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Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of performance-based awards

Period Granted

Options Granted

RSUs Granted

Options Vested

RSUs Vested

Milestone

Valuation Method

(in thousands)

Q1 2019

200

300

200

300

(1)

Monte-Carlo Simulation

Q2 2019

188

140

(2)

Grant Date Stock Price

Q3 2019

50

50

(1)

Monte-Carlo Simulation

Q1 2020

150

300

150

300

(1)

Monte-Carlo Simulation

Q1 2020

436

408

(3)

Grant Date Stock Price

Q1 2020

129

129

(3)

Black-Scholes-Merton

Q2 2020

21

21

(3)

Grant Date Stock Price

Q3 2020

10

10

(4)

Black-Scholes-Merton

Q3 2020

27

17

(3)

Grant Date Stock Price

Q4 2020

32

19

(1)

Monte-Carlo Simulation

Q4 2020

22

2

(5)

Grant Date Stock Price

Q1 2021

150

125

(1)

Monte-Carlo Simulation

Q1 2021

279

15

(3)

Grant Date Stock Price

Q2 2021

163

(1)

Monte-Carlo Simulation

Q2 2021

29

(3)

Black-Scholes-Merton

Q2 2021

7

2

(3)

Grant Date Stock Price

Q4 2021

20

(1)

Monte-Carlo Simulation

Q4 2021

205

3

(3)

Grant Date Stock Price

Q1 2022

110

(3)

Black-Scholes-Merton

Q1 2022

849

(3)

Grant Date Stock Price

Q2 2022

103

(3)

Grant Date Stock Price

________________________________

(1) The awards will vest based on the achievement of certain values of the Company’s common stock at multiple thresholds within certain periods and are contingent upon the completion of requisite service through the date of such vesting.

(2) The vesting of the awards will be triggered after the end of the achievement milestone, as measured by the Company.

(3) The awards vest based on achievement of certain revenue targets, units, and system implementation, contingent upon the completion of requisite service through the date of such vesting.

(4) The awards have vested based on a change of coverage.


(5) The awards will vest based on achievement of certain revenue and recruiting targets.

Summary of stock option activity

Outstanding Options and RSUs

    

    

    

    

Weighted-

    

Weighted-

Average

Shares

Average

Remaining

Aggregate

Available for

Number of

Exercise

Contractual

Intrinsic

(in thousands, except for contractual life and exercise price)

Grant

Shares

Price

Life

Value

(in years)

Balance at December 31, 2021

 

4,319

 

5,900

$

17.54

 

5.40

$

451,505

Additional shares authorized

 

3,500

Options granted

 

(264)

 

264

$

61.49

Options exercised

 

 

(701)

$

6.53

Options forfeited/cancelled

 

28

 

(28)

$

36.77

RSUs granted

(4,698)

RSUs forfeited/cancelled

308

Balance at June 30, 2022

 

3,193

 

5,435

$

21.00

5.39

$

112,272

Exercisable at June 30, 2022

 

4,550

$

12.00

4.79

$

108,487

Vested and expected to vest at June 30, 2022

 

5,380

$

20.55

5.36

$

112,049

Restricted stock units

Weighted-

Average

Grant Date

(in thousands, except for grant date fair value)

Shares

Fair Value

Balance at December 31, 2021

3,988

$

74.33

Granted

4,698

$

43.60

Vested

(777)

$

56.05

Cancelled/forfeited

(308)

$

59.83

Balance at June 30, 2022

7,601

$

58.05

Summary of stock-based compensation expenses

The following tables present the effect of employee and non-employee stock-based compensation expense on selected statements of operations line items for the three and six months ended June 30, 2022 and 2021.

Three months ended June 30, 

2022

2021

    

Employee

    

Non-Employee

    

Total

    

Employee

    

Non-Employee

    

Total

(in thousands)

Cost of revenues

$

2,063

$

$

2,063

$

1,275

$

$

1,275

Research and development

 

11,938

 

520

 

12,458

 

6,276

 

340

 

6,616

Selling, general and administrative

 

26,296

 

156

 

26,452

 

27,146

 

66

 

27,212

Total

$

40,297

$

676

$

40,973

$

34,697

$

406

$

35,103

Six months ended June 30, 

 

2022

2021

 

    

Employee

    

Non-Employee

    

Total

    

Employee

    

Non-Employee

    

Total

 

 

(in thousands)

Cost of revenues

$

3,779

$

$

3,779

$

1,983

$

$

1,983

Research and development

 

20,944

 

935

 

21,879

 

9,926

 

564

 

10,490

Selling, general and administrative

 

50,171

 

231

 

50,402

 

45,751

 

111

 

45,862

Total

$

74,894

$

1,166

$

76,060

$

57,660

$

675

$

58,335

As of June 30, 2022, approximately $344.5 million of unrecognized compensation expense, adjusted for estimated forfeitures, related to unvested option awards and RSUs will be recognized over a weighted-average period of approximately 2.8 years.

Employee stock options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of assumptions used in valuation of fair value

Three months ended June 30, 

Six months ended June 30, 

    

2022

    

    

2021

    

2022

2021

Expected term (years)

 

10.00

 

5.11

10.00

5.12

10.00

5.11

10.00

Expected volatility

 

56.15

%

56.38

%

 

56.01

%

63.30

%

55.91

%

62.30

%

55.33

%

63.30

%

Expected dividend rate

 

0.00

%

 

0.00

%

0.00

%

0.00

%

Risk-free interest rate

 

2.72

%

2.74

%

 

0.81

%

1.67

%

1.62

%

2.74

%

0.81

%

1.67

%