Equity Incentive Plans and Stock-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2022 |
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| Share-Based Payment Arrangement [Abstract] |
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| Stock Option Plan Activity |
Activity under the Company’s stock option plans is set forth below:
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Options |
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Weighted-Average Exercise Price |
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Weighted-Average Remaining
Contractual Term
in years |
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(In thousands) |
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(Per share data) |
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(Years) |
Outstanding as of December 31, 2020
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21,471 |
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$ |
0.33 |
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9.3 |
| Granted |
967 |
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$ |
6.63 |
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| Exercised |
(165) |
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$ |
1.72 |
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| Forfeited or expired |
(271) |
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$ |
0.40 |
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Outstanding as of June 30, 2021
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22,002 |
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$ |
0.59 |
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8.7 |
Options vested and expected to vest as of June 30, 2021 |
22,002 |
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$ |
0.59 |
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Vested and exercisable as of June 30, 2021 |
5,948 |
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$ |
0.63 |
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Outstanding as of December 31, 2021
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21,191 |
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$ |
0.58 |
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8.2 |
| Granted |
— |
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$ |
— |
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| Exercised |
(1,547) |
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$ |
0.36 |
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| Forfeited or expired |
(107) |
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$ |
5.67 |
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Outstanding as of June 30, 2022
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19,537 |
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$ |
0.57 |
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7.4 |
Options vested and expected to vest as of June 30, 2022 |
19,537 |
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$ |
0.57 |
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Vested and exercisable as of June 30, 2022 |
10,345 |
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$ |
0.66 |
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| Weighted-Average Assumptions Used in Stock Options |
The weighted-average assumptions in the Black-Scholes option-pricing model used to determine the fair value of stock options granted were as follows:
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Six months ended June 30, |
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2021 |
| Expected volatility |
60 |
% |
| Risk-free interest rate |
0.9% -1.0% |
| Dividend yield |
— |
% |
| Expected term (in years) |
5.71 |
| Discount for Lack of Marketability |
23.5 |
% |
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| Schedule of Nonvested Restricted Stock Units Activity |
The following table summarizes outstanding and expected to vest RSUs as of June 30, 2022 and their activity during the six months ended June 30, 2022:
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Number of Shares |
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Weighted-Average Grant Date Fair Value |
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Aggregate Intrinsic Value |
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(In thousands) |
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(Per share data) |
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(In thousands) |
| Balance as of December 31, 2021 |
4,041 |
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$ |
7.26 |
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$ |
31,563 |
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| Granted |
1,489 |
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4.87 |
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7,334 |
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| Released |
(130) |
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7.21 |
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789 |
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| Cancelled |
(44) |
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7.26 |
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259 |
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| Balance as of June 30, 2022 |
5,356 |
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$ |
6.60 |
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$ |
7,391 |
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| Expected to vest as of June 30, 2022 |
5,356 |
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$ |
6.60 |
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$ |
7,391 |
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| Schedule of Stock-Based Compensation Expense |
The following sets forth the total stock-based compensation expense by type of award included in the statements of operations:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2022 |
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2021 |
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2022 |
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2021 |
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(In thousands) |
| Restricted stock units |
$ |
2,550 |
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$ |
— |
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$ |
4,990 |
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$ |
— |
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| Stock options |
484 |
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760 |
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1,059 |
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1,075 |
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| Earnout shares - employees |
1,942 |
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— |
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3,884 |
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— |
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$ |
4,976 |
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$ |
760 |
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$ |
9,933 |
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$ |
1,075 |
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The following sets forth the total stock-based compensation expense for the stock options included in the statements of operations:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2022 |
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2021 |
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2022 |
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2021 |
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(In thousands) |
| Research and development |
$ |
2,488 |
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$ |
222 |
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$ |
5,079 |
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$ |
387 |
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| Selling and marketing |
1,142 |
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109 |
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2,255 |
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174 |
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| General and administrative |
1,346 |
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429 |
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2,599 |
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514 |
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$ |
4,976 |
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$ |
760 |
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$ |
9,933 |
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$ |
1,075 |
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