Equity Incentive Plans

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

EQUITY INCENTIVE PLANS

In 2017, the Company adopted the 2017 Stock Incentive Plan (2017 Plan), which provided for the granting of awards to employees, directors, and consultants of the Company. Awards issuable under the Plan include incentive stock options (ISO), nonqualified stock options (NSO), and restricted stock awards. In 2020, the Company adopted the 2020 RSU Equity Incentive Plan (2020 RSU Plan), which provided for the granting of RSUs to certain employees of the Company.

In 2020, the Company adopted the 2020 Equity Incentive Plan (2020 Plan), which became effective in connection with the IPO. The Company’s 2017 Plan and 2020 RSU Plan were terminated in connection with the IPO and no further grants will be made under the 2017 Plan and 2020 RSU Plan from the date that the 2020 Plan became effective.

Stock Options

As of September 30, 2021, there are 8,302,701 shares of Class A common stock reserved for issuance under the 2020 Plan, 5,734,044 shares of which are available for issuance in connection with grants of future awards.

Stock option activity for the nine months ended September 30, 2021 is as follows:


	Options Outstanding	Weighted Average Exercise Price
Balance - December 31, 2020	9,551,105	$	5.55
Options granted	1,384,227	50.57
Options exercised	(760,383)	1.37
Options cancelled and forfeited	(276,880)	17.08
Balance - September 30, 2021	9,898,069	$	11.84
Vested and exercisable, September 30, 2021	2,600,982	$	3.63

Restricted Stock Awards

Certain stock options granted under the 2017 Plan provide stock option holders the right to exercise unvested stock options in exchange for restricted shares of Class A common stock. The Company has also issued restricted shares of Class A common stock to employees and directors under the 2017 Plan.

The activity of restricted shares of Class A common stock for the nine months ended September 30, 2021 is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested at December 31, 2020	775,641	$	1.77
Granted	10,728	1.66
Repurchased	(19,728)	1.14
Vested	(461,077)	1.78
Unvested at September 30, 2021	305,564	$	1.79

Restricted Stock Units

The Company has granted RSUs under the 2020 RSU Plan and the 2020 Plan. RSU activity for the nine months ended September 30, 2021 is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Balance at December 31, 2020	491,318	$	7.91
Granted	300,943	53.81
Vested	(2,192)	46.49
Cancelled	(6,752)	19.00
Balance at September 30, 2021	783,317	$	25.34

Employee Stock Purchase Plan

In November 2020, the Company’s board of directors adopted the 2020 Employee Stock Purchase Plan (ESPP), which was subsequently approved by the Company’s stockholders and became effective in connection with the IPO. A total of 1,195,327 shares of Class A common stock are reserved for issuance under the ESPP as of September 30, 2021. The first offering period commenced in July 2021. Stock-based compensation related to the ESPP was $0.1 million for the three months ended September 30, 2021.

Stock-Based Compensation

The following table summarizes the components of stock-based compensation recognized in the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020

Cost of revenue	$	523	$	—	$	1,271	$	—
Research and development	1,022		210		3,209		561
Selling, general and administrative	5,241		967		14,776		2,003
Total stock-based compensation	$	6,786	$	1,177	$	19,256	$	2,564