Stock-Based Compensation

3 Months Ended

Mar. 31, 2022

Stock-Based Compensation [Abstract]

Stock-Based Compensation

11. Stock-Based Compensation

Stock Options

As of March 31, 2022 there were options for

13,911,622

 shares of Class A stock outstanding and options for

6,362,455

 shares of Class

B stock outstanding, of which

8,466,456

 Class A and

4,897,414

 Class B shares were exercisable, respectively. As of March 31, 2022,

the maximum number of stock options awards available for future issuance under the Company’s plans is

6,727,691

.

The following table summarizes stock option activity during the three months ended March 31, 2022:

The aggregate intrinsic value of options is calculated as the difference between the exercise price of the options and the fair value of the

common stock for those options that had exercise prices lower than the fair value of the common stock as of March 31, 2022.

The intrinsic value of options exercised during the three months ended March 31, 2022 was $

3.6

 million.

The weighted-average grant-date fair value per share of options granted during the three months ended March 31, 2022 was $

4.02

.

Restricted Stock

The following table summarizes the Company’s restricted stock activity for the three months ended March 31, 2022:

Stock-based compensation expense recognized on vested restricted stock was immaterial for the three months ended March 31, 2022.

Stock-Based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories in the accompanying unaudited

condensed consolidated statements of operations (in thousands):

As of March 31, 2022, total unrecognized compensation cost related to the unvested stock-based awards was $

24.2

 million, which is

expected to be recognized over a weighted average period of

3.0

 years.

Number of Stock

Options

Outstanding

Weighted Price

Per Share

Weighted

Contractual

Term (years)

Aggregate

Intrinsic Value

(in thousands)

Balance at December 31, 2021

21,387,909

$

5.25

7.4

$

49,684

Granted

303,086

5.36

Exercised

(842,938)

(3.89)

Forfeited

(573,980)

(5.16)

Balance at March 31, 2022

20,274,077

$

5.31

7.5

$

32,167

Options vested and exercisable at March 31, 2022

13,363,870

$

4.46

7.1

$

27,022

Number of

Shares

Weighted

Average

Grant Date

Fair Value

Per Share

Unvested at December 31, 2021

—

$

—

Issued

300,000

3.76

Unvested at March 31, 2022

300,000

$

3.76