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:
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|
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 |
|
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|
|
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:
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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:
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|
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:
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|
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):
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Three Months Ended September 30, |
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|
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 |
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Three Months Ended September 30, |
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|
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 |
|
|