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Equity Incentive Plans
 3 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement [Abstract]  
Equity Incentive Plans EQUITY INCENTIVE PLANS
As of March 31, 2022, there are 11,400,396 shares of Class A common stock reserved for issuance under the 2020 Equity Incentive Plan, of which 5,009,917 shares are available for issuance in connection with grants of future awards.
Stock Options
Stock option activity for the three months ended March 31, 2022 is as follows:
Options Outstanding
Weighted Average Exercise Price
Balance at December 31, 2021
9,832,924 $12.49 
Options granted1,947,230 16.90 
Options exercised(194,207)3.98 
Options cancelled and forfeited(25,943)29.94 
Balance at March 31, 2022
11,560,004 $13.34 
Vested and exercisable, March 31, 2022
3,732,802 $8.43 
Restricted Stock Awards
Certain stock options granted 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. There were 125,231 shares and 174,300 shares of restricted stock that were unvested and subject to repurchase as of March 31, 2022 and December 31, 2021, respectively.
Restricted Stock Units
RSU activity for the three months ended March 31, 2022 is as follows:
Restricted Stock Units
Weighted-Average
Grant Date
Fair Value
Balance at December 31, 2021
740,366 $26.49 
Granted1,310,465 16.55 
Vested
(89,044)38.40 
Cancelled
(2,745)28.54 
Balance at March 31, 2022
1,959,042$19.30 
Employee Stock Purchase Plan
A total of 1,195,327 shares of Class A common stock are reserved for issuance under the 2020 Employee Stock Purchase Plan (ESPP) as of March 31, 2022. During the three months ended March 31, 2022 and 2021, no shares of Class A common stock were issued under the ESPP.
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
March 31,
20222021
Cost of revenue$208 $— 
Research and development2,001 1,492 
Selling, general and administrative5,853 4,547 
Total stock-based compensation$8,062 $6,039