Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Share-based Compensation

The following table summarizes stock-based compensation expense that the Company recorded in the condensed consolidated statements of operations for the three and six months ended June 30, 2022 and 2021, respectively:

	For the Three Months Ended June 30,				For The Six Months Ended June 30,
in thousands	2022		2021		2022		2021
Cost of revenues	$	456	$	—	$	697	$	—
Research and development		4,832		125		11,568		3,304
Sales and marketing		1,417		42		2,997		54
General and administrative		6,086		7,277		14,570		14,419
Stock-based compensation expense	$	12,791	$	7,444	$	29,832	$	17,777

Summary of Stock Option Activity

The following is a summary of stock option activity for the six months ended June 30, 2022:

	No. of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Term (in Years)		Aggregate Intrinsic Value
Outstanding – December 31, 2021		20,326,384		$	7.52		9.4	$	22,782,654
Granted		1,142,027			5.21
Exercised		(231,491	)		0.45
Forfeited		(49,394	)		1.69
Expired		(5,067	)		6.75
Outstanding – June 30, 2022		21,182,459		$	7.48	8.94		$	2,733,826
Unvested – June 30, 2022		18,525,741		$	8.23		9.11	$	1,037,708
Exercisable – June 30, 2022		2,656,718		$	2.26	7.76		$	1,696,117

The Company uses the Black-Scholes option pricing-model to calculate the grant date fair value of time-based options. The following table summarizes the assumptions used in estimating the fair value of options granted in the six months ended June 30, 2022:

	Time Based Stock Options
Expected terms (years)(1)		5.81
Expected volatility(2)		68.9	%
Risk-free interest rate(3)		1.70	%
Expected dividend rate(4)		-
Grant-date fair value	$	3.20

Summary of restricted stock units

The following is a summary of restricted stock units for the six months ended June 30, 2022:

	Number of RSUs Outstanding			Weighted- Average Grant Date Fair Value Per Share
Outstanding – December 31, 2021		10,678,818		$	9.20
Granted		7,859,084			3.38
Vested		(1,570,858	)		8.76
Forfeited		(1,341,095	)		8.62
Outstanding – June 30, 2022		15,625,949		$	6.36