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Stock Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2020
Stock Based Compensation |
Summary of stock-based compensation expense | The following table summarizes stock-based compensation expense recognized for the years ended December 31, 2020, 2019 and 2018, as follows:
|  | 2020 |  | 2019 |  | 2018
Research and development |  | $ | 6,110 |  | $ | 181 |  | $ | 361
Sales and marketing |  |  | 4,505 |  |  | 111 |  |  | 114
General and administrative |  |  | 13,142 |  |  | 945 |  |  | 6,205
Total stock-based compensation expense |  | $ | 23,757 |  | $ | 1,237 |  | $ | 6,680
Summary of stock option activity | Stock option and RSU activity, prices, and values adjusted by the Exchange Ratio, during the year ended December 31, 2020 is as follows (in thousands, except for share, per share data, and contractual term):
|  | Options Outstanding |  | Restricted Stock Units
|  |  |  |  |  |  |  |  | Weighted- |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  | Average |  |  |  |  |  |  | Weighted-
|  | Number of |  | Number of |  | Weighted- |  | Remaining |  |  |  |  |  |  | Average
|  | Shares Available |  | Shares |  | Average |  | Contractual |  | Aggregate |  | Number of |  | Grant Date
|  | for Issuance |  | Outstanding |  | Exercise |  | Term |  | Intrinsic |  | Plan shares |  | Fair Value
|  | Under the Plan |  | Under the Plan |  | Price |  | (Years) |  | Value |  | outstanding |  | per share
Balance at December 31, 2019 |  | 3,855,385 |  | 38,794,307 |  | $ | 0.14 |  | 7.67 |  | $ | 13,056 |  |  |  |  |
Recapitalization Impact |  | (975,027) |  | (9,811,081) |  |  | 0.05 |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2019 |  | 2,880,358 |  | 28,983,226 |  | $ | 0.19 |  | 7.67 |  | $ | 13,056 |  | — |  | $ | —
Additional shares authorized |  | 62,903,028 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options and restricted stock units granted |  | (36,074,010) |  | 35,732,754 |  |  | 6.70 |  |  |  |  |  |  | 341,256 |  |  | 17.68
Options exercised(1) and restricted stock units released |  | — |  | (20,138,817) |  |  | 0.78 |  |  |  |  |  |  | — |  |  | —
Options and restricted stock units canceled |  | 5,791,227 |  | (6,172,670) |  |  | 0.51 |  |  |  |  |  |  | — |  |  | —
Balance at December 31, 2020 |  | 35,500,603 |  | 38,404,493 |  |  | 5.89 |  | 8.27 |  |  | 542,074 |  | 341,256 |  | $ | 17.68
Exercisable at December 31, 2019 |  |  |  | 15,225,162 |  | $ | 0.08 |  | 6.85 |  | $ | 8,492 |  |  |  |  |
Exercisable at December 31, 2020 |  |  |  | 14,248,234 |  | $ | 0.18 |  | 6.45 |  | $ | 282,364 |  |  |  |  |
Unvested at December 31, 2019 |  |  |  | 13,758,064 |  | $ | 0.31 |  | 8.58 |  | $ | 4,564 |  |  |  |  |
Unvested at December 31, 2020 |  |  |  | 24,156,259 |  | $ | 9.25 |  | 9.34 |  | $ | 259,710 |  |  |  |  |
| (1) |  | The number of options exercised includes early exercises related to the Executive grants noted below.
Summary of assumptions used to estimate the fair value of stock options granted and the resulting fair values | The assumptions used to estimate the fair value of stock options granted and the resulting fair values for the year ended December 31, 2020, 2019 and 2018 were as follows:
|  | 2020 |  | 2019 |  | 2018 |
Expected volatility |  |  | 45.00% – 50.00 | % |  | 47.17% – 55.47 | % |  | 47.69% – 49.17 | %
Risk-free interest rate |  |  | 0.27% – 1.44 | % |  | 1.57% – 2.64 | % |  | 2.60% – 3.06 | %
Expected term (in years) |  |  | 4.14 – 6.25 |  |  | 5.00 – 6.86 |  |  | 5.49 – 6.13 |
Expected dividend yield |  |  | — |  |  | — |  |  | — |
Weighted average estimated fair value of stock options granted during the year |  | $ | 5.06 |  | $ | 0.21 |  | $ | 0.11 |

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