Stock-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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| Schedule of share based compensation stock options activity |
Stock option activity under the 2016 Plan is as follows:
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Options
Available for
Grant |
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Weighted-
Average
Exercise
Price Per
Share |
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Weighted-
Average
Remaining
Contractual
Term (in
years) |
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Aggregate
Intrinsic
Value (in
thousands) |
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Balances—January 1, 2020 |
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2,822,165 |
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13,613,627 |
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0.20 |
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9.37 |
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28,762 |
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Additional shares authorized |
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9,273,082 |
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— |
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Options canceled and forfeited |
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2,632,413 |
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(2,632,413 |
) |
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0.26 |
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Repurchases |
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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 |
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1.02 |
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Options exercised |
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— |
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(708,514 |
) |
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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 |
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Additional shares authorized |
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Options canceled and forfeited |
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— |
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(1,334,118 |
) |
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0.82 |
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Repurchases |
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— |
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— |
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Options granted |
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— |
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445,353 |
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0.01 |
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Options exercised |
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— |
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(2,435,543 |
) |
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0.49 |
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Balances—December 31, 2021 |
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499,133 |
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21,252,552 |
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0.66 |
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7.95 |
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141,137 |
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Vested and expected to vest |
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— |
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21,252,552 |
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0.66 |
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7.95 |
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141,137 |
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Shares exercisable (vested and unvested) |
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— |
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7,642,374 |
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0.61 |
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7.60 |
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51,089 |
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| Schedule of Restricted Stock Units Activity |
RSU activity under the 2016 Plan is as follows:
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Weighted-
Average
Grant
Date Fair
Value Per
Share |
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Aggregate
Intrinsic
Value (in
thousands) |
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Balances—December 31, 2020 |
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— |
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$ |
— |
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$ |
— |
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Granted |
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10,603,232 |
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$ |
8.60 |
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Vested |
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(26,634 |
) |
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$ |
8.30 |
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$ |
— |
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Forfeited |
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(543,727 |
) |
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$ |
8.50 |
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$ |
— |
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Balances—December 31, 2021 |
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10,032,871 |
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$ |
8.60 |
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$ |
73,240 |
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| 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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| Balances—January 1, 2020 |
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2,822,165 |
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| Authorized |
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9,273,082 |
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| Options canceled and forfeited |
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2,632,413 |
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| Repurchases |
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75,633 |
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| Options granted |
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(14,304,160 |
) |
| Balances—December 31, 2020 |
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499,133 |
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| Authorized |
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11,063,028 |
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| Options and RSUs granted |
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(11,048,584 |
) |
| Options and RSUs forfeited |
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1,148,259 |
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| Shares Repurchased |
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138,291 |
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| Termination of 2016 Plan reserve |
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(1,800,127 |
) |
| Balances—December 31, 2021 |
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— |
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| 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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Weighted-
Average
Exercise
Price Per
Share |
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Weighted-
Average
Remaining
Contractual
Term (in
years) |
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Aggregate
Intrinsic
Value (in
thousands) |
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| Balances—January 1, 2020 |
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— |
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3,530,662 |
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0.01 |
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5.37 |
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8,150 |
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| Options Exercised |
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— |
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(57,746 |
) |
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0.01 |
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| Balances—December 31, 2020 |
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— |
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3,472,916 |
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0.01 |
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4.37 |
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28,770 |
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| Options Exercised |
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— |
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(878,131 |
) |
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0.01 |
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| Cancelation of vested options upon reorganization |
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— |
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(445,353 |
) |
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0.01 |
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| Cancelation of unvested options upon reorganization |
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— |
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(2,149,432 |
) |
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0.01 |
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| Balances—December 31, 2021 |
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— |
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— |
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— |
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— |
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— |
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| Vested and expected to vest |
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— |
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— |
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— |
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— |
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— |
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| Exercisable |
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— |
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— |
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— |
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— |
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— |
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| 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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| Expected volatility |
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— |
% |
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49.9% - 73.5% |
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| Expected dividend yield |
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— |
% |
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—% |
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| Expected term (in years) |
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— |
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| Risk-free interest rate |
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— |
% |
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1.3% - 1.4% |
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| 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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| Research and development expenses |
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$ |
19,426 |
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$ |
6,130 |
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| Selling, general and administrative expenses |
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7,506 |
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1,055 |
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| Total stock-based compensation expense |
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$26,932 |
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$7,185 |
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