Post-effective amendment to a registration statement that is not immediately effective upon filing

Stock-Based Compensation (Tables)

v3.22.1
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: 
 
 
  
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
 
  
 
 
 
  
 
 
 
    
 
 
   
 
 
   
 
 
 
  
 
 
 
  
 
 
 
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:
 
 
  
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:
 
 
  
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
     —    
Summary of Stock Option Activity Under the Former Parent Plan
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, 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
     —          —      
$
—  
 
  
 
—  
 
  
$
—  
 
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:
 
 
  
Year Ended December 31,
 
 
  
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):
 
    
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