Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Stock-Based Compensation

Schedule of assumptions used to determine the grant-date fair value of stock options

The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted:

	Year Ended December 31,
	2021		2020
Risk-free interest rate	1.1	%	0.4	%
Expected volatility	65	%	60	%
Expected dividend yield	—		—
Expected term (in years)	6		6

Schedule of option activity

The following table summarizes the Company’s option activity for the fiscal year ended December 31, 2021:

		Weighted
		Average		Weighted	Aggregate
	Number	Exercise		Contractual	Intrinsic
	of Shares	Price		Term	Value
				(in years)	(in thousands)
Outstanding at beginning of period	3,405,698	$	2.27	7.1	$	186,234
Granted	65,256		36.89
Exercised	(671,661)		1.33
Forfeited	(52,252)		2.19
Outstanding at end of period	2,747,041	$	3.32	6.7	$	62,714
Vested and expected to vest at end of period	2,682,327	$	3.27	6.6	$	61,353
Exercisable at end of period	1,766,726	$	2.01	5.7	$	42,324

Schedule of restricted stock unit activity

The following table summarizes the Company’s restricted stock units activity for the fiscal year ended December 31, 2021:

		Weighted
		Average
	Number	Grant Date
	of Shares	Fair Value
Unvested at beginning of period	—	$	—
Granted	197,669		36.43
Vested and released	(174)		57.47
Forfeited	(9,731)		46.78
Unvested at end of period	187,764	$	35.87

Schedule of stock-based compensation expense

The Company recorded stock-based compensation expense in the following expense categories of its consolidated statements of operations and comprehensive loss (in thousands):

	Year Ended December 31,
	2021		2020
Cost of revenue	$	97	$	37
Research and development expenses		448		129
Selling, general and administrative expenses		1,959		359
	$	2,504	$	525