Quarterly report pursuant to Section 13 or 15(d)

Equity Incentive Plans and Stock-Based Compensation (Tables)

v3.22.1
Equity Incentive Plans and Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 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 —  $ — 
Exercised (39) $ 0.98 
Forfeited or expired (249) $ 0.67 
Outstanding as of March 31, 2021
21,183  $ 0.33  8.9
Options vested and expected to vest as of March 31, 2021
 21,183  $ 0.33 
Vested and exercisable as of March 31, 2021
 2,904  $ 0.93 
Outstanding as of December 31, 2021
21,191  $ 0.58  8.2
Granted —  $ — 
Exercised (325) $ 0.47 
Forfeited or expired (79) $ 5.50 
Outstanding as of March 31, 2022
20,787  $ 0.56  8.0
Options vested and expected to vest as of March 31, 2022
 20,787  $ 0.56 
Vested and exercisable as of March 31, 2022
 10,306  $ 0.62 
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:
Three months ended March 31,
2022 2021
Expected volatility —  % 60  %
Risk-free interest rate
—% – —%
0.4% – 0.5%
Dividend yield —  % —  %
Expected term (in years) 0 6.04
Discount for Lack of Marketability —  % 23.5  %
Schedule of Nonvested Restricted Stock Units Activity
The following table summarizes outstanding and expected to vest RSUs as of March 31, 2022 and their activity during the three months ended March 31, 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 567  6.98  4,110 
Released (59) 7.15  583 
Cancelled —  —  — 
Balance as of March 31, 2022 4,549  $ 7.23  $ 42,353 
Expected to vest as of March 31, 2022 4,549  $ 7.23  $ 42,353 
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
March 31,
2022 2021
(In thousands)
Restricted stock units $ 2,440  $ — 
Stock options 575  315 
Earnout shares - employees 1,942  — 
$ 4,957  $ 315 
The following sets forth the total stock-based compensation expense for the stock options included in the statements of operations:
Three Months Ended March 31,
2022 2021
(In thousands)
Research and development $ 2,591  $ 165 
Selling and marketing 1,113  65 
General and administrative 1,253  85 
$ 4,957  $ 315