Stock-Based Compensation

3 Months Ended

Mar. 31, 2022

Stock-Based Compensation

Stock-Based Compensation

9. Stock-Based Compensation

Under the Company’s 2020 Stock Incentive Plan (the “2020 Plan”), which replaced the Company’s 2012 Equity Incentive Plan upon the closing of the Merger in December 2020, the employees, directors and consultants of the Company are eligible for grants of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards (“RSA”), restricted stock units (“RSU”), performance awards, and other stock awards, collectively referred to as “Awards”.

Stock-based compensation consists of expense related to equity awards in the normal course, earnout restricted stock and a secondary market transaction as described below:

	Three months ended
	March 31,
	2022		2021
Secondary market transaction	$	—	$	1,933
Employee earnout restricted stock		—		12,373
Employee awards		5,854		2,529
Total operating expenses	$	5,854	$	16,835

Detail related to stock option, RSU and RSA activity for the three months ended March 31, 2022, is as follows:

		Number of	Number of
	Number of	Restricted	Restricted
	Options	Stock Units	Stock Awards
Balances as of January 1, 2021	4,822,992	2,712,762	4,392
Granted	—	1,885,725	—
Vested	—	(241,463)	(4,392)
Exercised	(185,685)	—	—
Forfeited, canceled or expired	(67,564)	(131,038)	—
Balances as of March 31, 2022	4,569,743	4,225,986	—