XML 31 R19.htm IDEA: XBRL DOCUMENT v3.23.1
STOCK-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
Equity Incentive Plans
Under both the Stem, Inc. 2009 Equity Incentive Plan (the “2009 Plan”) and the Stem, Inc. 2021 Equity Incentive Plan (the “2021 Plan,” and together with the 2009 Plan, the “Plans”), the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), performance stock units (“PSUs”), and other awards that are settled in shares of the Company’s common stock. The Company does not intend to grant new awards under the 2009 Plan. All shares that remain available for future grants are under the 2021 Plan.
Stock Options
The following table summarizes the stock option activity for the period ended March 31, 2023:
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, 20228,243,637 $6.88 6.6$35,566 
Options granted1,291,349 10.25 
Options exercised(65,045)2.18 
Options forfeited and expired(154,965)13.78 
Balances as of March 31, 20239,314,976 $7.26 6.7$16,713 
Options vested and exercisable — March 31, 20235,955,593 $4.19 5.5$16,500 
As of March 31, 2023, the Company had approximately $23.3 million of remaining unrecognized stock-based compensation expense for stock options, which is expected to be recognized over a weighted average period of 1.7 years.
Restricted Stock Units
The following table summarizes the RSU activity for the period ended March 31, 2023:

Number of
RSUs
Outstanding (1)
Weighted-Average
Grant Date Fair Value
Per Share
Balances as of December 31, 20226,719,490$15.34 
RSUs granted1,741,9809.33 
RSUs vested(903,061)9.18 
RSUs forfeited(354,295)14.26 
Balances as of March 31, 20237,204,114$14.70 
(1) Includes certain restricted stock units with service and market-based vesting criteria

As of March 31, 2023, the Company had approximately $81.0 million of remaining unrecognized stock-based compensation expense for RSUs, which is expected to be recognized over a weighted average period of 2.2 years.
Stock-Based Compensation
The following table summarizes stock-based compensation expense recorded in each component of operating expenses in the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands):
Three Months Ended
March 31,
20232022
Sales and marketing$945$824
Research and development1,7181,307
General and administrative4,5394,134
Total stock-based compensation expense$7,202$6,265
Research and development expenses of $0.9 million and $0.5 million corresponding to internal-use software, were capitalized during the three months ended March 31, 2023 and 2022, respectively.