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Stock Incentive Plans (Tables) | 9 Months Ended
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Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award |
Schedule of Share-based Compensation Expense | The following table summarizes the share-based compensation expense recognized for the different stock incentive plans discussed below:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Stock options(1) | $ | 22,180 |  |  | $ | 2,907 |  |  | $ | 47,322 |  |  | $ | 8,134 |
Secondary sales of common stock | — |  |  | 9,050 |  |  | 11,642 |  |  | 10,486 |
Restricted stock units | 15,882 |  |  | — |  |  | 45,948 |  |  | — |
Employee Stock Purchase Plan | 903 |  |  | — |  |  | 981 |  |  | — |
Total | $ | 38,965 |  |  | $ | 11,957 |  |  | $ | 105,893 |  |  | $ | 18,620 |
(1) Includes the share-based compensation expense recognized for employees, non-employees and the CEO Long-Term Performance Award. During the three and nine months ended September 30, 2021, share-based compensation expense recognized for the CEO Long-Term Performance Award was $13.4 million and $24.8 million, respectively.
A summary of the Company's stock option activity under both stock incentive plans was as follows:
| Number of Options |  | Weighted-Average Exercise Price per Share |  | Weighted-Average Remaining Contractual Life |  | Aggregate Intrinsic Value(1)
Balance as of December 31, 2020(2) | 23,421,374 |  |  | $ | 1.35 |  |  | 8.33 years |  | $ | 248,002 |
Granted | 29,113,555 |  |  | 20.07 |  |  |  |  |
Exercised | (3,236,786) |  |  | 1.06 |  |  |  |  |
Canceled and forfeited | (3,241,591) |  |  | 2.89 |  |  |  |  |
Balance as of September 30, 2021(2) | 46,056,552 |  | $ | 13.09 |  |  | 8.66 years |  | $ | 417,075 |
Vested as of September 30, 2021 | 9,922,355 |  | $ | 1.43 |  |  | 6.73 years |  | $ | 219,482 |
(1) Intrinsic value is calculated based on the difference between the exercise price of in-the-money-stock options and the fair value of the common stock as of the respective balance sheet dates. (2) The 2011 Plan allows for early exercise of stock options and these balances include all exercisable stock options regardless of vesting status. The CEO Long-Term Performance Award is divided into seven equal tranches which vest upon the achievement of the following Company stock price hurdles:
Tranche |  | Company Stock Price Hurdle |  | Number of Options Eligible to Vest
1 |  | $67.50 |  | 2,826,884
2 |  | $78.98 |  | 2,826,884
3 |  | $92.40 |  | 2,826,884
4 |  | $108.11 |  | 2,826,884
5 |  | $126.49 |  | 2,826,884
6 |  | $147.99 |  | 2,826,884
7 |  | $173.15 |  | 2,826,884
Total |  |  |  | 19,788,188
Schedule of Nonvested Restricted Stock Units Activity | A summary of the Company's RSUs activity under both stock incentive plans was as follows:
| Number of Restricted Stock Units |  | Weighted-average grant date fair value per share |  |
Balance as of December 31, 2020 | 4,430,336 |  | $ | 4.93 |  |  |
Granted | 7,420,972 |  | 20.58 |  |  |
Vested | (1,985,645) |  | 7.60 |  |  |
Canceled and forfeited | (649,478) |  |  | 11.78 |  |  |
Balance as of September 30, 2021 | 9,216,185 |  | $ | 15.85 |  |  |
Stock Options |
Share-based Compensation Arrangement by Share-based Payment Award |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of stock options granted was estimated using the Black-Scholes option pricing model and the following weighted average assumptions:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Dividend yield | 0.0% |  | 0.0% |  | 0.0% |  | 0.0%
Expected volatility | 57.48% |  | 49.93% |  | 54.15% |  | 48.11%
Expected term (in years) | 6.08 |  | 6.02 |  | 6.73 |  | 6.02
Risk-free interest rate | 1.18% |  | 0.36% |  | 1.22% |  | 0.54%

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