Basis of Presentation and Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

Basis of Presentation and Significant Accounting Policies

Contract assets and contract liabilities

The following tables present changes in the Company’s contract assets and contract liabilities during the six months ended June 30, 2022 and 2021 (in thousands):

	Balance at								Balance at
	December 31, 2021		Additions		Deductions		Impact of Netting		June 30, 2022
Contract asset	$	3,000	$	—	$	(3,000)	$	—	$	—
Contract liabilities (deferred revenue)	$	92,068	$	3,803	$	(36,624)	$	—	$	59,247

	Balance at								Balance at
	December 31, 2020		Additions		Deductions		Impact of Netting		June 30, 2021
Contract asset	$	—	$	—	$	—	$	—	$	—
Contract liabilities (deferred revenue)	$	110,109	$	—	$	(837)	$	—	$	109,272

The Company recognized the following revenues as a result of changes in contract asset and contract liability balances in the respective periods (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Revenue recognized in the period from:
Amounts included in contract liabilities at the beginning of the period	$	10,864	$	765	$	36,624	$	837

Schedule of common stock equivalents, as calculated in accordance with the treasury-stock method

The Company’s common stock equivalents, as calculated in accordance with the treasury-stock method for options and unvested restricted stock, and the if-converted method for the convertible notes, are shown in the following table (in thousands):

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2022	2021	2022	2021
Options outstanding to purchase common stock, shares issuable under the employee stock purchase plan, and unvested restricted stock/units at end of period	29,528	21,681	29,528	21,681
Common stock equivalents under treasury stock method for options, shares issuable under the employee stock purchase plan, and unvested restricted stock/units	958	2,772	1,306	3,138

Schedule of risk-free rate of the stock options based on US Treasury rate

	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Dividend	None	None	None	None
Volatility	83.4%	84.7%	83.1%	85.3%
Risk-free interest rate	3.00%	1.01%	2.180%	0.67%
Expected life (years)	6.0	6.0	6.0	6.0

Summary of stock option activity

A summary of option activity under the Company’s equity plans for the six months ended June 30, 2022 is presented below (in thousands, except weighted-average data):

		Weighted-
	Number	Average
	of Stock	Exercise
	Options	Price
Outstanding at December 31, 2021	21,219	$	6.28
Granted	8,670		5.03
Exercised	(173)		3.59
Forfeited/Canceled	(263)		6.72
Outstanding at June 30, 2022	29,453	$	5.92

Summary of restricted stock activity

A summary of restricted stock unit activity under the Company’s equity plans for the six months ended June 30, 2022 is presented below (in thousands, except weighted-average data):

	Number of	Weighted-
	Restricted	Average Grant
	Stock Shares	Date Fair Value
Unvested at December 31, 2021	77	$	5.59
Granted	-		-
Vested	(2)		2.53
Unvested at June 30, 2022	75	$	5.68