Stockholders’ Equity (Deficit) (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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| Equity [Abstract] |
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| Equity Based Compensation Expense |
Equity-based compensation expense, consisting of service-based expense related to the equity incentive plan, the employee stock purchase plan and restricted stock units as well as expense from secondary sales of commons shares, was classified as follows in the accompanying consolidated statements of operations for each of the periods presented (in thousands):
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Year Ended December 31, |
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2021 |
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2020 |
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2019 |
| Cost of revenue |
$ |
526 |
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$ |
282 |
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$ |
35 |
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| Sales and marketing |
1,962 |
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|
544 |
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|
323 |
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| Research and development |
3,545 |
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1,442 |
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273 |
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| General and administrative |
8,058 |
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9,345 |
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|
764 |
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| Total |
$ |
14,091 |
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$ |
11,613 |
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$ |
1,395 |
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| Stock Option Activity |
Stock option activity was as follows for the year ended December 31, 2021:
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Number of Options |
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Weighted Average Exercise Price |
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Weighted Average Remaining Contractual Life (years) |
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Aggregate Intrinsic Value
(in thousands) |
| Outstanding as of December 31, 2020 |
9,868,915 |
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$ |
3.62 |
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|
8.13 |
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$ |
101,070 |
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| Exercisable as of December 31, 2020 |
4,401,361 |
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$ |
1.10 |
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6.78 |
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$ |
56,117 |
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| 2021 Activity |
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| Granted |
2,439,759 |
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$ |
15.66 |
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| Exercised |
(3,501,964) |
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$ |
1.19 |
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| Forfeited and expired |
(1,232,574) |
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$ |
3.76 |
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| Outstanding as of December 31, 2021 |
7,574,136 |
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$ |
8.60 |
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8.35 |
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$ |
52,257 |
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| Exercisable as of December 31, 2021 |
2,719,252 |
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$ |
3.44 |
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7.03 |
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$ |
31,929 |
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| Fair value assumptions |
The assumptions used in the Black-Scholes pricing model for equity-based compensation for options granted in the periods below were as follows:
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Year Ended December 31, |
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2021 |
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2020 |
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2019 |
| Risk free interest rate |
0.97% - 1.06% |
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0.38% - 0.53% |
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2.07% - 2.59% |
| Expected term |
5.83 - 6.25 Years |
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5.50 - 6.25 Years |
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5.50 - 6.25 Years |
| Expected volatility |
42.43% - 43.01% |
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42.00 |
% |
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37.00 |
% |
| Dividend yield |
0.00 |
% |
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0.00 |
% |
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0.00 |
% |
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| Black-Scholes Valuation for Warrants |
The following inputs were used in the Black‑Scholes valuation for these warrants:
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| Risk free interest rate |
1.16 |
% |
| Contractual term |
11 years |
| Expected volatility |
55.00 |
% |
| Dividend yield |
0.00 |
% |
The following inputs were used in the Black‑Scholes valuation for these warrants:
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| Risk free interest rate |
1.97 |
% |
| Contractual term |
10 years |
| Expected volatility |
40.00 |
% |
| Dividend yield |
0.00 |
% |
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| Estimated Fair Value of Granted Options by Grant Date |
Estimated fair value of granted options by grant date based on the Black-Scholes model:
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Number of Options |
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Fair Value |
| March 2019 |
1,102,625 |
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$ |
0.8428 |
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| April 2019 |
824,000 |
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$ |
1.1304 |
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| July 2019 |
412,000 |
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$ |
1.5193 |
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| September 2019 |
1,351,242 |
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$1.6574 - 1.8930 |
| March 2020 |
502,016 |
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$ |
6.5353 |
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| July 2020 |
414,149 |
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$8.3377 - 8.4404 |
| October 2020 |
346,250 |
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$ |
9.3857 |
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| December 2020 |
2,371,893 |
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$6.7118 - 10.1240 |
| April 2021 |
249,067 |
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$ |
9.8159 |
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| July 2021 |
1,610,102 |
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$ |
9.1387 |
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| September 2021 |
580,590 |
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$ |
8.6490 |
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| Fair Value Assumptions For ESPP |
The following assumptions were used to calculate the fair value of shares to be granted under the ESPP during the period:
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| Risk free interest rate |
0.21 |
% |
| Expected term |
0.67 years |
| Expected volatility |
36.62 |
% |
| Dividend yield |
0.00 |
% |
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