STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2023

STOCK-BASED COMPENSATION

Schedule of stock-based compensation expense

Stock-based compensation expense included in the Company’s condensed consolidated statements of operations and comprehensive income (loss) was as follows (in thousands):

	Three months ended March 31,
	2023		2022
Stock options, restricted stock units and restricted common stock	$	6,643	$	4,784
Earn-Out Shares		949		8,122
Total stock-based compensation	$	7,592	$	12,906
Research and development	$	2,750	$	3,841
General and administrative		4,905		9,065
Restructuring		(63)		—
Total stock-based compensation	$	7,592	$	12,906

Schedule of options activity

A summary of stock option activity for employee and nonemployee awards during the three months ended March 31, 2023 is presented below:

				Weighted
				Average	Aggregate
		Weighted-		Remaining	Intrinsic
		Average		Contractual	Value
		Exercise		Term	(in
	Options	Price		(years)	thousands)
Outstanding at December 31, 2022	43,380,290	$	3.52
Granted	—		—
Exercised	(199,109)		0.64
Cancelled/forfeited	(2,917,884)		3.63
Outstanding at March 31, 2023	40,263,297	$	3.53	8.57	$	3,772
Vested at March 31, 2023	14,098,417	$	3.13	8.25	$	2,252
Vested and expected to vest at March 31, 2023	40,263,297	$	3.53	8.57	$	3,772

Schedule of restricted stock and restricted stock units activity

		Weighted-
		Average
	Number of	Grant Date
	Units	Fair Value
Outstanding at December 31, 2022	825,707	$	2.15
Granted	—		—
Vested	—		—
Forfeited	—		—
Outstanding at March 31, 2023	825,707	$	2.15

A summary of the Company’s restricted common stock activity and related information during the three months ended March 31, 2023 is as follows:

		Weighted-
		Average
	Number of	Grant Date
	Shares	Fair Value
Unvested restricted common stock at December 31, 2022	9,827,819	$	0.15
Granted	—		—
Forfeited	(1,343,341)		0.92
Vested	(1,956,530)		0.07
Unvested restricted common stock at March 31, 2023	6,527,948	$	0.03

Schedule of earn-out shares activity

The following table summarizes the activity associated with Earn-Out Shares accounted for pursuant to ASC 718 during the three months ended March 31, 2023:

		Weighted-
		Average
		Grant Date Fair Value
	Number of Shares	Per Share
Outstanding at December 31, 2022	7,377,888	$	5.67
Granted	38,220		0.17
Forfeited	(296,685)		5.73
Outstanding at March 31, 2023	7,119,423	$	5.64