Stock-Based Compensation (Tables)
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9 Months Ended |
Sep. 30, 2021 |
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| Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
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| 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:
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|
|
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% |
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| Summary of Stock Option Activity |
The following table summarizes the Company’s stock option activity since December 31, 2020:
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Time Vesting Options |
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Performance Vesting Options |
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Total Number of Stock Options |
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Weighted-Average Exercise Price |
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Outstanding as of December 31, 2020 |
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19,958,043 |
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|
13,341,504 |
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33,299,547 |
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$ |
0.78 |
|
Granted |
|
3,208,581 |
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|
747,936 |
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|
3,956,517 |
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|
$ |
10.24 |
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Exercised |
|
(3,284,641 |
) |
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|
(104,573 |
) |
|
|
(3,389,214 |
) |
|
$ |
0.66 |
|
Forfeited |
|
(55,776 |
) |
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|
(37,152 |
) |
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|
(92,928 |
) |
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$ |
2.31 |
|
Outstanding as of September 30, 2021 |
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19,826,207 |
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13,947,715 |
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|
33,773,922 |
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$ |
1.90 |
|
Options vested or expected to vest as of September 30, 2021 |
|
19,100,621 |
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|
13,947,715 |
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|
33,048,336 |
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|
$ |
0.94 |
|
Options exercisable as of September 30, 2021 |
|
14,126,109 |
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|
13,947,715 |
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28,073,824 |
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$ |
0.84 |
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| 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:
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Number of Stock Options |
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Weighted-Average
Grant Date Fair Value |
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Time Vesting Options |
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Performance Vesting Options |
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|
Time Vesting Options |
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Performance Vesting Options |
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Non-vested as of December 31, 2020 |
|
3,450,607 |
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|
13,341,504 |
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|
$ |
0.96 |
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|
$ |
0.59 |
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Non-vested as of September 30, 2021 |
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5,700,098 |
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|
- |
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$ |
3.25 |
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$ |
- |
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Granted during the period |
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3,208,581 |
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|
747,936 |
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$ |
5.11 |
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$ |
2.26 |
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Vested during the period |
|
903,314 |
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|
14,052,288 |
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$ |
0.86 |
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$ |
14.37 |
|
Forfeited/canceled during the period |
|
55,776 |
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|
37,152 |
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$ |
0.73 |
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$ |
1.27 |
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| Summary of Restricted Stock Activity |
Restricted Stock Units
The following table summarizes the Company’s RSU activity since December 31, 2020:
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Restricted Stock Units |
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Weighted-Average Grant Date Fair Value |
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Unvested as of December 31, 2020 |
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- |
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$ |
- |
|
Granted |
|
1,639,868 |
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|
$ |
15.00 |
|
Vested |
|
(7,680 |
) |
|
$ |
15.00 |
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Forfeited |
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(39,664 |
) |
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$ |
15.00 |
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Unvested as of September 30, 2021 |
|
1,592,524 |
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|
$ |
15.00 |
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| 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, |
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Nine Months Ended September 30, |
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2021 |
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2020 |
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|
2021 |
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|
2020 |
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Cost of labor and chemicals |
$ |
2,806 |
|
|
$ |
- |
|
|
$ |
34,248 |
|
|
$ |
- |
|
General and administrative |
|
3,945 |
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|
|
402 |
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|
176,044 |
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|
|
1,187 |
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Total stock-based compensation expense |
$ |
6,751 |
|
|
$ |
402 |
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|
$ |
210,292 |
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|
$ |
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:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2021 |
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2020 |
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2021 |
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2020 |
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Time Vesting Options |
$ |
2,184 |
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|
$ |
402 |
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|
$ |
3,458 |
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|
$ |
1,187 |
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Performance Vesting Options |
|
- |
|
|
|
- |
|
|
|
201,985 |
|
|
|
- |
|
RSUs |
|
3,076 |
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|
- |
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|
3,358 |
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|
- |
|
2021 ESPP |
|
1,491 |
|
|
|
- |
|
|
|
1,491 |
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|
- |
|
Total stock-based compensation expense |
$ |
6,751 |
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|
$ |
402 |
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|
$ |
210,292 |
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|
$ |
1,187 |
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