Stock-Based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
|---|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Schedule of share based compensation stock options activity |
Stock option activity under the 2016 Plan is as follows:
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Options Outstanding |
|
Stock Option Activity |
|
Options
Available for
Grant |
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|
Number of
Options |
|
|
Weighted-
Average
Exercise
Price Per
Share |
|
|
Weighted-
Average
Remaining
Contractual
Term (in
years) |
|
|
Aggregate
Intrinsic
Value (in
thousands) |
|
Balances—January 1, 2020 |
|
|
2,822,165 |
|
|
|
13,613,627 |
|
|
$ |
0.20 |
|
|
|
9.37 |
|
|
$ |
28,762 |
|
Additional shares authorized |
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|
9,273,082 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Options canceled and forfeited |
|
|
2,632,413 |
|
|
|
(2,632,413 |
) |
|
$ |
0.26 |
|
|
|
|
|
|
|
Repurchases |
|
|
75,633 |
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|
|
— |
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|
Options granted |
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|
(14,304,160 |
) |
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|
14,304,160 |
|
|
$ |
1.02 |
|
|
|
|
|
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|
Options exercised |
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|
— |
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|
(708,514 |
) |
|
$ |
0.54 |
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|
Balances—December 31, 2020 |
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|
499,133 |
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|
24,576,860 |
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|
$ |
0.66 |
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|
9.06 |
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|
$ |
187,460 |
|
Additional shares authorized |
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|
|
|
|
|
|
|
|
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|
|
|
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|
Options canceled and forfeited |
|
|
— |
|
|
|
(1,334,118 |
) |
|
$ |
0.82 |
|
|
|
|
|
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|
Repurchases |
|
|
— |
|
|
|
— |
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|
|
|
|
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|
Options granted |
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|
— |
|
|
|
445,353 |
|
|
$ |
0.01 |
|
|
|
|
|
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|
Options exercised |
|
|
— |
|
|
|
(2,435,543 |
) |
|
$ |
0.49 |
|
|
|
|
|
|
|
Balances—December 31, 2021 |
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|
499,133 |
|
|
|
21,252,552 |
|
|
$ |
0.66 |
|
|
|
7.95 |
|
|
$ |
141,137 |
|
Vested and expected to vest |
|
|
— |
|
|
|
21,252,552 |
|
|
$ |
0.66 |
|
|
|
7.95 |
|
|
$ |
141,137 |
|
Shares exercisable (vested and unvested) |
|
|
— |
|
|
|
7,642,374 |
|
|
$ |
0.61 |
|
|
|
7.60 |
|
|
$ |
51,089 |
|
|
| Schedule of Restricted Stock Units Activity |
RSU activity under the 2016 Plan is as follows:
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Number of Options |
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|
Weighted-Average Grant Date Fair Value Per Share |
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|
Aggregate Intrinsic Value (in thousands) |
|
Balances—December 31, 2020 |
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
Granted |
|
|
10,603,232 |
|
|
$ |
8.60 |
|
|
|
|
Vested |
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|
(26,634 |
) |
|
$ |
8.30 |
|
|
$ |
— |
|
Forfeited |
|
|
(543,727 |
) |
|
$ |
8.50 |
|
|
$ |
— |
|
Balances—December 31, 2021 |
|
|
10,032,871 |
|
|
$ |
8.60 |
|
|
$ |
73,240 |
|
|
| Summary of Stock Activity and the Total Number of Shares Available for Grant |
The following table presents the stock activity and the total number of shares available for grant under the Company's 2016 Plan for the years ended December 31, 2021 and 2020:
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|
Number of Shares |
|
Balances—January 1, 2020 |
|
|
2,822,165 |
|
Authorized |
|
|
9,273,082 |
|
Options canceled and forfeited |
|
|
2,632,413 |
|
Repurchases |
|
|
75,633 |
|
Options granted |
|
|
(14,304,160 |
) |
Balances—December 31, 2020 |
|
|
499,133 |
|
Authorized |
|
|
11,063,028 |
|
Options and RSUs granted |
|
|
(11,048,584 |
) |
Options and RSUs forfeited |
|
|
1,148,259 |
|
Shares Repurchased |
|
|
138,291 |
|
Termination of 2016 Plan reserve |
|
|
(1,800,127 |
) |
Balances—December 31, 2021 |
|
|
— |
|
Upon the effectiveness of the Company's 2021 Plan, the Company ceased to grant awards under the 2016 Plan. However, all outstanding awards under the 2016 Plan continue to be governed by their existing terms under the 2016 Plan.
|
| Schedule Of Share Based Payment Award Black-Scholes Stock Options Valuation Assumptions [Table Text Block] |
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, 2021 and 2020 were as follows:
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|
Year Ended December 31, |
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|
2021 |
|
2020 |
Expected volatility |
|
—% |
|
49.9% - 73.5% |
Expected dividend yield |
|
—% |
|
—% |
Expected term (in years) |
|
— |
|
5.0 - 6.6 |
Risk-free interest rate |
|
—% |
|
1.3% - 1.4% |
|
| 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 consolidated statements of operations (in thousands):
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|
Year Ended December 31, |
|
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|
2021 |
|
|
2020 |
|
Research and development expenses |
|
$ |
19,426 |
|
|
$ |
6,130 |
|
Selling, general and administrative expenses |
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|
7,506 |
|
|
|
1,055 |
|
Total stock-based compensation expense |
|
$ |
26,932 |
|
|
$ |
7,185 |
|
|
| Former Parent Plan [Member] |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Summary of Stock Option Activity Under the Former Parent Plan |
Stock option activity under the Former Parent Plan is as follows:
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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, 2020 |
|
|
— |
|
|
|
3,530,662 |
|
|
$ |
0.01 |
|
|
5.37 |
|
|
$ |
8,150 |
|
Options Exercised |
|
|
— |
|
|
|
(57,746 |
) |
|
$ |
0.01 |
|
|
|
|
|
|
|
Balances—December 31, 2020 |
|
|
— |
|
|
|
3,472,916 |
|
|
$ |
0.01 |
|
|
|
4.37 |
|
|
$ |
28,770 |
|
Options Exercised |
|
|
— |
|
|
|
(878,131 |
) |
|
$ |
0.01 |
|
|
|
|
|
|
|
Cancelation of vested options upon reorganization |
|
|
— |
|
|
|
(445,353 |
) |
|
$ |
0.01 |
|
|
|
|
|
|
|
Cancelation of unvested options upon reorganization |
|
|
— |
|
|
|
(2,149,432 |
) |
|
$ |
0.01 |
|
|
|
|
|
|
|
Balances—December 31, 2021 |
|
|
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
Vested and expected to vest |
|
|
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
Exercisable |
|
|
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|