Quarterly report pursuant to Section 13 or 15(d)

Equity Based Awards (Tables)

v3.21.2
Equity Based Awards (Tables)
9 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement [Abstract]  
Summary of Stock Option Activity Option activity under the plan for the year to date period ending September 30, 2021 is as follows:

 

 

 

Number of
Shares

 

 

Weighted-
Average
Exercise
Price
(Per
Share)

 

 

Weighted-
Average
Remaining
Contractual
Life
(in years)

 

Outstanding at December 31, 2020

 

 

18,493,013

 

 

$

1.81

 

 

 

8.71

 

Granted

 

 

 

 

 

0.00

 

 

 

 

Exercised

 

 

(1,827,502

)

 

 

0.96

 

 

 

 

Forfeited

 

 

(286,059

)

 

 

1.56

 

 

 

 

Outstanding at September 30, 2021

 

 

16,379,452

 

 

$

1.91

 

 

8.17

 

Options exercisable at September 30, 2021

 

 

5,050,374

 

 

$

1.46

 

 

7.01

 

Summary of Additional information Regarding Exercise of Stock Options

Additional information regarding the exercise of stock options is as follows:

 

 

 

Nine Months Ended September 30,

 

(in thousands, except weighted average)

 

2021

 

 

2020

 

Weighted-average grant date fair value of options
   granted

 

$

 

 

$

1.02

 

Intrinsic value of options exercised

 

 

16,496

 

 

 

3,158

 

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions In the nine months ended September 30, 2020, the Company granted options to purchase 1,085,300 shares of Legacy Markforged common stock with aggregate fair values of $1.2 million, calculated via the Black-Scholes option pricing model (see Note 3) using the following assumptions:

 

 

Nine Months Ended
September 30,

 

 

2020

 

Expected option term (in years)

6.05

 

Expected volatility%

 

52.7

%

Risk-free interest rate%

 

1.24

%

Expected dividend yield%

0%

 

Fair value of common stock (per share)

$

1.02

 

 

Summary of Restricted Stock Units Activity The following table summarizes the RSU activity for the nine months ended September 30, 2021:

 

 

 

Number of
Shares

 

 

Weighted-
Average
Grant Date Fair Value
(Per
Share)

 

Outstanding at December 31, 2020

 

 

 

 

$

 

Granted

 

 

3,900,074

 

 

 

9.54

 

Vested

 

 

 

 

 

 

Forfeited

 

 

(55,337

)

 

 

9.07

 

Unvested at September 30, 2021

 

 

3,844,737

 

 

$

9.54

 

 

Summary of Recognized Stock-based Compensation Expense During the three and nine months ended September 30, 2021 and 2020, the Company recognized the following stock-based compensation expense, excluding compensation related to the Earnout discussed below, in the following captions within the condensed consolidated statements of operations and comprehensive income (loss):

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Cost of revenue

 

$

129

 

 

$

93

 

 

$

218

 

 

$

351

 

Research and development

 

 

744

 

 

 

118

 

 

 

1,469

 

 

 

343

 

Sales and marketing

 

 

365

 

 

 

105

 

 

 

689

 

 

 

332

 

General and administrative

 

 

1,562

 

 

 

205

 

 

 

3,398

 

 

 

502

 

Total stock-based compensation expense

 

$

2,800

 

 

$

521

 

 

$

5,774

 

 

$

1,528

 

Summary Of Stock-based Compensation Based On Awards Granted

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Stock Options

 

$

1,048

 

 

$

521

 

 

$

3,430

 

 

$

1,528

 

Restricted Stock Units

 

 

1,752

 

 

 

 

 

 

2,344

 

 

 

 

Total stock-based compensation expense

 

$

2,800

 

 

$

521

 

 

$

5,774

 

 

$

1,528