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STOCK-BASED COMPENSATION | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2021 | Dec. 31, 2020
STOCK-BASED COMPENSATION |  |
STOCK-BASED COMPENSATION | 10. STOCK-BASED COMPENSATION In 2009, the Company adopted the 2009 Stock Plan (the “Plan”). The Plan provides for the granting of incentive stock options (ISOs), nonqualified stock options (NSOs), stock bonuses, and rights to acquire restricted stock to employees, directors and consultants. The Company has reserved 55,305,506 shares of common stock for issuance under the Plan. Under the Plan, the exercise price of an option cannot be less than 100% of the fair value of one share of common stock for incentive or non-qualified stock options, and not less than 110% of the fair value for stockholders owning greater than 10% of all classes of stock, as determined by the Board. Options under the Plan generally expire after ten years. Under the Plan, the Board determines when the options granted will become exercisable. Options granted under the Plan generally vest 1/4 one year from the grant date and then 1/48 each month over the following three years and are exercisable for up to 10 years after the date of the grant. The Plan allows for exercise of unvested options with repurchase rights over the restricted common stock issued at the original exercise price. The repurchase rights lapse at the same rate as the options vest. A summary of activity under the Plan is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Options Available for Grant |  | Number of Options Outstanding |  | Weighted- Average Exercise Price Per Share |  | Weighted- Average Remaining Contractual Life (years) |  | Aggregate Intrinsic Value (in thousands) |
Balances as of December 31, 2020 | ​ | 11,048 | ​ | 51,379,939 | ​ | $ | 0.56 | ​ | 7.21 | ​ | $ | 46,516 | ​
Options granted | ​ | (18,335) | ​ | 18,335 | ​ | ​ | 3.47 | ​ | ​ | ​ | ​ | ​ | ​
Options exercised | ​ | ​ | ​ | (6,465,857) | ​ | ​ | 0.43 | ​ | ​ | ​ | ​ | ​ | ​
Options forfeited | ​ | 18,335 | ​ | (18,335) | ​ | ​ | 0.51 | ​ | ​ | ​ | ​ | ​ | ​
Balances as of March 31, 2021 | ​ | 11,048 | ​ | 44,914,082 | ​ | $ | 0.58 | ​ | 7.05 | ​ | $ | 202,792 | ​
Options vested and exercisable — March 31, 2021 | ​ | ​ | ​ | 32,204,617 | ​ | $ | 0.46 | ​ | 6.30 | ​ | $ | 149,536 | ​
​ The weighted-average grant date fair value of stock options granted to employees was $2.24 during the three months ended March 31, 2021. There were no stock options granted during the three months ended March 31, 2020. The intrinsic value of options exercised were $30.2 million and less than $0.1 million during the three months ended March 31, 2021 and 2020, respectively. Stock-Based Compensation The following table summarizes stock-based compensation expense recorded in each component of operating expenses in the Company’s consolidated statements of operations and comprehensive loss (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, |
​ |  | 2021 |  | 2020 | ​
Sales and marketing | ​ | $ | 84 | ​ | $ | 63 | ​
Research and development | ​ | ​ | 155 | ​ | ​ | 167 | ​
General and administrative | ​ | ​ | 521 | ​ | ​ | 226 | ​
Total stock-based compensation expense | ​ | $ | 760 | ​ | $ | 456 | ​
​ As of March 31, 2021, the Company had approximately $3.5 million of remaining unrecognized stock-based compensation expense, which is expected to be recognized over a weighted average period of 2.2 years. | 14.STOCK-BASED COMPENSATION In 2009, the Company adopted the 2009 Stock Plan (the “Plan”). The Plan provides for the granting of incentive stock options (“ISOs”), nonqualified stock options (“NSOs”), stock bonuses, and rights to acquire restricted stock to employees, directors and consultants. The Company has reserved 55,305,506 shares of common stock for issuance under the Plan. Under the Plan, the exercise price of an option cannot be less than 100% of the fair value of one share of common stock for incentive or non-qualified stock options, and not less than 110% of the fair value for stockholders owning greater than 10% of all classes of stock, as determined by the Board of Directors. Options under the Plan generally expire after ten years. Under the Plan, the Board of Directors determines when the options granted will become exercisable. Options granted under the Plan generally vest 1/4 one year from the grant date and then 1/48 each month over the following three years and are exercisable for up to 10 years after the date of the grant. The Plan allows for exercise of unvested options with repurchase rights over the restricted common stock issued at the original exercise price. The repurchase rights lapse at the same rate as the options vest. A summary of activity under the Plan is as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | Weighted- |  | Weighted- |  | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Average | ​ | Average | ​ | Aggregate
