XML 29 R19.htm IDEA: XBRL DOCUMENT v3.22.1
STOCK-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
Stock-based compensation plan overview
The Company maintains three equity incentive plans: the 2018 Equity Incentive Plan (“2018 Plan”), the 2019 Employee, Director and Consultant Equity Incentive Plan (“2019 Plan”) and the 2020 Employee, Director, and Consultant Equity Incentive Plan (“2020 Plan” and collectively, “Incentive Plans”). The 2020 Plan serves as the successor to the 2019 Plan and 2018 Plan and provides for the issuance of incentive stock options, nonqualified stock options, stock grants and stock-based awards to employees, directors, and consultants of the Company. No further awards will be issued under the 2018 Plan and 2019 Plan. Of the total shares available for grant under the 2020 Plan, 1,732,432 remain available as of March 31, 2022.
RSU Activity
RSUs granted to certain executives, employees and members of the Board generally have a time-based vesting requirement (based on continuous employment). The stock-based compensation expense related to service-based awards is recorded over the requisite service period. During the three months ended March 31, 2022, the Company granted RSU awards that are expected to vest either (i) ratably over a three-year period on each anniversary of the grant date, or (ii) with three vesting tranches, the first of which occurred on the grant date, and the following two tranches on each subsequent anniversary of the grant date. The following table summarizes the activity related to the Company's RSUs for the three months ended March 31, 2022. For purposes of this table, vested RSUs represent the shares for which the service condition had been fulfilled as of March 31, 2022:
Number of
RSUs		Weighted
average grant
date fair value
Balance, December 31, 20211,087,608 $9.71 
Granted339,076 $15.93 
Vested(278,002)$11.92 
Forfeited(29,938)$52.51 
Balance, March 31, 20221,118,744 $9.90 
As of March 31, 2022, total unamortized stock-based compensation cost related to unvested RSUs was $9,010 and the weighted-average period over which the compensation is expected to be recognized is 1.61 years. For the three months ended March 31, 2022, the Company recognized $2,799 of total stock-based compensation expense for RSUs.
Performance Stock Unit ("PSU") Activity
During the three months ended March 31, 2022, the Company granted PSU awards that are subject to a one-year vesting requirement (based on continuous employment) and contain performance conditions based on certain performance metrics. The following table summarizes the activity related to the Company's PSUs for the three months ended March 31, 2022.
Number of
PSUs		Weighted
average grant
date fair value
Balance, December 31, 2021— $— 
Granted116,113 $15.74 
Balance, March 31, 2022116,113 $15.74 
As of March 31, 2022, total unamortized stock-based compensation cost related to unvested PSUs was $1,783 and the weighted-average period over which the compensation is expected to be recognized is less than one year. For the three months ended March 31, 2022, the Company recognized $45 of total stock-based compensation expense for PSUs.
Stock options
The following table summarizes the stock option activity for the three months ended March 31, 2022:
NumberWeighted
average
exercise price		Weighted
average grant
date fair value		Weighted average
remaining contractual
term (years)
Outstanding as of December 31, 2021720,549 $9.57 $2.21 7.37
Exercised(7,765)$9.04 $2.21 
Cancelled(90)$11.06 $9.89 
Forfeited(16,623)$11.51 $6.03 
Outstanding as of March 31, 2022696,071 $9.53 $2.12 6.84
Options exercisable as of March 31, 2022548,551 $8.56 $1.08 6.53
Vested and expected to vest as of March 31, 2022696,071 $9.53 $2.12 6.84
The following table summarizes the unvested stock option activity for the three months ended March 31, 2022:
NumberWeighted
average grant
date fair value
Unvested as of December 31, 2021202,515 $5.04 
Vested(38,372)$1.02 
Forfeited(16,623)$6.03 
Unvested as of March 31, 2022147,520 $5.98 
As of March 31, 2022, total compensation cost related to unvested awards not yet recognized was $730 and the weighted-average period over which the compensation is expected to be recognized is 1.95 years. For the three months ended March 31, 2022, the Company recognized $64 of total stock-based compensation expense for stock options.