XML 46 R33.htm IDEA: XBRL DOCUMENT v3.22.1
Share-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2022
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 three-month period ended March 31, 2022 (unaudited):

 

 

Number of shares

 

Available for grant at December 31, 2021

 

 

1,853,240

 

Added to 2019 Share Incentive Plan

 

 

1,320,000

 

RSUs granted

 

 

(8,606

)

Options granted

 

 

 

Shares withheld in settlement of taxes and/or exercise price

 

 

18,200

 

Forfeitures

 

 

4,916

 

Available for grant at March 31, 2022

 

 

3,187,750

 

 

 

 

 

Schedule of Total Share Based Compensation Expense

The following table shows total share-based compensation expense for the three-month periods ended March 31, 2021 and 2022 (unaudited and in thousands):

 

 

Three Months Ended March 31,

 

 

 

2021

 

 

2022

 

Cost of revenues

 

$

19

 

 

$

57

 

Research and development

 

 

517

 

 

 

1,022

 

Sales and marketing

 

 

295

 

 

 

627

 

General and administrative

 

 

579

 

 

 

714

 

Total share-based compensation expense

 

$

1,410

 

 

$

2,420

 

Summary of Stock Option Activity

The following is a summary of option activity for the Company’s share incentive plans for the three-month period ended March 31, 2022 (unaudited):

 

 

 

Options

 

 

Weighted
average
exercise
price

 

 

Weighted
Average
remaining
contractual
term (years)

 

 

Aggregate
intrinsic
value

 

Outstanding at December 31, 2021

 

 

2,797,992

 

 

$

12.64

 

 

 

7.9

 

 

$

38,295,799

 

Options granted

 

 

 

 

$

 

 

 

 

 

$

 

Options exercised

 

 

(14,268

)

 

$

10.23

 

 

 

 

 

$

 

Options forfeited

 

 

(750

)

 

$

12.00

 

 

 

 

 

$

 

Outstanding at March 31, 2022

 

 

2,782,974

 

 

$

12.66

 

 

 

7.7

 

 

$

32,758,640

 

Options exercisable at March 31, 2022

 

 

1,505,502

 

 

$

11.88

 

 

 

7.6

 

 

$

18,253,275

 

Options vested and expected to vest at March 31, 2022

 

 

2,740,776

 

 

$

12.64

 

 

 

7.7

 

 

$

32,237,845

 

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):

 

 

 

Three Months Ended March 31,

 

 

 

2021

 

 

2022

 

Expected dividend yield

 

 

 

 

 

 

Risk-free interest rate

 

 

1.14

%

 

N/A

 

Weighted-average expected volatility

 

 

50.9

%

 

N/A

 

Expected term (in years)

 

 

6.5

 

 

N/A

 

Weighted average grant-date fair value per share of options granted

 

$

21.36

 

 

N/A

 

Summary of Restricted Shares Activity

The following is a summary of restricted shares activity for the Company’s share incentive plan for the three-month period ended March 31, 2022 (unaudited):

 

 

 

Units

 

 

Weighted
average
grant date
fair value

 

RSU balance at December 31, 2021

 

 

547,343

 

 

$

22.47

 

RSUs granted

 

 

8,606

 

 

$

23.80

 

RSUs vested

 

 

(93,854

)

 

$

28.98

 

RSUs forfeited

 

 

(4,166

)

 

$

40.25

 

RSU balance at March 31, 2022

 

 

457,929

 

 

$

21.00