Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Share equity incentive plans (Tables)

v3.23.1
Share equity incentive plans (Tables)
 12 Months Ended
Dec. 31, 2022
Share-based Payment Arrangement [Abstract]  
Schedule of options activity
The following table summarizes share option activity for the years ended December 31, 2021 and 2022:
December 31,
2021 2022
Number
of
Options		 Weighted-Average Exercise Price Weighted-
Average remaining Contractual Term
(in years)		 Number
of
Options		 Weighted-Average Exercise Price Weighted-
Average remaining Contractual Term
(in years)
Outstanding at the beginning of the year 9,874,165  $ 1.99  6.83 9,981,394  $ 2.37  6.65
Granted 1,708,500  3.71  —  —  —  — 
Exercised (1,301,233) 0.94  —  (911,307) 2.23  — 
Forfeited (300,038) 3.71  —  (707,157) 3.56  — 
Outstanding at the end of the year 9,981,394  $ 2.37  6.65 8,362,930  $ 2.28  5.25
Exercisable at the end of the year 6,150,329  $ 1.99  5.54 7,001,928  $ 2.18  4.75
Schedule of valuation assumptions
The fair value of the share options granted in the year ended December 31, 2021 was estimated on the grant date based on the following assumptions:
Volatility 60%
Expected term in years 6.25
Risk-free interest rate
0.55% - 0.92%
Estimated fair value of underlying ordinary shares
12.92 - 24.08
Dividend yield 0%
Schedule of options by exercise price
The following table summarizes information about share options outstanding under the 2012 Plan and 2021 Plan as of December 31, 2021 and 2022:
Options Outstanding Options Exercisable
Number Outstanding at December 31, 2021 Weighted Average Remaining Contractual Life (Years) Number Exercisable at December 31, 2021 Weighted Average Remaining Contractual Life (Years)
$0.0003 89,000  1.58 89,000  1.58
$0.01 355,700  8.85 155,618  8.85
$0.40 1,149,241  2.05 1,149,241  2.05
$0.60 65,286  3.45 65,286  3.45
$1.43 401,500  8.71 125,468  8.71
$1.90 594,320  3.73 594,320  3.73
$2.17 1,396,871  6.15 1,235,090  6.12
$2.25 117,224  3.24 117,224  3.24
$2.388 489,700  8.69 129,400  8.19
$2.71 2,655,489  6.85 1,936,746  6.76
$3.04 1,401,700  9.08 131,250  9.08
$3.44 248,501  7.36 140,191  6.98
$3.57 748,562  8.60 261,308  8.54
$5.97 79,500  8.91 20,187  8.91
$7.60 184,800  9.08 —  0
$24.08 4,000  9.61 —  0
Total 9,981,394  6.65 6,150,329  5.54
Aggregate intrinsic value $ 155,136  $ 97,907 
Options Outstanding Options Exercisable
Number Outstanding at December 31, 2022 Weighted Average Remaining Contractual Life (Years) Number Exercisable at December 31, 2022 Weighted Average Remaining Contractual Life (Years)
$0.0003 89,000  0.58 89,000  0.58
$0.01 355,700  7.85 244,543  7.85
$0.40 1,078,500  1.12 1,078,500  1.12
$0.60 31,046  1.86 31,046  1.86
$1.43 381,000  7.62 211,468  7.55
$1.90 565,320  2.81 565,320  2.81
$2.17 975,288  5.03 975,288  5.03
$2.25 57,394  3.53 57,394  3.53
$2.388 387,750  7.77 195,900  7.68
$2.71 2,331,732  5.68 2,259,187  5.67
$3.04 1,282,648  7.94 647,691  7.81
$3.44 204,394  6.80 162,650  6.78
$3.57 432,000  1.93 394,841  1.43
$5.97 50,000  7.93 25,312  7.93
$7.60 141,158  7.85 63,788  7.56
Total 8,362,930  5.25 7,001,928  4.75
Aggregate intrinsic value $ 34,860  $ 29,858 
Schedule of RSU activity
The following table summarizes RSU (including PRSU) activity for the years ended December 31, 2021 and 2022:
December 31,
2021		 The weighted average fair value at grant date December 31,
2022		 The weighted average fair value at grant date
Outstanding at the beginning of the year 132,500  $ 7.60  967,797  $ 18.97 
Granted 880,022  20.41  2,678,036  10.66 
Vested (10,354) 11.15  (319,516) 17.91 
Forfeited (34,371) 14.46  (459,337) 15.06 
Outstanding at the end of the year 967,797  18.97  2,866,980  12.06 
Unvested RSUs 967,797  18.97  2,866,980  12.06 
Schedule of expenses capitalized
The following table summarizes the share-based compensation recorded in each line item in the accompanying consolidated statements of comprehensive income (loss):
Year Ended December 31,
2020 2021 2022
Cost of revenue $ 40  $ 211  $ 599 
Research and development 1,107  4,058  5,287 
Sales and marketing 821  3,450  5,995 
General and administrative 2,832  3,452  5,106 
Total $ 4,800  $ 11,171  $ 16,987