Joby Aviation, Inc. General form of registration statement for all companies including face-amount certificate companies

General form of registration statement for all companies including face-amount certificate companies

Stock-based Compensation (Tables)

Stock-based Compensation (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Summary of assumptions in the Black-Scholes option-pricing models used to determine the fair value of stock options

The assumptions in the Black-Scholes option-pricing models used to determine the fair value of stock options granted during the years ended December 31, 2020 and 2019 were as follows:


	Year Ended December 31,
	2020		2019
Expected volatility		49.9% - 73.5%		44.9% - 52.0%
Expected dividend yield		0%		0%
Expected term (in years)		5.0 - 6.6		5.1 - 6.6
Risk-free interest rate		1.3% - 1.4%		1.6% - 2.7%

Summary of stock-based compensation expense

The following sets forth the total stock-based compensation expense for the Company’s stock options included in the Company’s condensed consolidated statements of operations (in thousands):


	Six months ended June 30,
	2021		2020
Research and development expenses	$	7,939	$	2,350
Selling, general and administrative expenses		3,861		315

Total stock-based compensation expense	$	11,800	$	2,665

The following sets forth the total stock-based compensation expense for the Company’s stock options included in the Company’s consolidated statements of operations (in thousands):


	Year Ended December 31,
	2020		2019
Research and development expenses	$	6,130	$	3,301
Selling, general and administrative expenses		1,055		605

Total stock-based compensation expense	$	7,185	$	3,906

2016 Stock Option and Grant Plan

Schedule of Stock Option Activity

Stock option activity under the Plan is as follows, net of

re-issuance

activity noted above:


	Options Outstanding
Stock Option Activity	Options Available for Grant			Number of Options			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Balances—January 1, 2019		3,498,354			1,786,829		$	0.66
Additional shares authorized		1,400,000			—
Options canceled and forfeited		545,289			(545,289	)	$	0.69
Repurchases		161,307			—
Options granted		(4,798,400	)		4,798,400		$	0.69
Options exercised		—			(2,092,409	)	$	0.66
Options expired		9,766			(9,766	)	$	0.70

Balances—December 31, 2019		816,316			3,937,765		$	0.70		9.37	$	28,762
Additional shares authorized		2,682,255
Options canceled and forfeited		761,430			(761,430	)	$	0.91
Repurchases		21,877			—
Options granted		(4,137,503	)		4,137,503		$	3.53
Options exercised		—			(204,939	)	$	1.87

Balances—December 31, 2020		144,375			7,108,899		$	2.29		9.06	$	187,460

Vested and expected to vest					7,108,899		$	2.29		9.06	$	187,460
Shares exercisable (vested and unvested)					1,513,553		$	1.96		8.75	$	40,418

Former Parent Plan [Member]

Schedule of Stock Option Activity

Stock option activity under the Former Parent Plan is as follows:


	Options Outstanding
Stock Option Activity	Options Available for Grant		Number of Options			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Balances—January 1, 2019		—		1,021,250		$	0.02

Balances—December 31, 2019		—		1,021,250		$	0.02		5.37	$	8,150
Options Exercised		—		(16,703	)	$	0.02

Balances—December 31, 2020		—		1,004,547		$	0.02		4.37	$	28,770

Vested and expected to vest				1,004,547		$	0.02		4.37	$	28,770
Exercisable				1,004,547		$	0.02		4.37	$	28,770