Stock-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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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 years ended December 31, 2023 and 2022:
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Year Ended December 31, |
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2023 |
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2022 |
| Risk-free interest rate |
4.2 |
% |
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1.6 |
% |
| Expected term (in years) |
6.1 |
|
6.1 |
| Expected volatility |
87.5 |
% |
|
75.0 |
% |
| Expected dividend yield |
0.0 |
% |
|
0.0 |
% |
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| Summary of stock option activity |
The following tables summarize the Company’s stock option activity under the 2021 Equity Incentive Plan (in thousands, except for share and per share data):
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Number of
Shares |
|
Weighted
Average
Exercise Price |
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Weighted
Average
Remaining
Contractual Term (in years) |
|
Aggregate
Intrinsic Value |
Outstanding as of December 31, 2021 |
20,769,130 |
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$ |
0.39 |
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| Granted |
2,262,925 |
|
3.49 |
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| Exercised |
(1,896,975) |
|
0.43 |
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| Forfeited |
(710,707) |
|
0.42 |
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| Expired |
(27,549) |
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0.42 |
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Outstanding as of December 31, 2022 |
20,396,824 |
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$ |
0.73 |
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| Granted |
2,840,421 |
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3.12 |
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| Exercised |
(1,735,978) |
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0.38 |
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| Forfeited |
(1,164,932) |
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1.72 |
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| Expired |
(11,807) |
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0.42 |
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Outstanding as of December 31, 2023 |
20,324,528 |
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$ |
1.04 |
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6.0 |
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$ |
74,768 |
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Vested and expected to vest as of December 31, 2023 |
20,324,528 |
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$ |
1.04 |
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6.0 |
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$ |
74,768 |
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Options exercisable as of December 31, 2023 |
16,114,401 |
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$ |
0.67 |
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5.4 |
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$ |
65,339 |
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| Summary of restricted stock unit activity |
The following table summarizes the Company’s restricted stock units activity under its existing restricted stock unit plan:
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Number of
Shares |
|
Grant Date Fair
Value |
Outstanding as of December 31, 2021 |
1,951,924 |
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$ |
6.76 |
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| Granted |
7,613,472 |
|
3.26 |
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| Vested |
(565,774) |
|
6.72 |
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| Forfeited |
(1,497,677) |
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5.15 |
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Outstanding as of December 31, 2022 |
7,501,945 |
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$ |
3.54 |
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| Granted |
9,477,014 |
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3.48 |
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| Vested |
(2,833,155) |
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3.55 |
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| Forfeited |
(1,099,125) |
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3.54 |
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Outstanding as of December 31, 2023 |
13,046,679 |
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$ |
3.49 |
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| Schedule of performance shares |
The following table summarizes the Company's performance stock units activity under its existing performance stock units plan:
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Number of
Shares |
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Grant Date Fair
Value |
Outstanding as of 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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| Forfeited |
(83,000) |
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|
2.65 |
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Outstanding as of December 31, 2022 |
864,000 |
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$ |
2.65 |
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| Granted |
— |
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— |
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| Vested |
(432,000) |
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|
2.65 |
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| Forfeited |
(52,000) |
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|
2.67 |
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Outstanding as of December 31, 2023 |
380,000 |
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$ |
2.64 |
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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 |
— |
% |
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| Schedule of allocation of share based compensation expense |
Stock-based compensation expense was classified in the consolidated statements of operations and comprehensive loss as follows (in thousands):
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Year Ended December 31, |
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2023 |
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2022 |
| Cost of revenue |
$ |
583 |
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$ |
829 |
| Research and development |
4,284 |
|
4,009 |
| Sales and marketing |
9,387 |
|
10,038 |
| General and administrative |
9,897 |
|
7,622 |
| Total stock-based compensation expense |
$ |
24,151 |
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$ |
22,498 |
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| Schedule of stock-based compensation expense |
Stock-based compensation expense by award type recognized in the consolidated statements of operations and comprehensive loss was as follows (in thousands):
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Year Ended December 31, |
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2023 |
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2022 |
| Stock options |
$ |
2,925 |
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$ |
1,594 |
| Earn-out shares |
2,073 |
|
6,499 |
| Warrants |
3,147 |
|
4,523 |
| RSUs and PSUs |
16,006 |
|
9,882 |
| Total stock-based compensation expense |
$ |
24,151 |
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$ |
22,498 |
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