Post-effective amendment to a registration statement that is not immediately effective upon filing

Stock-based Compensation (Tables)

v3.22.1
Stock-based Compensation (Tables)
3 Months Ended 12 Months Ended
Apr. 03, 2022
Jan. 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Summary of total stock-based compensation expense, by operating expense category
The following table summarizes the total stock-based compensation expense, by operating expense category, recognized in the condensed consolidated statements of operations for the periods presented below (in thousands).
 

 
  
For the Quarters Ended
 
 
  
April 3, 2022
 
  
March 31, 2021
 
Cost of revenue
   $ —        $ 274  
Research and development
     2,512        959  
Selling, general and administrative
     2,726        185  
    
 
 
    
 
 
 
Total stock-based compensation expense
   $ 5,238      $ 1,418  
    
 
 
    
 
 
 
The following table summarizes the total stock-based compensation expense, by operating expense category, recognized in the Consolidated Statements of Operations for the periods presented below (in thousands).
    
Fiscal Years
 
    
2021
    
2020
 
Cost of revenue
   $ 274      $ 102  
Research and development
     6,175        485  
Selling, general and administrative
     4,262        79  
    
 
 
    
 
 
 
Total stock-based compensation expense
   $ 10,711      $ 666  
    
 
 
    
 
 
 
For
 the fiscal year 2021, the Company capitalized $0.7 million of stock-based compensation as deferred contract costs and property and equipment, net in the Consolidated Balance Sheet. For the fiscal year 2020, the Company capitalized immaterial amounts of stock-based compensation as deferred contract costs and property and equipment, net in the Consolidated Balance Sheet. As of January 2, 2022, there was approximately $48.2 million of total unrecognized stock-based compensation expense related to unvested equity awards, which are expected to be recognized over a weighted-average period of 3.6 years.
Summary of fair value assumptions used to determine fair value of estimated shares   The Company uses the Black-Scholes option-pricing model to determine the fair value of estimated shares under the 2021 ESPP with the following assumptions for the fiscal year 2021.
    
2021
 
Risk-free interest rate
     0.1
Expected term (years)
     0.5  
Dividend yield
     —  
Volatility
     71.5
Schedule of common stock reserved for future issuance  
The following shares of common stock had been reserved for future issuance as of January 2, 2022:
 
Exercise of outstanding common stock options
     5,753,005  
Options and RSUs available for future grants
     15,846,770  
Outstanding restricted stock units for future vesting
     535,449  
Common stock employee purchase plan
     5,625,000  
    
 
 
 
       27,760,224  
    
 
 
 
Summary of Stock Option Activity
The following table summarized stock option activities for the quarter ended April 3, 2022 (in thousands, except share and per share amount).

 
 
  
Number of
Options
Outstanding
 
  
Weighted
Average
Exercise
Price
 
  
Weighted
Average
Remaining
Contractual
Life (Years)
 
  
Aggregate
Intrinsic
Value
(1)(2)
 
                                 
Balances as of January 3, 2022
     5,753,005      $ 8.88                    
Granted
     31,190        15.47                    
Exercised
     (91,910      2.17               $ 1,249  
Forfeited
     (155,380      8.20                    
    
 
 
                            
Balances as of April 3, 2022
     5,536,905      $ 9.05        9.0      $ 32,364  
    
 
 
                            
Vested and expected to vest at April 3, 2022
     9,839,447      $ 5.12        8.8      $ 95,515  
    
 
 
                            
Vested and exercisable at April 3, 2022
     914,342      $ 6.60        8.3      $ 7,466  
    
 
 
                            
Unvested and exercisable at April 3, 2022
     4,217,643      $ 8.84        9.0      $ 24,899  
    
 
 
                            
 
(1)
The intrinsic value of options exercised is based upon the value of the Company’s stock at exercise.
(2)
The aggregate intrinsic value of the stock options outstanding as of April 3, 2022 represents the value of the Company’s closing stock price at $14.74
on April 1, 2022 in excess of the exercise price multiplied by the number of options outstanding.
The following table summarized stock option activities for the fiscal years 2021 and 2020 (in thousands, except share and per share amount).
 
