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