Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation (Tables)

v3.22.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
Summary of assumptions used to determine the fair value of the stock options The assumptions used to estimate the fair value of stock options granted during the periods presented were as follows:
 
    
Year Ended December 31,
  
    
2021
    
2020
  
Strike price
    $ 0.17     $ 0.18  
Expected term (in years)
     
5.55 - 6.05
       5.00 - 6.04  
Expected volatility
     
57.09% - 57.81
 %     
49.13% - 53.50
 % 
Risk-free interest rate
      0.50% - 0.57 %      0.37% - 1.46 % 
Dividend yield
      —          —     
Summary of stock option plan and the activity
The following table summarizes the Company’s stock option plan and the activity:
 
    
Shares
Underlying
Options
     
Weighted
Average
Exercise
Price
     
Weighted Average
Remaining
Contractual Term
(in years)
     
Aggregate
Intrinsic Value
(in thousands)
  
Outstanding at January 1, 2021 (as previously reported)
      8,247,340      $ 0.44        6.72      $ —    
Retroactive application of reverse recapitalization
      (1,967,440 )       —          —          —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Outstanding as of January 1, 2021, effect of Merger
      6,279,900      $ 0.58        6.64      $ —    
Granted
      29,420        0.36        9.07        —    
Forfeited
      (203,970 )       0.44        —          —    
Exercised
      (1,298,963 )       0.45        —        $ 9,450  
    
 
 
     
 
 
     
 
 
     
 
 
  
Outstanding at December 31, 2021
      4,806,387      $ 0.63        6.57      $ 14,438  
    
 
 
     
 
 
     
 
 
     
 
 
  
Exercisable at December 31, 2021
      4,515,739      $ 0.64        6.48      $ 13,504  
    
 
 
     
 
 
     
 
 
     
 
 
  
Summary of the Company's restricted stock unit activity
The following table summarizes the Company’s restricted stock unit activity:
 
    
Restricted Stock
Units
     
Weighted Average
Grant Date Fair
Value per Share
  
Outstanding at January 1, 2021
      —        $ —    
Granted
      1,070,812        2.58  
Forfeited
      (364 )       1.06  
Vested
      (410,000 )       3.80  
    
 
 
     
 
 
  
Outstanding at December 31, 2021
      660,448      $ 3.80  
    
 
 
     
 
 
  
Exercisable at December 31, 2021
      —        $ —    
    
 
 
     
 
 
  
2010 Stock Plan [Member] | Restricted Stock Units (RSUs) [Member]  
Summary of assumptions used to determine the fair value of the stock options The assumptions used to estimate the fair value of Earn-Out RSUs granted during the year ended December 31, 2021 were as follows:
 
Weighted average grant date fair value
  
$
1.14
 
Expected term (in years)
  
 
3.00
 
Expected volatility
  
 
67.00
% 
Risk-free interest rate
  
 
0.93
% 
Dividend yield
  
 
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