Stock Based Compensation (Tables)
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6 Months Ended |
Jun. 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 six months ended June 30, 2022 and 2021:
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Six Months Ended June 30, |
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2022 |
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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 |
% |
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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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2.32 |
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| Exercised |
(849,859) |
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0.43 |
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| Forfeited |
(614,619) |
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0.42 |
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Outstanding as of June 30, 2022 |
21,567,577 |
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0.59 |
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7.6 |
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$ |
44,548 |
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Vested and expected to vest as of June 30, 2022 |
21,567,577 |
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$ |
0.59 |
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7.6 |
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$ |
44,548 |
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Options exercisable as of June 30, 2022 |
12,643,339 |
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$ |
0.38 |
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6.8 |
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$ |
28,870 |
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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 |
6,897,234 |
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3.32 |
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| Vested |
(237,911) |
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6.96 |
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| Cancelled |
(1,165,104) |
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5.37 |
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Outstanding as of June 30, 2022 |
7,446,143 |
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$ |
3.79 |
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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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| Outstanding as of December 31, 2021 |
— |
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$ |
— |
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| Granted |
939,000 |
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2.65 |
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| Vested |
— |
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— |
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| Canceled |
(25,000) |
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2.65 |
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| Outstanding as of June 30, 2022 |
914,000 |
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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 2021 Finback common stock warrants granted. 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 June 30, |
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Six Months Ended June 30, |
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2022 |
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2021 |
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2022 |
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2021 |
| Cost of revenue |
$ |
52 |
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$ |
5 |
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$ |
112 |
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$ |
10 |
| Research and development |
931 |
|
40 |
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1,479 |
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77 |
| Sales and marketing |
2,572 |
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920 |
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4,104 |
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1,093 |
| General and administrative |
1,506 |
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102 |
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3,293 |
|
196 |
| Total stock-based compensation expense |
$ |
5,061 |
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$ |
1,067 |
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$ |
8,988 |
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$ |
1,376 |
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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 June 30, |
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Six Months Ended June 30, |
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2022 |
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2021 |
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2022 |
|
2021 |
| Stock options |
$ |
454 |
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$ |
248 |
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$ |
693 |
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$ |
442 |
| Earn-out shares |
1,916 |
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— |
|
3,603 |
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— |
| Warrants |
631 |
|
748 |
|
841 |
|
794 |
| RSUs and PSUs |
2,060 |
|
71 |
|
3,851 |
|
140 |
| Total stock-based compensation expense |
$ |
5,061 |
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$ |
1,067 |
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$ |
8,988 |
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$ |
1,376 |
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