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Equity Incentive Plans
 6 Months Ended
Jun. 30, 2021
Share-based Payment Arrangement [Abstract]  
Equity Incentive Plans EQUITY INCENTIVE PLANS
In 2017, the Company adopted the 2017 Stock Incentive Plan (2017 Plan), which provided for the granting of awards to employees, directors, and consultants of the Company. Awards issuable under the Plan include incentive stock options (ISO), nonqualified stock options (NSO), and restricted stock awards. In 2020, the Company adopted the 2020 RSU Equity Incentive Plan (2020 RSU Plan), which provided for the granting of RSUs to certain employees of the Company.
In 2020, the Company adopted the 2020 Equity Incentive Plan (2020 Plan), which became effective in connection with the IPO. The Company’s 2017 Plan and 2020 RSU Plan were terminated in connection with the IPO and no further grants will be made under the 2017 Plan and 2020 RSU Plan from the date that the 2020 Plan became effective.
As of June 30, 2021, there are 8,302,701 shares of Class A common stock reserved for issuance under the 2020 Plan of which 5,965,116 shares are available for issuance in connection with grants of future awards.
Stock option activity for the six months ended June 30, 2021 is as follows:
Options Outstanding
Weighted Average Exercise Price
Balance - December 31, 20209,551,105 $5.55 
Options granted1,015,699 54.65 
Options exercised(530,178)0.77 
Options cancelled and forfeited(139,424)18.81 
Balance - June 30, 20219,897,202 $10.66 
Vested and exercisable, June 30, 2021
2,128,772 $3.44 
Restricted Stock
Certain stock options granted under the 2017 Plan provide stock option holders the right to exercise unvested stock options in exchange for restricted shares of Class A common stock. The Company has also issued restricted shares of Class A common stock to employees and directors under the 2017 Plan.
The activity of restricted shares of Class A common stock for the six months ended June 30, 2021 is as follows:
Number of Shares
Weighted-Average
Grant Date
Fair Value
Unvested at December 31, 2020775,641 $1.77 
Granted10,728 1.66 
Repurchased(19,728)1.14
Vested(340,196)1.62
Unvested at June 30, 2021426,445$1.92 
RSUs
The Company has granted RSUs under the 2020 RSU Plan and the 2020 Plan. RSU activity for the six months ended June 30, 2021 is as follows:
Restricted Stock Units
Weighted-Average
Grant Date
Fair Value
Balance at December 31, 2020491,318 $7.91 
Granted253,883 56.66 
Vested
(1,762)43.39
Cancelled
(3,543)19.00
Balance at June 30, 2021
739,896$24.50 
Employee Stock Purchase Plan
In November 2020, the Company’s board of directors adopted the 2020 Employee Stock Purchase Plan (ESPP), which was subsequently approved by the Company’s stockholders and became effective in connection with the IPO. A total of 1,195,327 shares of Class A common stock are reserved for issuance under the ESPP as of June 30, 2021. The first offering period has not commenced as of June 30, 2021 and there is no stock-based compensation related to the ESPP for the three months ended June 30, 2021.
Stock-Based Compensation
The following table summarizes the components of stock-based compensation recognized in the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2021202020212020
Cost of revenue$344 $— $747 $— 
Research and development1,098 170 2,187 351 
Selling, general and administrative4,989 638 9,535 1,036 
Total stock-based compensation$6,431 $808 $12,469 $1,387