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Stock Option Plan | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Stock Option Plan | Stock Option Plan 2019 Incentive Award Plan In September 2019, the Company's Board of Directors adopted, and the Company's stockholders approved, the 2019 Plan. Under the 2019 Plan, which expires in September 2029, the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units and other awards to individuals who are then employees, officers, non-employee directors or consultants of the Company or its subsidiaries. The options generally expire ten years after the date of grant and are exercisable to the extent vested. Vesting is established by the Board of Directors and is generally four years from the date of grant. The 2019 Plan contains an "evergreen provision" that allows annual increases in the number of shares available for issuance on the first day of each calendar year through January 1, 2029 in an amount equal to the lesser of: (i) 4% of the outstanding capital stock on each December 31st, or (ii) such lesser amount determined by the Board of Directors. As of December 31, 2021, 1,179,571 shares remained available for future awards. Under the evergreen provision, on January 1, 2022, an additional 646,599 shares became available for issuance under the 2019 Plan. 2019 Employee Stock Purchase Plan In September 2019, the Board of Directors adopted, and the Company's stockholders approved, the ESPP. The ESPP became effective on the day the ESPP was adopted by the Company's Board of Directors. The ESPP permits participants to purchase common stock through payroll deductions of up to 20% of their eligible compensation. The number of shares of common stock available for issuance under the ESPP will be annually increased on the first day of each calendar year during the term of the ESPP through January 1, 2029 in an amount equal to the lesser of (i) 1% of the outstanding capital stock on each December 31st, or (ii) such lesser amount determined by the Board of Directors. As of December 31, 2021, 327,516 shares of common stock remained available for issuance under the ESPP. Under the evergreen provision, on January 1, 2022, an additional 161,649 shares became available for issuances under the ESPP. Stock Options Stock option activity under the Company's 2019 Plan is set forth below:
|  | Number of Options |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Outstanding, December 31, 2020 |  | 1,975,761 |  |  | $ | 11.81 |  |  | 8.71 |  | $ | 6,750 |
Granted |  | 229,850 |  |  | $ | 16.79 |  |  |  |  |
Exercised |  | (11,950) |  |  | $ | 7.40 |  |  |  |  |
Forfeited |  | (128,665) |  |  | $ | 14.44 |  |  |  |  |
Expired |  | (50,666) |  |  | $ | 17.18 |  |  |  |  |
Outstanding, December 31, 2021 |  | 2,014,330 |  |  | $ | 12.10 |  |  | 7.87 |  | $ | 5,428 |
Vested and expected to vest, December 31, 2021 |  | 2,014,330 |  |  | $ | 12.10 |  |  | 7.87 |  | $ | 5,428 |
Options exercisable, December 31, 2021 |  | 1,050,036 |  |  | $ | 10.17 |  |  | 7.53 |  | $ | 4,262 |
The weighted-average grant date fair value per share of employee options granted to employees during the years ended December 31, 2021 and 2020 was $8.83 and $7.55, respectively. The intrinsic value is calculated as the difference between the fair value of the Company's common stock and the exercise price of the stock options. The fair value of the Company's common stock is $11.63 and $13.20 per share at December 31, 2021 and 2020, respectively. The intrinsic value of options exercised for the years ended December 31, 2021 and 2020 was $0.1 million and $1.0 million, respectively. As of December 31, 2021, total unrecognized compensation cost related to option awards was $6.3 million, which is expected to be recognized over a remaining weighted-average vesting period of 2.0 years. Restricted Stock Units Restricted stock unit activity under the Company's 2019 Plan is set forth below:
|  | Number of Shares |  | Weighted- Average Grant Date Fair Value |  | Aggregate Intrinsic Value
Outstanding, December 31, 2020 |  | — |  |  | $ | — |  |  | $ | — |
Awards granted |  | 449,000 |  |  | $ | 16.51 |  |  |
Awards released |  | — |  |  | $ | — |  |  |
Awards canceled |  | (33,675) |  |  | $ | 16.24 |  |  |
Outstanding, December 31, 2021 |  | 415,325 |  |  | $ | 16.54 |  |  | $ | 4,830 |
As of December 31, 2021, all of the outstanding restricted stock units are unvested. As of December 31, 2021, total unrecognized compensation cost related to restricted stock units was $5.6 million, which is expected to be recognized over a remaining weighted-average vesting period of 3.3 years. Stock-Based Compensation Expense Stock Options The fair value of employee stock options was estimated using the following assumptions to determine the fair value of stock options granted:
|  |  |  | Years Ended December 31,
|  |  |  |  |  | 2021 |  | 2020
Expected volatility |  |  |  |  |  | 56%-60% |  | 47%-53%
Risk-free interest rate |  |  |  |  |  | 0.8%-1.1% |  | 0.4%-1.7%
Dividend yield |  |  |  |  |  | — |  | —
Expected term (in years) |  |  |  |  |  | 5.50-6.08 |  | 5.5-6.08
Employee Stock Purchase Plan The following assumptions were used to calculate the stock-based compensation for each stock purchase right granted under the ESPP:
|  |  |  | Years Ended December 31,
|  |  |  |  |  | 2021 |  | 2020
Expected volatility |  |  |  |  |  | 45%-60% |  | 58.0%-83.0%
Risk-free interest rate |  |  |  |  |  | 0.1% |  | 0.1%-1.1%
Dividend yield |  |  |  |  |  | — |  | —
Expected term (in years) |  |  |  |  |  | 0.5 |  | 0.5
Stock-based compensation expense related to the ESPP for the years ended December 31, 2021 and 2020 was $0.2 million and less than $0.1 million, respectively. As of December 31, 2021, total unrecognized compensation cost related to stock purchase rights granted under the ESPP was less than $0.1 million, which is expected to be recognized over a remaining weighted-average vesting period of 0.2 years. Total non-cash stock-based compensation expense recorded related to options granted, restricted stock units granted and stock purchase rights granted under the ESPP in the statement of operations is as follows (in thousands):
|  |  |  | Years Ended December 31,
|  |  |  |  |  | 2021 |  | 2020
Cost of revenue |  |  |  |  |  | $ | 164 |  |  | $ | 33 |
Selling, general and administrative |  |  |  |  |  | 3,943 |  |  | 2,419 |
Research and development |  |  |  |  |  | 621 |  |  | 242 |
Total |  |  |  |  |  | $ | 4,728 |  |  | $ | 2,694 |
Common stock reserved for future issuance consists of the following at December 31, 2021:
Warrants to purchase common stock |  | 1,214,059 |
Common stock option grants issued and outstanding |  | 2,014,330 |
Common stock reserved for issuance upon vesting of outstanding restricted stock units |  | 415,325 |
Common shares available for grant under the 2019 Plan |  | 1,179,571 |
Common shares available for future issuance under ESPP |  | 327,516 |
Total |  | 5,150,801 |

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