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Stock-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Schedule of Stock Option Valuation Assumptions | The fair value of stock option awards in 2020 and 2019 was determined on the grant date using the Black-Scholes valuation model based on the following assumptions:
| 2020 |  | 2019
Expected term (years) (1) | 5.96 – 6.02 |  | 5.27 – 6.02
Current stock value | $1.67 – $5.64 |  | $1.28 – $1.67
Expected volatility (2) | 49.3% – 51.9% |  | 44.6% – 49.3%
Risk-free interest rate (3) | 0.4% – 1.8% |  | 1.6% – 1.9%
Dividend yield (4) | 0 | % |  | 0 | %
(1)The expected term is the length of time the grant is expected to be outstanding before it is exercised or terminated. This number is calculated as the midpoint between the vesting term and the original contractual term (contractual period to exercise). If the option contains graded vesting, then the vesting term would be based on the vesting pattern. (2)Volatility, or the standard deviation of annualized returns, was calculated based on comparable companies’ reported volatilities. (3)Risk free rate was obtained from US treasury notes for the expected terms noted as of the valuation date. (4)The Company has assumed a dividend yield of zero as it has no plans to declare dividends in the foreseeable future.
Schedule of Stock Option Activity | The Company’s stock option activity for the year ended December 31, 2021 was as follows:
| Number of Stock Options |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Life (Years) |  | Aggregate Intrinsic Value (In Thousands)
Outstanding as of December 31, 2020 | 16,188,071 |  |  | $ | 1.67 |  |  |  |  |
Exercised | (3,522,299) |  |  | 1.68 |  |  |  |  |
Cancelled/Forfeited | (1,158,129) |  |  | 1.67 |  |  |  |  |
Outstanding as of December 31, 2021 | 11,507,643 |  |  | 1.72 |  |  | 7.86 |  | $ | 176,893 |
Vested and exercisable as of December 31, 2021 | 4,720,601 |  |  | 1.71 |  |  | 7.50 |  | $ | 71,742 |
Vested and expected to vest as of December 31, 2021 | 11,507,643 |  |  | 1.72 |  |  | 7.86 |  | $ | 176,893 |
Schedule of Restricted Stock Activity | activity for the year ended December 31, 2021 was as follows:
| Shares |  | Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2020 | 1,815,891 |  |  | 1.15 |
Forfeited | (101,716) |  |  | 1.12 |
Vested | (1,047,877) |  |  | 0.97 |
Outstanding as of December 31, 2021 | 666,298 |  |  | 1.21 |
The Company’s RSUs activity for the year ended December 31, 2021 was as follows:
| Shares |  | Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2020 | — |  |  | — |
Granted | 14,130,298 |  |  | 19.52 |
Forfeited | (430,168) |  |  | 20.35 |
Vested | (1,717,098) |  |  | 19.08 |
Outstanding as of December 31, 2021 | 11,983,032 |  |  | 19.56 |
Schedule of Stock-based Compensation Expense by Function | Stock-based compensation expense by type of award was as follows (in thousands):
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Equity Classified Awards: |  |  |  |  |
Stock options | $ | 5,137 |  |  | $ | 3,179 |  |  | $ | 240 |
RSAs | 1,682 |  |  | 5,532 |  |  | 2,462 |
RSUs | 60,191 |  |  | — |  |  | — |
Liability Classified Awards: |  |  |  |  |
Fixed value equity awards | 3,826 |  |  | — |  |  | — |
OptoGration awards | 6,114 |  |  | — |  |  | — |
Patent awards | 734 |  |  | — |  |  | — |
Total | $ | 77,684 |  |  | $ | 8,711 |  |  | $ | 2,702 |
Stock-based compensation expense by function was as follows (in thousands):
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Cost of sales | $ | 6,422 |  |  | $ | 309 |  |  | $ | 92 |
Research and development | 20,216 |  |  | 2,098 |  |  | 914 |
Sales and marketing | 4,546 |  |  | 414 |  |  | 163 |
General and administrative | 46,500 |  |  | 5,890 |  |  | 1,533 |
Total | $ | 77,684 |  |  | $ | 8,711 |  |  | $ | 2,702 |

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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14.F) -URI http://asc.fasb.org/extlink&oid=122041274&loc=d3e301413-122809 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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