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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of stock option activity

A summary of the stock option activity under the 2018 Plan is as follows:

			Number of Options						Weighted- Average Exercise Price						Weighted- Average Remaining Contractual Term (years)						Aggregate Intrinsic Value (in thousands)
Balance – December 31, 2020			2,594,597						$	3.79					8.5						$	13,791
Granted(1)			965,944						10.52
Forfeited			—						—
Cancelled			—						—
Balance – March 31, 2021			3,560,541						$	5.61					8.4						$	49,765
Exercisable – March 31, 2021			2,594,597						$	3.79					7.9						$	41,004

(1)     The options granted during the period were not included in the number of options for which vesting was accelerated as part of the Business Combination.

Schedule of restricted stock unit activity

A summary of restricted stock unit activity under the 2018 Plan is as follows:

			Number of Awards						Weighted- Average Grant Date Fair Value per Share
Unvested and outstanding balance at December 31, 2020			313,976						$	4.30
Granted			—						—
Vested			(313,976)						4.30
Forfeited			—						—
Unvested and outstanding balance at March 31, 2021			—						$	—

Schedule of assumptions used to determine fair value of options granted

We estimated the fair value of each option on the date of grant using the Black-Scholes option pricing model applying the weighted-average assumptions in the following table:

			Three Months Ended March 31,
			2021						2020
Fair value of common stock			$10.52						$3.94 – $4.17
Expected term, in years			5.86						5.88 – 6.06
Expected volatility			47%						40%
Risk-free interest rate			0.57%						1.45% – 1.46%
Expected dividend yield			0%						0%

Schedule of allocated share-based compensation expense

Stock-based compensation expense under our 2018 Plan was as follows for the three months ended March 31, 2021 and 2020 (in thousands):

			Three Months Ended March 31,
			2021						2020
Cost of sales			$	—					$	5
Selling and administrative expenses			3,498						744
Total			$	3,498					$	749

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
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-Section 50
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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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