Equity Incentive Plans and Stock-Based Compensation (Tables)
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9 Months Ended |
Sep. 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 |
1,024 |
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$ |
6.69 |
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| Exercised |
(200) |
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$ |
1.56 |
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| Forfeited or expired |
(951) |
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$ |
0.61 |
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Outstanding as of September 30, 2021
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21,344 |
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$ |
0.61 |
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8.5 |
Options vested and expected to vest as of September 30, 2021 |
21,344 |
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$ |
0.61 |
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Vested and exercisable as of September 30, 2021 |
7,776 |
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$ |
0.58 |
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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 |
(2,795) |
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$ |
0.42 |
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| Forfeited or expired |
(665) |
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$ |
2.49 |
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Outstanding as of September 30, 2022
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17,731 |
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$ |
0.54 |
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7.5 |
Options vested and expected to vest as of September 30, 2022 |
17,731 |
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$ |
0.54 |
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Vested and exercisable as of September 30, 2022 |
10,145 |
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$ |
0.65 |
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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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Nine Months Ended
September 30, |
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2021 |
| Expected volatility |
59 |
% |
| Risk-free interest rate |
0.9% -1.0% |
| Dividend yield |
— |
% |
| Expected term (in years) |
5.72 |
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| 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:
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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 |
2,912 |
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3.81 |
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11,500 |
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| Released |
(385) |
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5.52 |
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1,991 |
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| Cancelled |
(370) |
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6.42 |
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1,503 |
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Balance as of September 30, 2022 |
6,198 |
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$ |
5.80 |
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$ |
24,422 |
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Expected to vest as of September 30, 2022 |
6,198 |
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$ |
5.80 |
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$ |
24,422 |
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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 September 30, |
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Nine Months Ended September 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 |
$ |
2,831 |
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$ |
— |
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$ |
7,787 |
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$ |
— |
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| Stock options |
415 |
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676 |
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1,473 |
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1,751 |
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| Earnout shares - employees |
1,911 |
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— |
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5,830 |
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— |
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$ |
5,157 |
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$ |
676 |
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$ |
15,090 |
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$ |
1,751 |
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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 September 30, |
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Nine Months Ended September 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 |
$ |
2,407 |
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$ |
211 |
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$ |
7,485 |
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$ |
598 |
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| Selling and marketing |
1,144 |
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105 |
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3,399 |
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280 |
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| General and administrative |
1,606 |
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360 |
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4,206 |
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873 |
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$ |
5,157 |
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$ |
676 |
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$ |
15,090 |
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$ |
1,751 |
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