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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|
|
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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 |
|
|
2,822,165 |
|
|
|
13,613,627 |
|
|
$0.20 |
|
9.37 |
|
$28,762 |
Additional shares authorized |
|
|
9,273,082 |
|
|
|
— |
|
|
|
|
|
|
|
Options canceled and forfeited |
|
|
2,632,413 |
|
|
|
(2,632,413 |
) |
|
$0.26 |
|
|
|
|
Repurchases |
|
|
75,633 |
|
|
|
— |
|
|
|
|
|
|
|
Options granted |
|
|
(14,304,160 |
) |
|
|
14,304,160 |
|
|
$1.02 |
|
|
|
|
Options exercised |
|
|
— |
|
|
|
(708,514 |
) |
|
$0.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances—December 31, 2020 |
|
|
499,133 |
|
|
|
24,576,860 |
|
|
$0.66 |
|
9.06 |
|
$187,460 |
Additional shares authorized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options canceled and forfeited |
|
|
— |
|
|
|
(1,334,118 |
) |
|
$0.82 |
|
|
|
|
Repurchases |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
Options granted |
|
|
— |
|
|
|
445,353 |
|
|
$0.01 |
|
|
|
|
Options exercised |
|
|
— |
|
|
|
(2,435,543 |
) |
|
$0.49 |
|
|
|
|
|
|
|
|
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|
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|
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|
|
|
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|
|
Balances—December 31, 2021 |
|
|
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 |
|
|
Weighted-
Average
Grant
Date Fair
Value Per
Share |
|
|
Aggregate
Intrinsic
Value (in
thousands) |
|
Balances—December 31, 2020 |
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
Granted |
|
|
10,603,232 |
|
|
$ |
8.60 |
|
|
|
|
|
Vested |
|
|
(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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|
|
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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 |
|
|
— |
|
|
| 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, |
|
| |
|
2021 |
|
|
2020 |
|
Research and development expenses |
|
$ |
19,426 |
|
|
$ |
6,130 |
|
Selling, general and administrative expenses |
|
|
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 |
|
|
Average
Exercise
Price Per
Share
|
|
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 |
|
|
— |
|
|
|
— |
|
|
$— |
|
— |
|
$— |
|