Stock Based Compensation (Tables)
|
9 Months Ended |
Sep. 30, 2021 |
|---|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Schedule of fair value weighted-average assumptions |
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
2021 |
|
2020 |
|
Risk-free interest rate |
|
0.7 |
% |
0.4 |
% |
Expected term (in years) |
|
6.0 |
|
5.9 |
|
Expected volatility |
|
31.4 |
% |
32.4 |
% |
Expected dividend yield |
|
0.0 |
% |
0.0 |
% |
|
| Summary of stock option activity |
The following tables summarize the Company’s stock option activity since December 31, 2020 (in thousands, except for share and per share data):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
|
|
|
|
|
Weighted |
|
Average |
|
|
|
|
|
Number of |
|
Average |
|
Remaining |
|
Aggregate |
|
|
Shares |
|
Exercise Price |
|
Contractual Term |
|
Intrinsic Value |
|
|
|
|
|
|
|
(in years) |
|
|
|
Outstanding as of December 31, 2020 |
|
18,804,634 |
|
$ |
0.36 |
|
7.57 |
|
$ |
1,054 |
Granted |
|
6,474,175 |
|
|
0.43 |
|
9.28 |
|
|
49,284 |
Exercised |
|
(2,399,609) |
|
|
0.33 |
|
5.62 |
|
|
18,508 |
Exercised upon settlement of related party note |
|
(1,469,999) |
|
|
0.24 |
|
5.96 |
|
|
272 |
Forfeited |
|
(98,524) |
|
|
0.41 |
|
— |
|
|
752 |
Outstanding as of September 30, 2021 |
|
21,310,677 |
|
|
0.40 |
|
8.19 |
|
$ |
162,662 |
|
|
|
|
|
|
|
|
|
|
|
Vested and expected to vest as of September 30, 2021 |
|
21,310,677 |
|
$ |
0.40 |
|
8.19 |
|
$ |
162,662 |
Options exercisable as of September 30, 2021 |
|
9,615,616 |
|
$ |
0.37 |
|
7.24 |
|
$ |
73,813 |
|
| Schedule of fair value measurements of common stock warrants granted |
|
|
|
|
Warrants - Black Scholes |
|
|
|
Risk-free interest rate |
|
0.4 |
% |
Expected term (in years) |
|
3.0 |
|
Expected volatility |
|
23.9 |
% |
Expected dividend yield |
|
0.0 |
% |
|
| Schedule of allocation of share based compensation expense |
Stock-based compensation expense was classified in the consolidated statements of operations and comprehensive income (loss) as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Cost of revenue |
|
$ |
29 |
|
$ |
3 |
|
$ |
39 |
|
$ |
7 |
Sales and marketing |
|
|
990 |
|
|
41 |
|
|
2,298 |
|
|
81 |
General and administrative |
|
|
1,045 |
|
|
260 |
|
|
1,241 |
|
|
298 |
Research and development |
|
|
332 |
|
|
99 |
|
|
435 |
|
|
139 |
Total stock-based compensation expense |
|
$ |
2,396 |
|
$ |
403 |
|
$ |
4,013 |
|
$ |
525 |
|
| Schedule of stock-based compensation expense |
Stock-based compensation expense was classified by award type in the consolidated statements of operations and comprehensive loss as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
2021 |
|
2020 |
|
|
2021 |
|
2020 |
Stock options |
$ |
128 |
|
$ |
403 |
|
$ |
595 |
|
$ |
525 |
Earn-out shares |
|
1,970 |
|
|
— |
|
|
1,970 |
|
|
— |
Warrants |
|
39 |
|
|
— |
|
|
1,043 |
|
|
— |
RSU's |
|
259 |
|
|
— |
|
|
405 |
|
|
— |
Total stock-based compensation expense |
$ |
2,396 |
|
$ |
403 |
|
$ |
4,013 |
|
$ |
525 |
|
| Unvested restricted stock units |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Summary of stock option activity |
|
|
|
|
|
|
|
|
Number of |
|
Grant Date Fair |
|
|
Shares |
|
Value |
|
|
|
|
|
|
Outstanding as of December 31, 2020 |
|
— |
|
|
— |
Granted |
|
1,670,961 |
|
$ |
7.19 |
Vested |
|
— |
|
|
— |
Cancelled |
|
— |
|
|
— |
Outstanding as of September 30, 2021 |
|
1,670,961 |
|
$ |
7.19 |
|