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Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Schedule of Estimated Grant-Date Fair Value of ESPP
The estimated grant-date fair value of the ESPP purchase rights was calculated using the Black-Scholes option-pricing model, based on the following assumptions:
Three Months Ended September 30, 2021Nine Months Ended September 30, 2021
Risk-free interest rate0.06%0.06%
Expected volatility97.10%97.10%
Expected term (in years)0.500.50
Fair value of common stock$44.39$44.39
Summary of Stock Option Activities
A summary of the stock option activity, including the CEO Performance Award, for the nine months ended September 30, 2021 is as follows (in thousands, except share amounts, per share amounts, and years):
 
Options
Outstanding
Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Life (Years)
Aggregate
Intrinsic
Value
Outstanding at December 31, 2020
13,295,497$1.29 7.99$97,986 
Granted3,717,968$22.22 
Exercised(244,264)$3.20 
Cancelled/Forfeited(749,962)$1.11 
Outstanding at September 30, 2021
16,019,239$6.13 7.66$507,736 
 Vested and exercisable at September 30, 2021
9,514,873$0.55 6.50$348,041 
Summary of Estimated Grant Date Fair Value of Company's Stock Based Option Awards
The estimated grant-date fair value of the Company’s stock-based option awards was calculated using the Black-Scholes option-pricing model, based on the following assumptions:
Three Months Ended September 30,Nine Months Ended September 30,
2020202120202021
Risk-free interest rate
0.21% - 0.31%
0.86% - 0.95%
0.21% - 0.44%
0.33% - 1.04%
Expected volatility60.00%50.00%60.00%50.00%
Expected term (in years)
5.00 - 6.06
6.16
5.00 - 6.06
4.05 - 6.22
Summary of Nonvested Restricted Stock Unit Awards
The following table summarizes the activity related to RSUs for the nine months ended September 30, 2021:
 
RSUs
Outstanding
Weighted-Average
Grant Date Fair
Value per Share
Unvested and outstanding at December 31, 2020
1,100,000 $14.14 
Granted4,905,295 $50.77 
Vested(931,588)$19.44 
Cancelled(11,928)$45.43 
Unvested and outstanding at September 30, 2021
5,061,779 $48.58 
Vested and outstanding at September 30, 2021
142,153 $38.19 
Summary of Nonvested Shareholder Value Awards Activity
The following table summarizes the activity related to SVAs for the nine months ended September 30, 2021:
 
SVAs
Outstanding
Weighted-Average
Grant Date Fair
Value per Share
Unvested and outstanding at December 31, 2020
3,653,146 $3.20 
Vested(2,981,349)$3.08 
Cancelled(260,718)$5.84 
Unvested and outstanding at September 30, 2021
411,079 $4.75 
Vested and outstanding at September 30, 2021
— $— 
Summary of Total Stock-based Compensation Expense
Total stock-based compensation expense was as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2020202120202021
Research and development$402 $22,382 $547 $49,520 
Sales and marketing2 101 2 652 
General and administrative7,241 9,599 8,776 40,708 
Total stock-based compensation expense$7,645 $32,082 $9,325 $90,880