Stock-Based Compensation (Tables)
|
9 Months Ended |
Sep. 30, 2022 |
|---|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| 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 periods presented:
|
|
|
Nine Months Ended September 30, |
|
2022 |
Expected volatility |
34.33% - 52.72% |
Risk-free interest rate |
0.07% - 1.54% |
Expected term (in years) |
0.49 - 0.50 |
Expected dividend yield |
None |
|
| Summary of Stock Option Activity |
A summary of the Company’s stock option activity during the period presented is as follows:
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Time Vesting Options |
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Performance Vesting Options |
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Total Number of Stock Options |
|
|
Weighted-Average Exercise Price |
|
Outstanding as of December 31, 2021 |
|
18,513,356 |
|
|
|
12,239,595 |
|
|
|
30,752,951 |
|
|
$ |
2.01 |
|
Granted |
|
412,703 |
|
|
|
- |
|
|
|
412,703 |
|
|
$ |
12.31 |
|
Exercised |
|
(2,131,052 |
) |
|
|
(1,506,933 |
) |
|
|
(3,637,985 |
) |
|
$ |
0.96 |
|
Forfeited |
|
(277,091 |
) |
|
|
- |
|
|
|
(277,091 |
) |
|
$ |
7.16 |
|
Outstanding as of September 30, 2022 |
|
16,517,916 |
|
|
|
10,732,662 |
|
|
|
27,250,578 |
|
|
$ |
2.26 |
|
Options vested or expected to vest as of September 30, 2022 |
|
16,028,201 |
|
|
|
10,732,662 |
|
|
|
26,760,863 |
|
|
$ |
5.82 |
|
Options exercisable as of September 30, 2022 |
|
12,624,906 |
|
|
|
10,732,662 |
|
|
|
23,357,568 |
|
|
$ |
1.15 |
|
|
| 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 period presented are as follows:
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|
|
|
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, 2021 |
|
5,266,469 |
|
|
- |
|
$ |
3.45 |
|
|
$ |
- |
|
Non-vested as of September 30, 2022 |
|
3,893,010 |
|
|
- |
|
$ |
3.90 |
|
|
$ |
- |
|
Granted during the period |
|
412,703 |
|
|
- |
|
$ |
4.89 |
|
|
$ |
- |
|
Vested during the period |
|
(1,509,071 |
) |
|
- |
|
$ |
2.72 |
|
|
$ |
- |
|
Forfeited/canceled during the period |
|
(277,091 |
) |
|
- |
|
$ |
3.13 |
|
|
$ |
- |
|
|
| Summary of Restricted Stock Activity |
The following table summarizes the Company’s RSU activity since December 31, 2021:
|
|
|
|
|
|
|
|
|
Restricted Stock Units |
|
|
Weighted-Average Grant Date Fair Value |
|
Unvested as of December 31, 2021 |
|
1,683,077 |
|
|
$ |
15.14 |
|
Granted |
|
1,126,748 |
|
|
$ |
12.28 |
|
Vested |
|
(457,372 |
) |
|
$ |
15.00 |
|
Forfeited |
|
(190,418 |
) |
|
$ |
14.01 |
|
Unvested as of September 30, 2022 |
|
2,162,035 |
|
|
$ |
13.78 |
|
|
| 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:
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|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Cost of labor and chemicals |
$ |
2,268 |
|
|
$ |
2,806 |
|
|
$ |
6,168 |
|
|
$ |
34,248 |
|
General and administrative |
|
3,193 |
|
|
|
3,945 |
|
|
|
10,791 |
|
|
|
176,044 |
|
Total stock-based compensation expense |
$ |
5,461 |
|
|
$ |
6,751 |
|
|
$ |
16,959 |
|
|
$ |
210,292 |
|
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:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Time Vesting Options |
$ |
1,521 |
|
|
$ |
2,184 |
|
|
$ |
5,388 |
|
|
$ |
3,458 |
|
Performance Vesting Options |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
201,985 |
|
RSUs |
|
3,587 |
|
|
|
3,076 |
|
|
|
10,505 |
|
|
|
3,358 |
|
2021 ESPP |
|
353 |
|
|
|
1,491 |
|
|
|
1,066 |
|
|
|
1,491 |
|
Total stock-based compensation expense |
$ |
5,461 |
|
|
$ |
6,751 |
|
|
$ |
16,959 |
|
|
$ |
210,292 |
|
|
| Time Vesting Options [Member] |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| 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 Time Vesting Options granted under the 2014 Plan and 2021 Plan during the periods presented:
|
|
|
|
|
Nine Months Ended September 30, |
|
2022 |
|
2021 |
Expected volatility |
35.63% - 35.87% |
|
40.83% - 44.75% |
Risk-free interest rate |
2.96% - 3.34% |
|
0.9% - 1.19% |
Expected term (in years) |
6.0 |
|
6.43 - 6.5 |
Expected dividend yield |
None |
|
None |
|
| Performance Vesting Options [Member] |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| 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 Performance Vesting Options granted under the 2014 Plan during the periods presented:
|
|
|
|
|
Nine Months Ended September 30, |
|
2022 |
|
2021 |
Expected volatility |
- |
|
60.00% |
Risk-free interest rate |
- |
|
0.63% |
Expected term (in years) |
- |
|
5.2 |
Expected dividend yield |
- |
|
None |
|