​ | ​ | Options | Number of | Exercise | ​ | Remaining | ​ | Intrinsic
​ | ​ | Available | Options | Price Per | ​ | Contractual | ​ | Value (in
​ | ​ | for Grant | Outstanding | Share | ​ | Life (years) | ​ | thousands)
Balances as of December 31, 2019 |  | 4,299,140 |  | 42,846,649 | ​ | $ | 0.34 |  | 6.82 | ​ | $ | 5,821
Increase to options available under Plan |  | 5,242,189 |  | — | ​ |  |  |  |  | ​ |  |
Options granted |  | (10,932,615) |  | 10,932,615 | ​ |  | 1.23 |  |  | ​ |  |
Options exercised |  | — |  | (996,991) | ​ |  | 0.38 |  |  | ​ |  |
Options forfeited |  | 870,317 |  | (870,317) | ​ |  | 0.49 |  |  | ​ |  |
Options expired |  | 532,017 |  | (532,017) | ​ |  | 0.35 |  |  | ​ |  |
Balances as of December 31, 2020 |  | 11,048 |  | 51,379,939 | ​ | $ | 0.56 |  | 7.21 | ​ | $ | 46,516
Options vested and exercisable – December 31, 2020 |  |  | ​ | 37,219,281 | ​ | $ | 0.45 | ​ | 6.48 | ​ | $ | 37,854
​ The weighted-average grant date fair value of stock options granted to employees was $0.82 and $0.34 during the years ended December 31, 2020 and 2019, respectively. The intrinsic value of options exercised was $1.1 million and less than $0.1 million during the years ended December 31, 2020 and 2019. Significant Assumptions in Estimating Option Fair Value The Company uses the Black-Scholes model for estimating the fair value of options granted and used the following assumptions for options:
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, |
​ |  | 2020 | 2019 |
Volatility |  | 71.41 | % | 69.10 | %
Risk-free interest rate |  | 0.49 | % | 2.47 | %
Expected term (in years) |  | 5.82 |  | 5.83 | ​
Dividend yield |  | — | % | — | %
​ Fair Value of Common Stock — The fair value of the common stock underlying the stock option awards was determined by the Board. Given the absence of a public trading market, the Board considered numerous objective and subjective factors to determine the fair value of the Company’s common stock at each meeting at which awards were approved. These factors included, but were not limited to (i) contemporaneous third-party valuations of common stock; (ii) the rights, preferences, and privileges of convertible preferred stock relative to common stock; (iii) the lack of marketability of common stock; (iv) stage and development of the Company’s business; (v) general economic conditions; and (vi) the likelihood of achieving a liquidity event, such as an initial public offering (“IPO”) or sale of the Company, given prevailing market conditions. To evaluate the fair value of the underlying shares for grants between two independent valuations and after the last independent valuation, a linear interpolation framework was used to evaluate the fair value of the underlying shares. Volatility — The volatility is based on a peer group in the industry in which the Company does business. Risk-Free Interest Rate — The risk-free interest rate is based on the U.S. Treasury yield in effect at the time the options are granted for zero coupon U.S. Treasury notes with maturities approximately equal to the expected term of the option. Dividend Yield — The Company has not historically paid dividends. It is possible that the Company will declare a dividend related to future years’ earnings but as this is unlikely, a zero percent yield was used. Expected Term — The expected term is based upon the Company’s consideration of the historical life of options, the vesting period of the option granted, and the contractual period of the option granted. The Company has a limited history of granting options, accordingly, the expected life was calculated using the simplified method. Stock-Based Compensation Expense The following table summarizes stock-based compensation expense recorded in each component of operating expenses in the Company’s consolidated statements of operations and comprehensive loss for the years ended December 31, 2020 and 2019 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2020 |  | 2019
Sales and marketing | ​ | $ | 396 | ​ | $ | 364
Research and development | ​ |  | 1,211 | ​ |  | 901
General and administrative | ​ |  | 2,935 | ​ |  | 266
Total stock-based compensation expense | ​ | $ | 4,542 | ​ | $ | 1,531
​ As of December 31, 2020, the Company had approximately $8.0 million of remaining unrecognized stock-based compensation expense, which is expected to be recognized over a weighted average period of 3.2 years.

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