|9 Months Ended|
Sep. 30, 2023
|Share-Based Payment Arrangement [Abstract]|
|Stock-Based Compensation||Stock-Based Compensation
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, 2023 and 2022:
The following table summarizes the Company’s stock option activity since December 31, 2022 (in thousands, except for share and per share data):
Restricted Stock Units
The following table summarizes the Company's restricted stock units activity since December 31, 2022:
Performance Stock Units
The following table summarizes the Company's performance stock units activity since December 31, 2022:
Finback Common Stock Warrants
In January 2021, the Company granted warrants (the "Finback Common Stock Warrants") to purchase 2,552,913 shares of the Company's Class A common stock at an exercise price of $0.42 per share to Finback Evolv OBH, LLC ("Finback"), a consulting group affiliated with one of the Company's stockholders. The Finback Common Stock Warrants vest upon meeting certain sales criteria as defined in a business development agreement (the "Finback BDA"), which has a term of 3 years. The Finback BDA expired on January 1, 2023 but includes a 1-year "tail period" expiring on January 1, 2024. During the tail period, Finback Common Stock Warrants will continue to vest related to any sale consummated by the Company for which it is determined Finback provided services prior to January 1, 2023 in furtherance of the sale. The Finback Common Stock Warrants expire in January 2031. The Finback Common Stock Warrants are accounted for under ASC 718 Compensation – Stock Compensation as the warrants vest upon certain performance conditions being met.
During the three and nine months ended September 30, 2023, 0 and 830,216 Finback Common Stock Warrants were exercised, respectively. As of September 30, 2023, 273,657 Finback Common Stock Warrants were exercisable at a total aggregate intrinsic value of $1.2 million, and 1,317,327 Finback Common Stock Warrants are unvested and have a total unrecognized grant date fair value of $10.0 million. During the three months ended September 30, 2023 and 2022, the Company recorded $0.8 million and $1.3 million, respectively, of stock-based compensation expense within sales and marketing expense related to the Finback Common Stock Warrants. During the nine months ended September 30, 2023 and 2022, the Company recorded $2.2 million and $2.1 million, respectively, of stock-based compensation expense within sales and marketing expense related to the Finback Common Stock Warrants.
Stock-based compensation expense was classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):
The entire disclosure for share-based payment arrangement.
Reference 1: http://www.xbrl.org/2003/role/exampleRef