Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Based Compensation Expenses Included on Operations Statement

The following table presents stock-based compensation included on the condensed combined consolidated statements of operations (in thousands):

	Three Months Ended March 31,
	2021		2020
	(Unaudited)
Stock-based compensation expense:
Stock options	$	6,355	$	130
RSUs		8,943		350
	$	15,298	$	480
Stock-based compensation expense in operating expenses:
Research and development	$	2,888	$	161
Selling, general and administrative		12,410		319
	$	15,298	$	480

Summarizes Stock Option Activity and Related Information Under Equity Incentive Plans

The following table summarizes stock option activity and related information for three months ended March 31, 2021:

	Number of Shares			Weighted- Average Exercise Price		Aggregate Intrinsic Value (in thousands)		Weighted- Average Remaining Contractual Life (in years)
Outstanding at December 31, 2020		4,996,284		$	9.96	$	29,746		4.7
Options granted		750,000		$	23.72
Options exercised		(752,310	)	$	2.39
Options forfeited		(15,660	)	$	6.27
Outstanding at March 31, 2021		4,978,314		$	13.21	$	54,279		5.4
Vested and exercisable at March 31, 2021		3,815,630		$	12.07	$	46,363		4.2

Weighted Average of Fair Value of Options Under Black-Scholes Option-Pricing Model

The fair value of each stock option issued was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions:

	Three Months Ended March 31, 2021
	(Unaudited)
Expected term (in years)		6.0
Risk-free interest rate		0.6	%
Expected volatility		100.5	%
Dividend yield		0.0	%
Weighted-average grant date fair value	$	18.63

RSUs Activity

The following table summarizes RSU activity for the three months ended March 31, 2021:

	Number of Shares			Weighted- Average Grant Date Fair Value
Unvested balance at December 31, 2020		466,842		$	2.52
Granted		7,521,110		$	25.35
Vested		(235,725	)	$	16.34
Forfeited/canceled		(116,095	)	$	25.49
Unvested balance at March 31, 2021		7,636,132		$	24.23