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STOCK-BASED COMPENSATION (Tables) | 3 Months Ended
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Mar. 31, 2022
Share-based Payment Arrangement [Abstract] |
Share-based Payment Arrangement, Option, Activity | A summary of the status of the 2015 Plan and 2021 Plan as of December 31, 2021 and March 31, 2022, and changes during the three month period ended March 31, 2022, is presented below:
| Options Outstanding
| Number of Options |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2021 | 16,370,673 |  |  | $ | 4.23 |  |  | 7.70 |  | $ | 177,593 |
Granted | 283,608 |  |  | 10.92 |  |  |  |  |
Exercised | (1,346,038) |  |  | 1.09 |  |  |  |  | 8,629 |
Forfeited | (208,288) |  |  | 4.69 |  |  |  |  |
Cancelled | (11,478) |  |  | 3.37 |  |  |  |  |
Outstanding at March 31, 2022 | 15,088,477 |  |  | 4.63 |  |  | 7.11 |  | 31,231 |
Vested and exercisable at March 31, 2022 | 7,407,011 |  |  | 2.92 |  |  | 5.67 |  | 23,316 |
Unvested at March 31, 2022 | 7,681,466 |  |  | $ | 6.28 |  |  | 7.91 |  | $ | 31,231 |
Schedule of Stock-based Compensation Expense | Stock-based compensation expense, included in selling, general, and administrative expense in the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2022 and 2021, was comprised of the following:
| Three Months Ended March 31,
(in thousands) | 2022 |  | 2021
Stock-based compensation expense, net of amounts capitalized | $ | 3,560 |  |  | $ | 1,684 |
Capitalized stock-based compensation expense | 261 |  |  | — |
Total stock-based compensation expense | $ | 3,821 |  |  | $ | 1,684 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following weighted average assumptions were used for issuances during the three months ended March 31, 2022 and 2021, for employees and non-employees: Employees and Non-employees—
| Three Months Ended March 31,
| 2022 |  | 2021
Risk-free interest rate | 1.98 | % |  | 0.89 | %
Dividend yield | — |  |  | — |
Volatility | 47.14 | % |  | 52.04 | %
Expected lives (years) | 6.1 |  | 5.9
Fair value of common stock | $ | 10.92 |  |  | $ | 4.58 |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The following table summarizes the weighted-average assumptions used in estimating the fair value of the 2021 ESPP grants for the offering period beginning on November 3, 2021, using the Black Scholes option-pricing model:
| March 31, 2022
Risk-free interest rate | 1.63 | %
Dividend yield | — |
Volatility | 63.00 | %
Expected lives (years) | 0.6
Fair value of common stock | $ | 21.04 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity | RSU activity during the three months ended March 31, 2022 was as follows:
| Number of Shares |  | Weighted-Average Grant Date Fair Value per Share
Unvested at December 31, 2021 | 160,227 |  |  | $ | 22.33 |
Granted | 628,991 |  |  | 7.70 |
Vested | — |  |  | — |
Forfeited | (3,085) |  |  | 19.64 |
Cancelled | — |  |  | — |
Unvested at March 31, 2022 | 786,133 |  |  | $ | 10.63 |

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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