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Share-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Changes in Number of Shares Available for Grant

The following table summarizes changes in the number of shares available for grant under the Company’s equity incentive plans during the nine-month period ended September 30, 2020 (unaudited):

 

 

 

Number of shares

 

Available for grant at December 31, 2019

 

 

426,022

 

Added to 2019 Share Incentive Plan

 

 

1,283,649

 

RSUs granted

 

 

(506,500

)

Options granted

 

 

(560,000

)

Shares withheld in settlement of taxes

 

 

10,341

 

Forfeitures

 

 

160,250

 

Available for grant at September 30, 2020

 

 

813,762

 

 

Schedule of Total Share Based Compensation Expense

The following table shows total share-based compensation expense for the three-month and nine-month periods ended September 30, 2019 and 2020 (unaudited and in thousands):

 

 

 

Three Months Ended September 30

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2020

 

 

2019

 

 

2020

 

Cost of revenues

 

$

14

 

 

$

16

 

 

$

196

 

 

$

51

 

Research and development

 

 

199

 

 

 

396

 

 

 

5,062

 

 

 

1,186

 

Sales and marketing

 

 

374

 

 

 

251

 

 

 

3,981

 

 

 

726

 

General and administrative

 

 

241

 

 

 

291

 

 

 

7,667

 

 

 

742

 

Total share-based compensation expense

 

$

828

 

 

$

954

 

 

$

16,906

 

 

$

2,705

 

 

Summary of Stock Option Activity

The following is a summary of option activity for the Company’s share incentive plans for the nine-month period ended September 30, 2020 (unaudited):

 

 

 

Options

 

 

Weighted

average

exercise

price

 

 

Weighted

Average

remaining

contractual

term (years)

 

 

Aggregate

intrinsic

value

 

Outstanding at December 31, 2019

 

 

2,920,500

 

 

$

10.40

 

 

 

9.6

 

 

$

1,932,000

 

Options granted

 

 

560,000

 

 

$

15.65

 

 

 

 

 

$

 

Options exercised

 

 

(13,594

)

 

$

12.00

 

 

 

 

 

$

 

Options forfeited

 

 

(160,250

)

 

$

10.76

 

 

 

 

 

$

 

Outstanding at September 30, 2020

 

 

3,306,656

 

 

$

11.26

 

 

 

9.1

 

 

$

18,548,215

 

Options exercisable at September 30, 2020

 

 

696,461

 

 

$

11.97

 

 

 

8.7

 

 

$

3,416,065

 

Options vested and expected to vest at September 30, 2020

 

 

3,119,588

 

 

$

11.24

 

 

 

9.1

 

 

$

17,576,131

 

 

Schedule of Estimated Fair Value of Weighted Average Assumptions

The fair value of options granted are estimated on the date of grant using the Black-Scholes option pricing model.  The fair value of share options is being amortized on a straight-line basis over the requisite service period of the awards.  The fair value of share options is estimated using the following weighted-average assumptions (unaudited):

 

 

 

For the nine months ended

September 30,

 

 

 

2019

 

 

2020

 

Expected dividend yield

 

 

 

 

 

 

Risk-free interest rate

 

 

1.82

%

 

 

0.39

%

Weighted-average expected volatility

 

 

40.8

%

 

 

50.0

%

Expected term (in years)

 

 

6.0

 

 

 

6.5

 

Weighted average grant-date fair value per

   share of options granted

 

$

5.00

 

 

$

7.56

 

 

Summary of Restricted Shares Activity

The following is a summary of restricted shares activity for the Company’s share incentive plans for the nine-month period ended September 30, 2020 (unaudited):

 

 

 

Units

 

 

Weighted

average

grant date

fair value

 

RSU and RSA balance at December 31, 2019

 

 

257,119

 

 

$

12.00

 

RSUs and RSAs granted

 

 

506,500

 

 

$

4.56

 

RSUs and RSAs vested

 

 

(18,055

)

 

$

12.00

 

RSUs and RSAs forfeited

 

 

(5,078

)

 

$

12.00

 

RSU and RSA balance at September 30, 2020

 

 

740,486

 

 

$

6.91

 

RSUs and RSAs expected to vest at September 30, 2020

 

 

740,486

 

 

$

6.91