Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.22.2.2
Stock-Based Compensation
9 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation
10.
Stock-Based Compensation
In December 2012, the Company adopted the 2012 Stock Option and Grant Plan (the “Plan”) under which the Company may grant stock options to purchase shares of its common stock to certain employees and nonemployees of the Company. The 2012 Plan was terminated as of the Closing, and accordingly, no additional awards will be granted under the 2012 Plan thereafter.
In connection with the Closing, the Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”) and the 2021 Employee Stock Purchase Plan (“2021 ESPP”). The number of shares available for issuance under the 2021 Plan will be increased on the first day of each fiscal year, beginning on January 1, 2022, in an amount equal to the lesser of (i)
 23,951,000
shares of New Spire Class A Common Stock, (ii) a number of shares of New Spire Class A Common Stock equal to
 
5%
of the total number of shares of all of New Spire Class A Common Stock outstanding as of the last day of the immediately preceding fiscal year, or (iii) such number of shares of New Spire Class A Common Stock as the Company’s board of directors or its designated committee may determine no later than the last day of the immediately preceding fiscal year. 
The 2021 Plan permits the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units, and performance awards to employees, directors, or consultants under the 2021 Plan. The 2021 ESPP, the Company can grant stock options to employees to purchase shares of Class A common stock at a purchase price which equals to 85% of the lower of (i) the fair market value of common stock on the first trading day of the offering period or (ii) the fair market value of common stock on the exercise date. As of September 30, 2021, 8,869,629 and 3,194,000 shares were available for grant under the 2021 Plan and 2021 ESPP, respectively.
The following table summarizes stock option activity under the Plan, there were no activities under the 2021 Plan for the period ending September 30, 2021:
 
    
Number of
Stock
 
Options
    
Weighted-
Average
Exercise
Price
    
Weighted-
Average
Remaining
Contractual
Term
(in years)
 
Stock options
 outstanding at January 1, 2021
     19,618,953      $ 1.78        7.9  
Granted
     4,676,898        4.90           
Exercised
     (799,901      1.33           
Forfeited, canceled, or expired
     (1,325,349      2.50           
    
 
 
                   
Stock options
 outstanding at September 30, 2021
     22,170,601        2.42        7.5  
    
 
 
                   
Vested and expected to vest at September 30, 2021
     22,170,601        2.42        7.5  
Exercisable at September 30, 2021
     10,895,186        1.81        6.1  
The Company’s option award quantities and prices prior to the Merger have been retroactively restated to reflect the exchange ratio of approximately
 1.8282
established in the Merger as described in Note 3.
The weighted-average grant date fair value per share of stock options granted was $2.94 for the nine months ended September 30, 2021. The total grant date fair value of stock options vested was $
1,737
during the nine months ended September 30, 2021.
As of September 30, 2021, there was $17,903 of total unrecognized compensation expense expected to be recognized over a weighted average-period of 2.93 years.
The following table summarizes the components of total stock-based compensation expense based on roles and responsibilities of the employees within the Condensed Consolidated Statements of Operations:
 
    
Three Months Ended
September 30,
    
Nine Months Ended
September 30,
 
    
2021
    
2020
    
2021
    
2020
 
Cost of revenue
   $ 31      $ 9      $ 75      $ 26  
Research and development
     590        225        1,843        668  
Sales and marketing
     550        74        1,278        219  
General and administrative
                 928                    223                 3,404                    538  
    
 
 
    
 
 
    
 
 
    
 
 
 
     $ 2,099      $ 531      $ 6,600      $ 1,451