Stock-Based Compensation (Tables)
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6 Months Ended |
Jun. 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 options with service-based vesting conditions granted during the three months ended June 30, 2021:
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|
|
Three Months Ended
June 30, 2021 |
Expected volatility |
44.75% |
Risk-free interest rate |
1.19% |
Expected term (in years) |
6.43 |
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 |
|
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 |
|
Exercised |
|
(2,640,888 |
) |
|
|
- |
|
|
|
(2,640,888 |
) |
|
$ |
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 June 30, 2021 |
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20,469,960 |
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14,052,288 |
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34,522,248 |
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$ |
1.87 |
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Options vested or expected to vest as of June 30, 2021 |
|
19,638,892 |
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|
14,052,288 |
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|
33,691,180 |
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|
$ |
0.93 |
|
Options exercisable as of June 30, 2021 |
|
14,447,398 |
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14,052,288 |
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28,499,686 |
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$ |
0.82 |
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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 |
|
|
|
13,341,504 |
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|
$ |
0.96 |
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|
$ |
0.59 |
|
Non-vested as of June 30, 2021 |
|
6,022,562 |
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|
|
- |
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|
$ |
3.12 |
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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 |
|
580,850 |
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|
14,052,288 |
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|
$ |
0.89 |
|
|
$ |
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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$ |
- |
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Unvested as of June 30, 2021 |
|
1,632,188 |
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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 loss for the periods presented is as follows:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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|
2021 |
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|
2020 |
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|
2021 |
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|
2020 |
|
Cost of labor and chemicals |
$ |
31,442 |
|
|
$ |
- |
|
|
$ |
31,442 |
|
|
$ |
- |
|
General and administrative |
|
171,789 |
|
|
|
398 |
|
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|
172,099 |
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|
785 |
|
Total stock-based compensation expense |
$ |
203,231 |
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|
$ |
398 |
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|
$ |
203,541 |
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|
$ |
785 |
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Total stock-based compensation expense, by award type, recorded in the unaudited condensed consolidated statements of operations and comprehensive loss for the periods presented is as follows:
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Three Months Ended June 30, |
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Six Months Ended June 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 |
$ |
964 |
|
|
$ |
398 |
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$ |
1,274 |
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|
$ |
785 |
|
Performance Vesting Options |
|
201,985 |
|
|
|
- |
|
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|
201,985 |
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|
|
- |
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RSUs |
|
282 |
|
|
|
- |
|
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|
282 |
|
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|
- |
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Total stock-based compensation expense |
$ |
203,231 |
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|
$ |
398 |
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|
$ |
203,541 |
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|
$ |
785 |
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