Stock Based Compensation (Tables)
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9 Months Ended |
Sep. 30, 2022 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of fair value weighted-average assumptions |
The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted during the nine months ended September 30, 2022 and 2021:
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Nine Months Ended September 30, |
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2022 |
|
2021 |
| Risk-free interest rate |
1.6 |
% |
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0.7 |
% |
| Expected term (in years) |
6.1 |
|
6.0 |
| Expected volatility |
75.0 |
% |
|
31.4 |
% |
| Expected dividend yield |
0.0 |
% |
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0.0 |
% |
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| Summary of stock option activity |
The following table summarizes the Company’s stock option activity since December 31, 2021 (in thousands, except for share and per share data):
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Number of
Shares |
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Weighted
Average
Exercise Price |
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Weighted
Average
Remaining
Contractual Term |
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Aggregate
Intrinsic Value |
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(in years) |
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Outstanding as of December 31, 2021 |
20,769,130 |
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$ |
0.39 |
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| Granted |
2,262,925 |
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3.49 |
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| Exercised |
(1,278,014) |
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0.43 |
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| Forfeited |
(726,201) |
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0.42 |
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Outstanding as of September 30, 2022 |
21,027,840 |
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0.72 |
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7.3 |
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$ |
32,445 |
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Vested and expected to vest as of September 30, 2022 |
21,027,840 |
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$ |
0.72 |
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7.3 |
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$ |
32,445 |
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Options exercisable as of September 30, 2022 |
13,190,147 |
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$ |
0.38 |
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6.7 |
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$ |
22,981 |
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| Summary of restricted stock unit activity |
The following table summarizes the Company's restricted stock units activity since December 31, 2021:
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Number of
Shares |
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Grant Date Fair
Value |
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Outstanding as of December 31, 2021 |
1,951,924 |
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$ |
6.76 |
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| Granted |
7,136,963 |
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3.30 |
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| Vested |
(414,478) |
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|
7.02 |
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| Cancelled |
(1,338,230) |
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5.24 |
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Outstanding as of September 30, 2022 |
7,336,179 |
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$ |
3.65 |
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| Summary of performance stock unit activity |
The following table summarizes the Company's performance stock units activity since December 31, 2021:
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Number of
Shares |
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Grant Date Fair
Value |
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| December 31, 2021 |
— |
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$ |
— |
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| Granted |
947,000 |
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2.65 |
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| Vested |
— |
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— |
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| Canceled |
(58,000) |
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2.65 |
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| September 30, 2022 |
889,000 |
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$ |
2.65 |
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| Schedule of fair value measurements of common stock warrants granted |
The Company utilized a Black-Scholes pricing model to determine the grant-date fair value of the Finback Common Stock Warrants. The assumptions used are presented in the following table:
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| Warrants - Black Scholes |
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| Risk-free interest rate |
$ |
0.4 |
% |
| Expected term (in years) |
3.0 |
| Expected volatility |
23.9 |
% |
| Expected dividend yield |
0.0 |
% |
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| Schedule of allocation of share based compensation expense |
Stock-based compensation expense was classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2022 |
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2021 |
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2022 |
|
2021 |
| Cost of revenue |
$ |
227 |
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$ |
66 |
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$ |
615 |
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$ |
91 |
| Research and development |
1,664 |
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319 |
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3,143 |
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396 |
| Sales and marketing |
2,482 |
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3,226 |
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6,310 |
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4,305 |
| General and administrative |
2,152 |
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1,044 |
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5,445 |
|
1,240 |
| Total stock-based compensation expense |
$ |
6,525 |
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$ |
4,655 |
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$ |
15,513 |
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$ |
6,032 |
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| Schedule of stock-based compensation expense |
Stock-based compensation expense by award type recognized in the condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2022 |
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2021 |
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2022 |
|
2021 |
| Stock options |
$ |
458 |
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$ |
123 |
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$ |
1,151 |
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$ |
565 |
| Earn-out shares |
1,832 |
|
3,269 |
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5,435 |
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3,269 |
| Warrants |
1,285 |
|
1,012 |
|
2,126 |
|
1,806 |
| RSUs and PSUs |
2,950 |
|
251 |
|
6,801 |
|
392 |
| Total stock-based compensation expense |
$ |
6,525 |
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$ |
4,655 |
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$ |
15,513 |
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$ |
6,032 |
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