STOCK BASED COMPENSATION (Tables)
|
9 Months Ended |
Sep. 30, 2022 |
|---|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Schedule of option activity |
The option activity of the Plans for the nine months ended September 30, 2022, is as follows (shares in thousands):
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Weighted-Average |
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Weighted-Average |
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Remaining |
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Aggregate |
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Number of |
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Exercise Price |
|
Contractual Term |
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Intrinsic Value |
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|
Shares |
|
per Share |
|
(in years) |
|
(in thousands) |
Outstanding at January 1, 2022 |
|
13,249 |
|
$ |
1.73 |
|
7.23 |
|
$ |
42,775 |
Granted |
|
— |
|
$ |
|
|
|
|
|
|
Exercised |
|
(2,168) |
|
$ |
1.40 |
|
|
|
|
|
Forfeited/expired |
|
(2,061) |
|
$ |
1.47 |
|
|
|
|
|
Outstanding at September 30, 2022 |
|
9,020 |
|
$ |
1.87 |
|
6.31 |
|
$ |
7,478 |
Options vested at September 30, 2022 |
|
7,313 |
|
$ |
1.94 |
|
6.00 |
|
$ |
5,554 |
Options vested or expected to vest at September 30, 2022 |
|
9,000 |
|
$ |
1.87 |
|
6.31 |
|
$ |
7,456 |
|
| RSU activity under the Plan |
The activity for stock subject to vesting as of September 30, 2022, is as follows (shares in thousands):
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|
|
|
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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 |
|
(136) |
|
$ 6.85 |
Balance of unvested shares as of September 30, 2022 |
|
123 |
|
$ 8.78 |
|
| Schedule of RSU activity |
RSU activity under the 2020 Plan for the nine months ended September 30, 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 |
|
16,395 |
|
$ 7.54 |
Granted |
|
8,736 |
|
$ 3.56 |
Vested |
|
(3,248) |
|
$ 11.05 |
Cancelled/Forfeited |
|
(2,851) |
|
$ 7.50 |
Balance of unvested shares as of September 30, 2022 |
|
19,032 |
|
$ 5.12 |
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| 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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Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Research and development(1) |
|
$ |
4,355 |
|
$ |
4,450 |
|
$ |
21,872 |
|
$ |
7,205 |
General and administrative expense |
|
|
3,899 |
|
|
3,138 |
|
|
11,681 |
|
|
5,332 |
Sales and marketing expense |
|
|
3,052 |
|
|
1,732 |
|
|
5,725 |
|
|
2,653 |
Cost of sales |
|
|
734 |
|
|
631 |
|
|
1,892 |
|
|
977 |
Total stock-based compensation expense |
|
$ |
12,040 |
|
$ |
9,951 |
|
$ |
41,170 |
|
$ |
16,167 |
(1) Includes $7.3 million of stock-based compensation expense during the nine months ended September 30, 2022, incurred in connection with the Initiative described in Note 24. Restructuring Charges.
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| Assumed Stock Options |
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| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Schedule of assumptions using Black-Scholes option-pricing model |
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|
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|
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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 [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:
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|
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|
|
|
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 |
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