Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.22.1
Stock-Based Compensation
 3 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Restricted Common Stock Awards

A summary of the restricted common stock awards ("RSAs") for three months ended March 31, 2022 is as follows:

Number of Shares of Restricted Common Stock Awards

Average Grant-Date Fair Value
Unvested at December 31, 2021
 5,479,451 $ 1.80
Vested (208,682) $ 2.66
Unvested at March 31, 2022
 5,270,769 $ 1.84

The total expense of RSAs for the three months ended March 31, 2022 was $917 thousand. As of March 31, 2022, the total compensation cost related to unvested RSAs not yet recognized is $5,302 thousand. Expense for unvested RSAs not yet recognized is expected to be recognized over a weighted average period of 2.16 years.

Restricted Stock Units

A summary of the change in control restricted stock units ("RSUs") activity for the three months ended March 31, 2022 is as follows:

Number of RSUs Average Grant-Date Fair Value
Unvested at December 31, 2021
 2,395,789 $ 9.73
Granted 7,321,188 $ 5.67
Forfeited (49,697) $ (9.97)
Vested (123,884) $ (9.83)
Unvested and outstanding at March 31, 2022
 9,543,396 $ 6.61

The total expense value of RSUs for the three months ended March 31, 2022 was $10,096 thousand. There was no expense for RSUs for the three months ended March 31, 2021. As of March 31, 2022, the total compensation cost related to unvested RSUs not yet recognized is $51,525 thousand. Expense for unvested RSUs not yet recognized is expected to be recognized over a weighted average period of 2.56 years.