Preheat oven to 500 degrees F.
Make the flatbread dough. Combine 1 cup warm water with 2 teaspoon active dry yeast and 1 teaspoon granulated sugar. Let sit for 5 minutes or until the yeast is activated and the mixture is foamy.
Combine yeast mixture with 2 ½ cups all-purpose flour, 1 teaspoon salt, and 2 tablespoon olive oil. Knead the dough for 5 minutes or until smooth. Cover the dough and let rest for 15 minutes.
Meanwhile, season the ricotta. Combine 1 cup ricotta with ½ cup grated parmesan, ½ teaspoon salt, ¼ teaspoon black pepper, and ½ teaspoon fresh thyme.
Gently punch down the dough. Dust a clean counter with flour and divide the dough into 4 equal portions. Shape each portion into a flatbread. Spread ricotta on top and sprinkle with shallots. Place the flatbread on a baking sheet and bake for 8-10 minutes or until the cheese is lightly charred and the flatbread is browned.
Top each flatbread with sliced figs, arugula, and pine nuts. Drizzle reduced balsamic vinegar and extra virgin olive oil on top and sprinkle a touch of sea salt. Serve.