 
 
Number of
Options
Outstanding
 
 
Weighted
Average
Exercise
Price
 
 
Weighted
Average
Remaining
Contractual
Life (Years)
 
 
Aggregate
Intrinsic
Value
(1)(2)
 
Balances as of January 1, 2021
    1,428,980     $ 0.11                  
Granted
    6,817,420       7.86                  
Exercised
    (2,180,168     0.09             $ 1,963  
Forfeited
    (313,227     7.77                  
   
 
 
                         
Balances as of January 2, 2022
    5,753,005     $ 8.88       9.1     $ 105,898  
   
 
 
                         
Vested and expected to vest at January 2, 2022
    10,839,577     $ 4.74       9.0     $ 244,342  
   
 
 
                         
Vested and exercisable at January 2, 2022
    716,777     $ 5.23       7.9     $ 15,806  
   
 
 
                         
Unvested and exercisable at January 2, 2022
    4,630,961     $ 8.75       9.3     $ 85,790  
   
 
 
                         
 
 
 
Number of
Options
Outstanding
 
 
Weighted
Average
Exercise
Price
 
 
Weighted
Average
Remaining
Contractual
Life (Years)
 
 
Aggregate
Intrinsic
Value
(1)(2)
 
Balances as of January 1, 2020
    971,332     $ 0.16                  
Granted
    5,779,591       0.06                  
Exercised
    (5,318,139     0.07             $ 6,889  
Forfeited/expired
    (3,804     0.59                  
   
 
 
                         
Balances as of December 31, 2020
    1,428,980     $ 0.11       8.8     $ 4,042  
   
 
 
                         
Vested and expected to vest at December 31, 2020
    6,812,915     $ 0.07       9.5     $ 11,190  
   
 
 
                         
Vested and exercisable at December 31, 2020
    251,492     $ 0.34       5.8     $ 2,028  
   
 
 
                         
Unvested and exercisable at December 31, 2020
    1,024,478     $ 0.06       9.8     $ 494  
   
 
 
                         
 
(1)
The aggregate intrinsic value of options exercised is based upon the value of the Company’s stock at exercise.
(2)
The aggregate intrinsic value of the stock options outstanding as of December 31, 2021 represents the value of the Company’s closing stock price at $27.28 on December 31, 2021 in excess of the exercise price multiplied by the number of options outstanding.
Summary of The Black-Scholes Option Pricing Model to Estimate The Fair Value of Stock Option Granted  
The Company uses the Black-Scholes option-pricing model to determine the grant date fair value of stock options with the following assumptions for the fiscal years 2021 and 2020.
 
    
Fiscal Years
 
    
2021
   
2020
 
Risk-free interest rate
    
0.5% - 1.3
   
0.5
Expected term (years)
     5.0 - 6.9      
6.0
 
Dividend yield
     —       —  
Volatility
    
48.1% - 49.8
   
37.8
Summary of RSUs activities The following table summarized RSUs activities for the quarter ended April 3, 2022 (in thousands, except share and per share amount).
 

 
  
Number of
Shares
Outstanding
 
  
Weighted
Average
Grant
Date Fair
Value
 
Non-vested
RSUs Balances as of January 2, 2022
     535,449      $ 23.38  
Granted
     446,075        17.55  
Vested
     (33,761      20.84  
Forfeited
     (30,684      26.27  
    
 
 
    
 
 
 
Non-vested
RSUs outstanding as of April 3, 2022
     917,079      $ 20.54  
    
 
 
    
 
 
 
 
Restricted Stock Units [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Schedule of common stock reserved for future issuance   The following table summarized RSUs activities for the fiscal year 2021 (in thousands, except share and per share amount).
    
Number of
Shares
Outstanding
    
Weighted Average
Grant Date
Fair Value
 
Non-vested
RSUs Balances as of January 1, 2021
     —        $ —    
Granted
     608,168        23.12  
Vested
     (61,015      21.26  
Forfeited
     (11,704      20.56  
    
 
 
          
Non-vested
RSUs outstanding as of January 2, 2022
     535,449      $ 23.38