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Stockholders' Equity
 9 Months Ended
Sep. 30, 2021
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ Equity
As of September 30, 2021, 1,010,000,000 shares, $0.0001 par value per share are authorized, of which, 1,000,000,000 shares are designated as Common Stock and 10,000,000 shares are designated as Preferred Stock.
Common Stock
Holders of the common stock are entitled to dividends when, as, and if, declared by the Board, subject to the rights of the holders of all classes of stock outstanding having priority rights to dividends. As of September 30, 2021, the Company had not declared any dividends. The holder of each share of Common Stock is entitled to one vote. There were 136,754,685 and 70,266,925 shares of common stock outstanding as of September 30, 2021 and December 31, 2020, respectively.
Stock Option Plan
Prior to the Business Combination, the Company maintained its 2010 Stock Incentive Plan and 2020 Equity Incentive Plan, each as amended (together, the “Stock Plan”). Upon closing of the Business Combination, awards under the 2010 and 2020 Plan were converted at the Exchange Ratio and the 2021 Equity Incentive Plan was adopted and approved. As of September 30, 2021, there were 18,467,109 shares of common stock reserved under the Stock Option Plan. Under the Stock Plan, options must be issued at prices no less than the estimated fair value of the stock on the date of grant and are exercisable for a period not exceeding 10 years from the date of grant. Options granted to employees under the Stock Plan generally vest 25% one year from the vesting commencement date and 1/36th per month thereafter, although certain arrangements call for vesting over other periods. Options granted to non-employees under the Stock Plan vest over periods determined by the Board (generally immediate to four years).
The following tables summarize the activity under the Stock Plan:
Outstanding
Options
Weighted
Average
Exercise
Price		Weighted Average
Remaining
Contractual Life (in
years)
Balance at December 31, 2020
8,222,710 $0.19 8.30
Granted— $— 
Exercised(118,019)0.46 
Forfeited / canceled— — 
Balance as of March 31, 20218,104,691 $0.19 8.06
Granted— 
Exercised— 
Forfeited / Canceled(158,735)$0.14 
Balance as of June 30, 20217,945,956 $0.19 7.78
Granted— 
Exercised(6,215)$0.36 
Forfeited / Canceled— 
Balance as of September 30, 2021
7,939,741 $0.19 7.53
Vested and expected to vest at September 30, 2021
7,108,987 
During the quarter ended September 30, 2021, the Company did not grant any stock options.
As of September 30, 2021 and December 31, 2020, there were 10,527,368 and 10,244,399 options, respectively, available for grant under the Stock Plan. As of September 30, 2021 and December 31, 2020 there were 3,808,472 and 2,150,941 exercisable options, respectively. The aggregate intrinsic value of options vested and expected to vest at September 30, 2021 is $47,014,274.
The Company issued 2,920,732 of performance and market-based stock options during 2020. During the quarter ended March 31, 2021, the Company modified the vesting schedule of 529,119 of these performance and market based stock options such that vesting at 1/48th per month would commence upon signing of the Business Combination. The Company entered into the Merger Agreement on February 16, 2021 resulting in the commencement of expense recognition related to these 529,119 options during the quarter ended March 31, 2021. During the nine months ended September 30, 2021, stock compensation expense related to these performance and market based stock options was $2.9 million. For the remaining 2,391,613 performance and market-based stock options, expense commenced on the close date of the Merger, June 25, 2021, as that is the date when the performance condition was achieved.
During the three months ended September 30, 2021 and 2020, stock compensation expense of $0.6 million and $0.1 million, respectively, and during the nine months ended September 30, 2021 and 2020, stock compensation expense of $4.8 million and $0.1 million, respectively, was recognized in general and administrative expenses on the unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). During the three months ended September 30, 2021 and 2020 stock compensation expense of $0.2 million and $0.0 million, respectively, was recognized in research and development expenses on the unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Total remaining compensation expense to be recognized under the Stock Plan is $7.3 million as of September 30, 2021 and will be amortized on a straight-line basis over the remaining vesting periods of approximately four years