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]  
Share-Based Payment Arrangement, Option, Activity
Stock option activity under the 2016 Plan is as follows (in thousands, except share and per share amounts):
Options Outstanding
Number of Options Weighted–Average Exercise Price Weighted-Average Remaining Contractual Life (years) Aggregate Intrinsic Value
Balance – December 31, 2021 23,708,957  $ 3.05  7.99 $ 125,429 
Recapitalization 4,173,563  (0.46)
Balance – December 31, 2021 27,882,520  2.59  7.99 125,429 
Exercised (216,856) 1.61 
Cancelled/forfeited (3,496,828) 3.30 
Balance – September 30, 2022 24,168,836  2.50  6.67 12,319 
Options vested and exercisable – September 30, 2022 16,796,373  $ 2.50  5.98 $ 11,863 
Schedule of Restricted Common Stock A summary of the restricted common stock is as follows:
Number of Options Weighted–Average Exercise Price
Outstanding and unvested as of December 31, 2021 69,513  $ 2.25 
Recapitalization 12,237  (0.33)
Outstanding and unvested as of December 31, 2021 81,750  1.92 
Vested (65,211) 1.92 
Repurchase of early exercise (16,539) 1.92 
Outstanding and unvested as of September 30, 2022 —  $ — 
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions
The fair value of stock option awards granted to employees was estimated at the date of grant using the Black-Scholes option-pricing model, with the following assumptions:
Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021
Fair value of common stock
$6.91
$5.06 – $6.91
Expected term (in years)
5.64 – 6.10
5.00 – 6.28
Volatility
65.74% – 65.96%
62.33% – 75.19%
Risk-free interest rate
0.81% – 0.88%
0.50% – 1.16%
Dividend yield
Schedule of Performance-based Restricted Stock Units Activity
Performance-based restricted stock units activity under the 2016 Plan is as follows:
Number of shares Weighted–Average Grant Date Fair Value Per Share
Unvested – December 31, 2021 1,511,191  $ 8.62 
Recapitalization 265,992  (1.29)
Unvested – December 31, 2021 1,777,183  7.33 
Granted 4,748,063  5.93 
Vested (1,244,537) 5.94 
Cancelled/forfeited (1,227,795) 6.69 
Balance – September 30, 2022 4,052,914  6.15 
Vested but unissued – September 30, 2022 1,244,537  $ 5.94