Annual report pursuant to Section 13 and 15(d)

Equity Incentive Plans & Stock-Based Compensation (Tables)

v3.22.1
Equity Incentive Plans & Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
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 thousands) (Per Share Data) (Years)
Outstanding as of December 31, 2019
 4,846  $1.51 8.1
Granted 20,923  $0.25
Exercised (55) $0.98
Forfeited or expired (4,243) $0.67
Outstanding as of December 31, 2020
21,471  $0.33 9.3
Options vested and expected to vest as of December 31, 2020
 21,471  $0.33
Vested and exercisable as of December 31, 2020
 2,697  $0.94
Outstanding as of December 31, 2020
 21,471  $0.33 9.3
Granted 1,023  $6.69
Exercised (269) $1.35
Forfeited or expired (1,034) $1.09
Outstanding as of December 31, 2021
21,191  $0.58 8.2
Options vested and expected to vest as of December 31, 2021
 21,191  $0.58
Vested and exercisable as of December 31, 2021
 9,361  $0.56
Weighted-Average Assumptions Used
The weighted-average assumptions in the Black-Scholes option-pricing model used to determine the fair value of stock options granted were as follows:
December 31,
2021 2020
Expected volatility 59% 60%
Risk-free interest rate
0.9% - 1.0%
0.4% - 0.5%
Dividend yield —% —%
Expected term (in years) 5.72 6.04
Discount for Lack of Marketability 9.2% 28.5%
Schedule of Outstanding and Expected to Vest RSUs
The following table summarizes outstanding and expected to vest RSUs as of December 31, 2021 and their activity during the year ended December 31, 2021:

Number of Shares
Weighted-Average
Grant Date Fair Value
Aggregate Intrinsic Value
(In thousands) (Per Share Data) (In thousands)
Balance as of December 31, 2020 —  $ —  $ — 
Granted
 4,041  7.26  29,476 
Released
 —  —  — 
Cancelled
 —  —  — 
Balance as of December 31, 2021
4,041  $ 7.26  $ 29,476 
Expected to vest as of December 31, 2021
 4,041  $ 7.26  $ 31,563 
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:
December 31,
2021 2020
(In thousands)
Restricted stock units $ 355  $ — 
Stock options 2,453  1,455 
Earnout shares - employees 1,560  — 
$ 4,368  $ 1,455 

The following sets forth the total stock-based compensation expense for the stock options included in the statements of operations:
December 31,
2021 2020
(In thousands)
Research and development $ 1,851  $ 728 
Selling and marketing 816  373 
General and administrative 1,701  354 
$ 4,368  $ 1,455