Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation (Tables)

v3.22.4
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
A summary of stock option activity for the year ended December 31, 2022 is as follows:
Stock Option Activity Number of
Options 		Weighted-
Average
Exercise
Price Per
Share		 Weighted-
Average
Remaining
Contractual
Term
(in years)		 Aggregate
Intrinsic
Value
(in thousands)
Balances—December 31, 2021 21,252,552  $ 0.66  7.95 $ 141,137 
Additional shares authorized    
Options canceled and forfeited (1,369,505) $ 0.68   
Repurchases —     
Options granted —   
Options exercised (2,789,600) $ 0.57   
Balances—December 31, 2022 17,093,447  $ 0.68  6.97 $ 45,689 
Vested and expected to vest 17,093,447  $ 0.68  6.97 $ 45,689 
Shares exercisable (vested and unvested) 7,457,584  $ 0.53  6.65 $ 21,030 
Schedule of Black-Scholes Valuation Assumptions
The assumptions in the Black-Scholes option-pricing models used to determine the fair value of stock options granted during the years ended 2020 were as follows:
Year Ended December 31,
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%
The assumptions in the Black-Scholes option-pricing models used to determine the fair value of 2021 ESPP awards granted during the year ended December 31, 2022, were as follows:
Year Ended December 31,
2022
Expected volatility
69.1% - 83.9%
Expected dividend yield —  %
Expected term (in years)
0.5 - 1.0
Risk-free interest rate
4.5% - 4.6%
Schedule of Restricted Stock Units Activity
The following table summarizes the activity related to our RSUs for the year ended December 31, 2022:
Number of Shares Weighted-Average Grant Date Fair Value Per
Share		 Aggregate Intrinsic Value (in thousands)
Balances—December 31, 2021 10,032,871  $ 8.60  $ 73,240 
Granted 25,050,952  $ 5.00   
Vested (4,850,245) $ 7.42 
Forfeited (1,696,451) $ 6.76 
Balances—December 31, 2022 28,537,127  $ 5.75  $ 95,599 
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,
2022 2021 2020
Research and development expenses $ 49,713  $ 19,426  $ 6,130 
Selling, general and administrative expenses 19,357  7,506  1,055 
Total stock-based compensation expense $ 69,070  $ 26,932  $ 7,185