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STOCK-BASED COMPENSATION (Tables) | 9 Months Ended
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Sep. 30, 2021
Share-based Payment Arrangement [Abstract] |
Shares Available for Future Grant | Shares available for future grant under the Company’s 2016 Plan consisted of the following:
| As of
| September 30, 2021 |  | December 31, 2020
Shares available for future grant | 1,546,715 |  |  | 650,170 |
Summary of Stock Options Activity | The following table summarizes the stock option activities under the Company’s 2013 and 2016 Plans:
| Options Outstanding
| Number of Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value ($'000s)
BALANCE—December 31, 2020 | 7,073,584 |  |  | $ | 0.85 |  |  | 7.90 |  | $ | 13,348 |
Granted | — |  |  | — |  |  |  |  |
Exercised | (832,329) |  |  | 0.39 |  |  |  |  |
Canceled | (277,212) |  |  | 0.71 |  |  |  |  |
BALANCE—September 30, 2021 | 5,964,043 |  |  | $ | 0.92 |  |  | 7.37 |  | $ | 43,989 |
Options vested and exercisable—September 30, 2021 | 3,312,726 |  |  | $ | 0.49 |  |  | 6.42 |  | $ | 25,871 |
Stock Options Valuations Assumptions | The following table summarizes the valuation assumptions:
Stock Options Valuation Assumptions | Nine Months Ended September 30,
| 2020
Fair value of common stock | $0.60
Expected volatility | 33.9% - 38.2%
Expected term (in years) | 5.4 - 6.1
Risk-free interest rate | 0.3% - 1.5%
Expected dividend yield | 0%
Summary of Restricted Stock Units Activity | The following table summarizes the restricted stock units activities under the Company’s 2013 and 2016 Plans:
| Restricted Stock Units
| Number of Shares |  | Weighted-Average Grant Date Fair Value
Unvested—December 31, 2020 | 843,095 |  |  | $ | 2.25 |
Granted | 3,379,467 |  |  | 5.12 |
Vested | (38,533) |  |  | 0.56 |
Forfeited | (248,800) |  |  | 4.37 |
Unvested—September 30, 2021 | 3,935,229 |  |  | $ | 4.60 |
Stock-Based Compensation Related to Stock-Based Awards to Employees | The following table presents the amount of stock-based compensation related to stock-based awards to employees on the Company’s condensed consolidated statements of loss and comprehensive loss (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Research and development | $ | 225 |  |  | $ | 68 |  |  | $ | 645 |  |  | $ | 158 |
Sales and marketing | 38 |  |  | 21 |  |  | 114 |  |  | 66 |
General and administrative | 170 |  |  | 22 |  |  | 385 |  |  | 57 |
Total stock-based compensation | $ | 433 |  |  | $ | 111 |  |  | $ | 1,144 |  |  | $ | 281 |

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