STOCK BASED COMPENSATION (Tables)
|
9 Months Ended |
Sep. 30, 2021 |
|---|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Schedule of option activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
(4,462) |
|
$ |
1.17 |
|
|
|
|
|
Forfeited/expired |
|
(591) |
|
$ |
1.45 |
|
|
|
|
|
Outstanding at September 30, 2021 |
|
14,500 |
|
$ |
1.64 |
|
7.32 |
|
$ |
80,166 |
Options vested at September 30, 2021 |
|
9,062 |
|
$ |
1.72 |
|
6.50 |
|
$ |
49,349 |
Options vested or expected to vest at September 30, 2021 |
|
13,942 |
|
$ |
1.65 |
|
7.26 |
|
$ |
76,947 |
|
| Schedule of RSU activity |
RSU activity under the 2020 Plan for the nine months ended September 30, 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 |
|
683 |
|
$ 8.02 |
Granted |
|
7,983 |
|
$ 12.53 |
Vested |
|
(304) |
|
$ 11.63 |
Cancelled/Forfeited |
|
(51) |
|
$ 13.01 |
Balance of unvested shares as of September 30, 2021 |
|
8,311 |
|
$ 12.24 |
|
| RSU activity under the Plan |
The activity for stock subject to vesting as of September 30, 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 |
|
(408) |
|
$ 6.84 |
Balance of unvested shares as of September 30, 2021 |
|
348 |
|
$ 7.27 |
|
| 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 September 30, |
|
Nine Months Ended September 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Research and development |
|
$ |
4,450 |
|
$ |
893 |
|
$ |
7,205 |
|
$ |
2,176 |
General and administrative expense |
|
|
3,138 |
|
|
616 |
|
|
5,332 |
|
|
1,070 |
Sales and marketing expense |
|
|
1,732 |
|
|
294 |
|
|
2,653 |
|
|
715 |
Cost of sales |
|
|
631 |
|
|
92 |
|
|
977 |
|
|
267 |
Total stock-based compensation expenses |
|
$ |
9,951 |
|
$ |
1,895 |
|
$ |
16,167 |
|
$ |
4,228 |
|
| Consultant |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Schedule of assumptions using Black-Scholes option-pricing model |
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
September 30, 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 |
|
|
| Employee |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Schedule of assumptions using Black-Scholes option-pricing model |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, 2020 |
|
|
September 30, 2020 |
|
Risk‑free interest rate |
|
|
0.3 % – 1.7 |
% |
|
|
0.3 % – 1.7 |
% |
Expected volatility |
|
|
52.7 % – 54.2 |
% |
|
|
52.7 % – 54.2 |
% |
Expected life (in years) |
|
|
5.9 – 6.3 |
|
|
|
5.9 – 6.3 |
|
Expected dividend yield |
|
|
— |
|
|
|
— |
|
Fair value of Common Stock |
|
$ |
3.34 |
|
|
$ |
3.34 |
|
|