Quarterly report pursuant to Section 13 or 15(d)

Equity Incentive Plans and Stock-Based Compensation (Tables)

v3.22.2.2
Equity Incentive Plans and Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Stock Option Plan Activity
Activity under the Company’s stock option plans is set forth below:
Options Weighted-Average Exercise Price Weighted-Average Remaining
Contractual Term
in years
(In thousands) (Per share data) (Years)
Outstanding as of December 31, 2020
21,471  $ 0.33  9.3
Granted 1,024  $ 6.69 
Exercised (200) $ 1.56 
Forfeited or expired (951) $ 0.61 
Outstanding as of September 30, 2021
21,344  $ 0.61  8.5
Options vested and expected to vest as of September 30, 2021
21,344  $ 0.61 
Vested and exercisable as of September 30, 2021
7,776  $ 0.58 
Outstanding as of December 31, 2021
21,191  $ 0.58  8.2
Granted —  $ — 
Exercised (2,795) $ 0.42 
Forfeited or expired (665) $ 2.49 
Outstanding as of September 30, 2022
17,731  $ 0.54  7.5
Options vested and expected to vest as of September 30, 2022
17,731  $ 0.54 
Vested and exercisable as of September 30, 2022
10,145  $ 0.65 
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:
Nine Months Ended
September 30,
2021
Expected volatility 59  %
Risk-free interest rate
0.9% -1.0%
Dividend yield —  %
Expected term (in years) 5.72
Schedule of Nonvested Restricted Stock Units Activity
The following table summarizes outstanding and expected to vest RSUs as of September 30, 2022 and their activity during the nine months ended September 30, 2022:
Number of Shares Weighted-Average Grant Date Fair Value Aggregate Intrinsic Value
(In thousands) (Per share data) (In thousands)
Balance as of December 31, 2021
4,041  $ 7.26  $ 31,563 
Granted 2,912  3.81  11,500 
Released (385) 5.52  1,991 
Cancelled (370) 6.42  1,503 
Balance as of September 30, 2022
6,198  $ 5.80  $ 24,422 
Expected to vest as of September 30, 2022
6,198  $ 5.80  $ 24,422 
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:
Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
(In thousands)
Restricted stock units $ 2,831  $ —  $ 7,787  $ — 
Stock options 415  676  1,473  1,751 
Earnout shares - employees 1,911  —  5,830  — 
$ 5,157  $ 676  $ 15,090  $ 1,751 
The following sets forth the total stock-based compensation expense for the stock options included in the statements of operations:
Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
(In thousands)
Research and development $ 2,407  $ 211  $ 7,485  $ 598 
Selling and marketing 1,144  105  3,399  280 
General and administrative 1,606  360  4,206  873 
$ 5,157  $ 676  $ 15,090  $ 1,751