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Equity Incentive Plan (Tables) - BFLY Operations Inc | 12 Months Ended
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Dec. 31, 2020
Summary of the stock option activity | A summary of the stock option activity under the Plan is presented in the table below:
|  |  |  |  |  | Weighted |  |
|  |  |  | Weighted |  | Average |  |
|  |  |  | Average |  | Remaining |  | Aggregate
|  | Number of |  | Exercise |  | Contractual |  | Intrinsic
|  | Options |  | Price |  | Term |  | Value
Outstanding at January 1, 2019 |  | 13,673,551 |  | 2.10 |  | 7.74 |  | 30,252
Granted |  | 1,785,056 |  | 4.31 |  |  |  |
Exercised |  | (171,730) |  | 1.89 |  |  |  |
Forfeited |  | (594,544) |  | 2.68 |  |  |  |
Outstanding at December 31, 2019 |  | 14,692,333 |  | 2.35 |  | 6.94 |  | 47,820
Granted |  | 13,957,917 |  | 5.77 |  |  |  |
Exercised |  | (629,241) |  | 3.19 |  |  |  |
Forfeited |  | (2,297,410) |  | 2.60 |  |  |  |
Outstanding at December 31, 2020 |  | 25,723,599 |  | 4.18 |  | 7.06 |  | 143,338
Options exercisable at December 31, 2019 |  | 9,788,082 |  | 1.90 |  | 6.39 |  | 36,207
Options exercisable at December 31, 2020 |  | 11,126,920 |  | 2.38 |  | 6.01 |  | 82,033
Vested and expected to vest at December 31, 2019 |  | 13,559,748 |  | 2.27 |  | 6.85 |  | 45,138
Vested and expected to vest at December 31, 2020 |  | 22,320,862 |  | 3.97 |  | 6.94 |  | 129,047
Schedule of assumptions used to value option grants to employees and non-employees | The assumptions used to value option grants to employees were as follows:
|  | 2020 |  | 2019 |
Risk free interest rate |  | 0.4% – 1.7% |  | 2.3% – 2.5% |
Expected dividend yield |  | 0% |  | 0% |
Expected term |  | 5.9 years – 6.3 years |  | 6 years – 6.1 years |
Expected volatility |  | 50% |  | 50% |
The assumptions used to value option grants to non-employees were as follows:
|  | 2020 |  | 2019 |
Risk free interest rate |  | 0.4% – 1.7% |  | 1.5% – 2.7% |
Expected dividend yield |  | 0% |  | 0% |
Expected term |  | 1.1 years – 6.1 years |  | 8.1 years to 10 years |
Expected volatility |  | 50% |  | 50% |
Schedule of stock-based compensation expense | The Company’s stock-based compensation expense for the periods presented was as follows (in thousands):
|  | 2020 |  | 2019
Cost of revenue – Subscription |  | $ | 697 |  | $ | 15
Research and development |  |  | 3,869 |  |  | 3,693
Sales and marketing |  |  | 2,591 |  |  | 1,041
General and administrative |  |  | 3,847 |  |  | 1,289
Total stock-based compensation expense |  | $ | 11,004 |  | $ | 6,038

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