Equity Incentive Plans and Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Activity under the Company’s stock option plans is set forth below:


	Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term in years
	(In thousands)	(Per share data)		(Years)
Outstanding as of December 31, 2020	21,471	$	0.33	9.3
Granted	—	$	—
Exercised	(39)	$	0.98
Forfeited or expired	(249)	$	0.67
Outstanding as of March 31, 2021	21,183	$	0.33	8.9
Options vested and expected to vest as of March 31, 2021	21,183	$	0.33
Vested and exercisable as of March 31, 2021	2,904	$	0.93

Outstanding as of December 31, 2021	21,191	$	0.58	8.2
Granted	—	$	—
Exercised	(325)	$	0.47
Forfeited or expired	(79)	$	5.50
Outstanding as of March 31, 2022	20,787	$	0.56	8.0
Options vested and expected to vest as of March 31, 2022	20,787	$	0.56
Vested and exercisable as of March 31, 2022	10,306	$	0.62

Weighted-Average Assumptions Used in Stock Options

The weighted-average assumptions in the Black-Scholes option-pricing model used to determine the fair value of stock options granted were as follows:


	Three months ended March 31,
	2022		2021
Expected volatility	—	%	60	%
Risk-free interest rate	—% – —%		0.4% – 0.5%
Dividend yield	—	%	—	%
Expected term (in years)	0		6.04
Discount for Lack of Marketability	—	%	23.5	%

Schedule of Nonvested Restricted Stock Units Activity

The following table summarizes outstanding and expected to vest RSUs as of March 31, 2022 and their activity during the three months ended March 31, 2022:


	Number of Shares	Weighted-Average Grant Date Fair Value		Aggregate Intrinsic Value
	(In thousands)	(Per share data)		(In thousands)
Balance as of December 31, 2021	4,041	$	7.26	$	31,563
Granted	567	6.98		4,110
Released	(59)	7.15		583
Cancelled	—	—		—
Balance as of March 31, 2022	4,549	$	7.23	$	42,353
Expected to vest as of March 31, 2022	4,549	$	7.23	$	42,353

Schedule of Stock-Based Compensation Expense

The following sets forth the total stock-based compensation expense by type of award included in the statements of operations:


	Three Months Ended March 31,
	2022		2021
	(In thousands)
Restricted stock units	$	2,440	$	—
Stock options	575		315
Earnout shares - employees	1,942		—
	$	4,957	$	315

The following sets forth the total stock-based compensation expense for the stock options included in the statements of operations:


	Three Months Ended March 31,
	2022		2021
	(In thousands)
Research and development	$	2,591	$	165
Selling and marketing	1,113		65
General and administrative	1,253		85
	$	4,957	$	315