Share-Based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 2022 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Summary of Changes in Number of Shares Available for Grant |
The following table summarizes changes in the number of shares available for grant under the Company’s equity incentive plans during the six-month period ended June 30, 2022 (unaudited):
|
|
|
|
|
|
|
|
Number of shares |
|
Available for grant at December 31, 2021 |
|
|
1,853,240 |
|
Added to 2019 Share Incentive Plan |
|
|
1,320,000 |
|
RSUs granted |
|
|
(381,366 |
) |
Options granted |
|
|
(813,000 |
) |
Shares withheld in settlement of taxes and/or exercise price |
|
|
31,309 |
|
Expirations |
|
|
1,125 |
|
Forfeitures |
|
|
96,364 |
|
Available for grant at June 30, 2022 |
|
|
2,107,672 |
|
|
|
|
|
|
| Schedule of Total Share Based Compensation Expense |
The following table shows total share-based compensation expense for the three-month and six-month periods ended June 30, 2021 and 2022 (unaudited and in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
Cost of revenues |
|
$ |
50 |
|
|
$ |
50 |
|
|
$ |
69 |
|
|
$ |
107 |
|
Research and development |
|
|
842 |
|
|
|
1,011 |
|
|
|
1,359 |
|
|
|
2,033 |
|
Sales and marketing |
|
|
539 |
|
|
|
578 |
|
|
|
834 |
|
|
|
1,205 |
|
General and administrative |
|
|
667 |
|
|
|
878 |
|
|
|
1,246 |
|
|
|
1,592 |
|
Total share-based compensation expense |
|
$ |
2,098 |
|
|
$ |
2,517 |
|
|
$ |
3,508 |
|
|
$ |
4,937 |
|
|
| Summary of Stock Option Activity |
The following is a summary of option activity for the Company’s share incentive plans for the six-month period ended June 30, 2022 (unaudited):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options |
|
|
Weighted
average
exercise
price |
|
|
Weighted
Average
remaining
contractual
term (years) |
|
|
Aggregate
intrinsic
value |
|
Outstanding at December 31, 2021 |
|
|
2,797,992 |
|
|
$ |
12.64 |
|
|
|
7.9 |
|
|
$ |
38,295,799 |
|
Options granted |
|
|
813,000 |
|
|
$ |
15.11 |
|
|
|
— |
|
|
$ |
— |
|
Options exercised |
|
|
(27,107 |
) |
|
$ |
9.18 |
|
|
|
— |
|
|
$ |
— |
|
Options expired |
|
|
(1,125 |
) |
|
$ |
12.00 |
|
|
|
— |
|
|
$ |
— |
|
Options forfeited |
|
|
(85,958 |
) |
|
$ |
8.53 |
|
|
|
— |
|
|
$ |
— |
|
Outstanding at June 30, 2022 |
|
|
3,496,802 |
|
|
$ |
13.35 |
|
|
|
7.7 |
|
|
$ |
9,219,487 |
|
Options exercisable at June 30, 2022 |
|
|
1,682,603 |
|
|
$ |
11.99 |
|
|
|
6.7 |
|
|
$ |
5,927,536 |
|
Options vested and expected to vest at June 30, 2022 |
|
|
3,406,550 |
|
|
$ |
13.32 |
|
|
|
7.7 |
|
|
$ |
9,076,130 |
|
|
| Schedule of Estimated Fair Value of Weighted Average Assumptions |
The fair value of options granted are estimated on the date of grant using the Black-Scholes option pricing model. The fair value of share options is being amortized on a straight-line basis over the requisite service period of the awards. The fair value of share options is estimated using the following weighted-average assumptions (unaudited):
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
2021 |
|
|
2022 |
|
Expected dividend yield |
|
|
— |
|
|
|
— |
|
Risk-free interest rate |
|
|
1.14 |
% |
|
|
2.43 |
% |
Weighted-average expected volatility |
|
|
50.9 |
% |
|
|
61.3 |
% |
Expected term (in years) |
|
|
6.5 |
|
|
|
4.5 |
|
Weighted average grant-date fair value per share of options granted |
|
$ |
21.36 |
|
|
$ |
8.15 |
|
|
| Summary of Restricted Shares Activity |
The following is a summary of restricted shares activity for the Company’s share incentive plan for the six-month period ended June 30, 2022 (unaudited):
|
|
|
|
|
|
|
|
|
|
|
|
Units |
|
|
Weighted
average
grant date
fair value |
|
RSU balance at December 31, 2021 |
|
|
547,343 |
|
|
$ |
22.47 |
|
RSUs granted |
|
|
381,366 |
|
|
$ |
14.94 |
|
RSUs vested |
|
|
(146,016 |
) |
|
$ |
24.37 |
|
RSUs forfeited |
|
|
(10,406 |
) |
|
$ |
36.77 |
|
RSU balance at June 30, 2022 |
|
|
772,287 |
|
|
$ |
18.20 |
|
|
|
|
|
|
|
|
|