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Stock-based Compensation (Tables)

3 Months Ended

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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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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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.

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