.53 |
|
$ |
25,852 |
Options vested or expected to vest at December 31, 2021 |
|
12,704 |
|
$ |
1.74 |
|
7.18 |
|
$ |
40,852 |
|
| Schedule of RSU activity |
RSU activity under the 2020 Plan for the year ended December 31, 2021 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, 2021 |
|
683 |
|
$ 8.02 |
Granted |
|
19,046 |
|
$ 7.12 |
Vested |
|
(651) |
|
$ 11.29 |
Cancelled/Forfeited |
|
(2,683) |
|
$ 3.12 |
Balance of unvested shares as of December 31, 2021 |
|
16,395 |
|
$ 7.54 |
|
| RSU activity under the Plan |
The activity for stock subject to vesting under the Plans for the year ended December 31, 2021 is as follows (shares in thousands):
|
|
|
|
|
|
|
Shares Subject |
|
Weighted-Average |
|
|
to Vesting |
|
Grant Date Fair Value |
Balance of unvested shares as of January 1, 2021 |
|
280 |
|
$ 4.08 |
Issuance of additional shares |
|
476 |
|
$ 8.78 |
Vested |
|
(492) |
|
$ 6.64 |
Balance of unvested shares as of December 31, 2021 |
|
264 |
|
$ 7.79 |
|
| 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, |
|
|
2021 |
|
2020 |
Research and development |
|
$ |
11,446 |
|
$ |
3,276 |
General and administrative expense |
|
|
10,939 |
|
|
3,464 |
Sales and marketing expense |
|
|
4,593 |
|
|
894 |
Cost of sales |
|
|
1,800 |
|
|
372 |
Total stock-based compensation expenses |
|
$ |
28,778 |
|
$ |
8,006 |
|
| Assumed Stock Options |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Schedule of assumptions using Black-Scholes option-pricing model |
|
|
|
|
|
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 |
|
|
|
|
|
|
|
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 |
|
|
| Consultant |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Schedule of assumptions using Black-Scholes option-pricing model |
|
|
|
|
|
|
|
|
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 |
|
|
|
| Employee |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| 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 |
|
|