Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.22.2.2
Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Stock-based Compensation Expense Recognized for all Stock-based Awards

Stock-based compensation expense recognized for all stock-based awards is reported in the Company’s consolidated statements of operations as follows:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

 

(in thousands)

 

Cost of sales

 

$

445

 

 

$

109

 

 

$

1,137

 

 

$

179

 

General and administrative

 

 

(3,337

)

 

 

13,096

 

 

 

58

 

 

 

13,953

 

Sales and marketing

 

 

1,717

 

 

 

451

 

 

 

(6,870

)

 

 

28,411

 

Research and development

 

 

1,673

 

 

 

283

 

 

 

4,695

 

 

 

884

 

Total

 

$

498

 

 

$

13,939

 

 

$

(980

)

 

$

43,427

 

 

See Restricted Stock Sold Through Issuance of Promissory Note below for more information regarding the fair value of liability classified awards which increased sales and marketing stock-based compensation expense for the three months ended September 30, 2022, by approximately $1.1 million and reduced stock-based compensation expense for the nine months ended September 30, 2022, by $8.9 million.

It was determined the vesting conditions of performance-based stock options were unlikely to be achieved prior to expiration which resulted in the reversal of general and administrative stock-based compensation expense for the three and nine months ended September 30, 2022, of $4.2 million.

Summarizes Stock Option Activity

The following table summarizes stock option activity under the 2013 Plan and 2021 Plan for the nine months ended September 30, 2022:

 

 

 

Options

 

 

Weighted-
Average
Exercise Price

 

 

Weighted-
Average
Remaining
Contractual
Term (years)

 

Outstanding at December 31, 2021

 

 

29,435,319

 

 

$

1.40

 

 

 

7.8

 

Granted

 

 

1,102,098

 

 

 

2.95

 

 

 

 

Exercised

 

 

(3,656,668

)

 

 

0.74

 

 

 

 

Cancelled

 

 

(247,775

)

 

 

7.40

 

 

 

 

Forfeited

 

 

(2,828,422

)

 

 

3.95

 

 

 

 

Outstanding at September 30, 2022

 

 

23,804,552

 

 

$

1.21

 

 

 

7.0

 

Exercisable at September 30, 2022

 

 

15,127,731

 

 

$

0.87

 

 

 

6.0

 

Vested or expected to vest at September 30, 2022

 

 

23,804,552

 

 

$

1.21

 

 

 

7.0

 

Summary of Share-based Payment Arrangement, Restricted Stock Unit, Activity

The following table summarizes the restricted stock unit activity under the equity incentive plan:

 

 

 

RSUs

 

 

Weighted-Average Grant Date Fair Value Per Share

 

Balance as of December 31, 2021

 

 

4,924,243

 

 

$

6.30

 

Granted

 

 

12,500,419

 

 

 

2.83

 

Vested

 

 

(765,070

)

 

 

7.56

 

Forfeited

 

 

(1,985,132

)

 

 

5.18

 

Outstanding at September 30, 2022

 

 

14,674,460

 

 

$

3.43

 

Vested or expected to vest at September 30, 2022

 

 

14,674,460

 

 

$

3.43