Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.21.2
Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Schedule of Estimated Grant-date Fair Value of Stock-based Awards Using Black-Scholes Option Pricing Model Assumptions

The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant date fair value of stock purchase rights granted under the 2021 ESPP during the three months ended September 30, 2021:

 

 

Three Months Ended
September 30, 2021

Expected volatility

38.64%

Risk-free interest rate

0.05%

Expected term (in years)

0.35

Expected dividend yield

0.00%

 

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity since December 31, 2020:

 

 

Time Vesting Options

 

 

Performance Vesting Options

 

 

Total Number of Stock Options

 

 

Weighted-Average Exercise Price

 

Outstanding as of December 31, 2020

 

19,958,043

 

 

 

13,341,504

 

 

 

33,299,547

 

 

$

0.78

 

Granted

 

3,208,581

 

 

 

747,936

 

 

 

3,956,517

 

 

$

10.24

 

Exercised

 

(3,284,641

)

 

 

(104,573

)

 

 

(3,389,214

)

 

$

0.66

 

Forfeited

 

(55,776

)

 

 

(37,152

)

 

 

(92,928

)

 

$

2.31

 

Outstanding as of September 30, 2021

 

19,826,207

 

 

 

13,947,715

 

 

 

33,773,922

 

 

$

1.90

 

Options vested or expected to vest as of September 30, 2021

 

19,100,621

 

 

 

13,947,715

 

 

 

33,048,336

 

 

$

0.94

 

Options exercisable as of September 30, 2021

 

14,126,109

 

 

 

13,947,715

 

 

 

28,073,824

 

 

$

0.84

 

Schedule of Weighted Average Grant Date Fair Value of Stock Options

The number and weighted-average grant date fair value of stock options during the periods presented is as follows:

 

 

Number of Stock Options

 

 

Weighted-Average
Grant Date Fair Value

 

 

Time Vesting Options

 

 

Performance Vesting Options

 

 

Time Vesting Options

 

 

Performance Vesting Options

 

Non-vested as of December 31, 2020

 

3,450,607

 

 

 

13,341,504

 

 

$

0.96

 

 

$

0.59

 

Non-vested as of September 30, 2021

 

5,700,098

 

 

 

-

 

 

$

3.25

 

 

$

-

 

Granted during the period

 

3,208,581

 

 

 

747,936

 

 

$

5.11

 

 

$

2.26

 

Vested during the period

 

903,314

 

 

 

14,052,288

 

 

$

0.86

 

 

$

14.37

 

Forfeited/canceled during the period

 

55,776

 

 

 

37,152

 

 

$

0.73

 

 

$

1.27

 

Summary of Restricted Stock Activity

Restricted Stock Units

The following table summarizes the Company’s RSU activity since December 31, 2020:

 

 

Restricted Stock Units

 

 

Weighted-Average Grant Date Fair Value

 

Unvested as of December 31, 2020

 

-

 

 

$

-

 

Granted

 

1,639,868

 

 

$

15.00

 

Vested

 

(7,680

)

 

$

15.00

 

Forfeited

 

(39,664

)

 

$

15.00

 

Unvested as of September 30, 2021

 

1,592,524

 

 

$

15.00

 

Summary of Stock-Based Compensation Expense

Total stock-based compensation expense, by caption, recorded in the unaudited condensed consolidated statements of operations and comprehensive income (loss) for the periods presented is as follows:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Cost of labor and chemicals

$

2,806

 

 

$

-

 

 

$

34,248

 

 

$

-

 

General and administrative

 

3,945

 

 

 

402

 

 

 

176,044

 

 

 

1,187

 

Total stock-based compensation expense

$

6,751

 

 

$

402

 

 

$

210,292

 

 

$

1,187

 

 

Total stock-based compensation expense, by award type, recorded in the unaudited condensed consolidated statements of operations and comprehensive income (loss) for the periods presented is as follows:

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Time Vesting Options

$

2,184

 

 

$

402

 

 

$

3,458

 

 

$

1,187

 

Performance Vesting Options

 

-

 

 

 

-

 

 

 

201,985

 

 

 

-

 

RSUs

 

3,076

 

 

 

-

 

 

 

3,358

 

 

 

-

 

2021 ESPP

 

1,491

 

 

 

-

 

 

 

1,491

 

 

 

-

 

Total stock-based compensation expense

$

6,751

 

 

$

402

 

 

$

210,292

 

 

$

1,187