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Stock-based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Share-based Payment Award, Valuation Assumptions | The Company used the Monte Carlo simulation model to value the liability-classified award. The key inputs into the Monte Carlo simulation as of March 31, 2024 and December 31, 2023 were as follows:
| March 31, 2024 |  | December 31, 2023
Expected term (in years) | 10.0 |  | 10.0
Expected stock price volatility (1) | 65.0 | % |  | 65.0 | %
Risk-free interest rate (2) | 4.1 | % |  | 3.8 | %
Expected dividend yield (3) | — | % |  | — | %
(1)Expected volatility is based on historical volatilities of a publicly traded peer group over a period equivalent to the expected term of the awards. (2)The risk-free interest rate is based on the U.S. Treasury yield of treasury bonds with a maturity that approximates the expected term of the awards. (3)The Company has not historically paid any cash dividends on its common stock.
Summary of Restricted Stock Unit Activity | A summary of the unvested time-based RSU activity during the three months ended March 31, 2024, was as follows:
| Number of Shares |  | Weighted Average Grant Date Fair Value
Outstanding at December 31, 2023 | 5,947,487 |  |  | $ | 8.61 |
Granted | 338,355 |  |  | $ | 8.46 |
Vested | (115,895) |  |  | $ | 6.18 |
Forfeited | (57,873) |  |  | $ | 6.51 |
Outstanding at March 31, 2024 | 6,112,074 |  |  | $ | 8.66 |
Summary of Stock Option Activity | The following table summarizes the stock option activity for the three months ended March 31, 2024:
| Number of Options |  | Weighted Average Exercise Price
Outstanding at December 31, 2023 | 1,768,627 |  |  | $ | 4.71 |
Exercised | (164,295) |  |  | $ | 5.57 |
Forfeited or expired | (40,755) |  |  | $ | 5.80 |
Outstanding at March 31, 2024 | 1,563,577 |  |  | $ | 4.59 |
Summary of the Components of Total Stock-Based Compensation Expense | The following table summarizes stock-based compensation expenses for the three months ended March 31, 2024 and 2023:
| Three Months Ended March 31,
| 2024 |  | 2023
Selling, general and administrative expenses | $ | 7,423 |  |  | $ | 3,061 |
Product development expenses | 446 |  |  | 280 |
| $ | 7,869 |  |  | $ | 3,341 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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