Equity Incentive Plans

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Amended and Restated 2012 Stock Plan

As of June 30, 2020, the number of shares of Class A common stock issuable under the Amended and Restated 2012 Stock Plan which includes shares issuable upon the exercise of outstanding awards is 11,186,338. Following the adoption of the 2019 Omnibus Incentive Plan in September 2019, any awards outstanding under the Amended and Restated 2012 Stock Plan continue to be governed by their existing terms but no further awards may be granted under the Amended and Restated 2012 Stock Plan.

2019 Omnibus Incentive Plan

As of June 30, 2020, the number of shares of Class A common stock under the 2019 Omnibus Incentive Plan which includes shares issued or issuable in connection with currently or previously outstanding awards and shares available for issuance in connection with grants of future awards is 11,000,000. As of June 30, 2020, of these 11,000,000 shares: 40,999 shares have been issued in connection with previously outstanding awards; 2,951,250 shares are issuable in connection with outstanding awards; and 8,007,751 shares are available for issuance in connection with grants of future awards.

2019 Employee Stock Purchase Plan

A total of 2,000,000 shares of Class A common stock were reserved for issuance under the ESPP at the time the ESPP was adopted in 2019. The price at which Class A common stock is purchased under the ESPP is equal to 85% of the fair market value of the common stock on the first day of the offering period or purchase date, whichever is lower. Shares purchased under the ESPP are subject to a one-year holding period following the purchase date.

During the three months ended June 30, 2020, 118,218 shares of Class A common stock were issued under the ESPP. No shares of Class A common stock were issued under the ESPP during 2019 or during the three months ended March 31, 2020. As of June 30, 2020, there were 1,881,782 shares available for issuance in connection with the current and future offering periods under the ESPP.

The assumptions used and the resulting weighted-average fair value per share for stock purchased under the ESPP during the three months ended June 30, 2020 were as follows:


Risk-free interest rate	1.85	%
Expected volatility	52.18	%
Expected term (years)	0.67
Expected dividends	0	%
Weighted average grant-date fair value per share	$12.60

Stock-based Compensation

The Company recorded stock-based compensation expense in the condensed consolidated statement of operations for the periods presented as follows (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Cost of revenue	$	463	$	58	$	710	$	90
Research and development	6,044		1,291		8,931		1,798
Selling, general and administrative	7,348		1,676		10,932		2,496
Total stock-based compensation expense	$	13,855	$	3,025	$	20,573	$	4,384

Restricted Stock Units

The Company began granting restricted stock unit awards (“RSUs”) to employees and other service providers during the first quarter of 2020. RSU activity for the six months ended June 30, 2020 is as follows:


	Restricted Stock Units	Weighted-Average Grant Date Fair Value (per share)
Outstanding as of December 31, 2019	—	$	—
Granted	745,587	66.42
Vested	(40,999)	65.91
Cancelled	(1,978)	64.32
Outstanding as of June 30, 2020	702,610	$	66.46

Stock Options

Stock options activity for the six months ended June 30, 2020 is as follows:


	Stock Options	Weighted-Average Exercise Price
Outstanding as of December 31, 2019	15,918,243	$	6.82
Granted	1,646,898	76.98
Exercised	(3,858,369)	1.91
Cancelled	(199,542)	10.32
Outstanding as of June 30, 2020	13,507,230	$	16.72