Quarterly report pursuant to Section 13 or 15(d)

Equity Instruments (Tables)

v3.22.1
Equity Instruments (Tables)
 3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
Schedule of Shares of Common Stock Reserved for Issuance Shares of common stock reserved for issuance on an “as if converted” basis were as follows:
March 31, December 31,
2022 2021
(share data)
Common stock warrants 13,075,000  13,075,000 
Restricted stock units issued and outstanding 4,549,179  4,041,346 
Stock options issued and outstanding 20,786,579  21,191,226 
Shares available for future grant under 2021 Equity Incentive Plan 26,207,150  17,533,471 
Reserved for employee stock purchase plan 5,495,601  3,663,277 
Total shares of common stock reserved
70,113,509  59,504,320 
Schedule of Warrants for Shares of Stock Warrants for shares of common stock consisted of the following:
March 31, 2022
Issue Date Expiration Date Number of Warrants Exercise Price per warrant Fair Value on Issue Date per warrant
Fair Value on March 31, 2022
(In thousands)
Private placement warrants - Common Stock 12/02/2020 09/29/2026 4,450,000  $11.50 $2.00 9,434 
Public warrants - Common Stock 12/02/2020 09/29/2026 8,625,000  $11.50 $3.30 18,285 
13,075,000  $ 27,719 
December 31, 2021
Issue Date Expiration
Date		 Number of
Warrants		 Exercise
Price per warrant		 Fair Value on Issue Date per warrant
Fair Value on December 31, 2021
(In thousands)
Private placement warrants - Common Stock 12/02/2020 09/29/2026 4,450,000  $11.50 $2.00 7,387 
Public warrants - Common Stock 12/02/2020 09/29/2026 8,625,000  $11.50 $3.30 14,318 
13,075,000  $ 21,705 
Warrant Liability Rollforward The liability for private placement and public warrants on common stock carried at fair value was as follows for the three months ended March 31, 2022:
March 31,
2022
(In thousands)
Beginning Balance $ 21,705 
Loss on fair value of warrants $ 6,014 
Ending Balance $ 27,719 
The liability for warrants on redeemable convertible preferred stock (carried at fair value) was as follows for the three months ended March 31, 2022 and 2021:
Three Months Ended March 31,
2022 2021
(in thousands)
Beginning Balance $ —  $ 181 
Issuance of new warrant —  — 
Change in fair value (Other income (expense), net) —  1,514 
Exercise of warrants (Redeemable preferred convertible stock) —  — 
Ending Balance $ —  $ 1,695 
Fair Value Assumptions
The fair value assumptions used in the Monte Carlo simulation model for the recurring valuation of the private placement common stock warrants and public common stock warrant liability were as follows:
As of March 31, 2022 As of December 31, 2021
Current stock price $ 9.31  $ 7.81 
Expected volatility 34.8  % 40.5  %
Risk-free interest rate 2.4  % 1.2  %
Dividend rate —  % —  %
Expected Term (years) 4.5 4.75
Assumptions used in the fair value of the contingent earnout liabilities are described below.
As of March 31, 2022 As of December 31, 2021
Current stock price $9.31 $7.81
Expected volatility 50.8% 52.5%
Risk-free interest rate 2.4% 1.2%
Dividend yield —% —%
Expected Term (years) 4.50 4.75
Schedule Of Contingent Earnout Liabilities The rollforward for the contingent earnout liabilities was as follows for the three months ended March 31, 2022:
March 31,
2022
(In thousands)
Beginning Balance $ 111,487 
Gain on fair value of contingent earnout liabilities 31,232 
Ending Balance $ 142,719