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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation Stock Options 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, 2023 and 2022:
| Six Months Ended June 30,
| 2023 |  | 2022
Risk-free interest rate | 4.2 | % |  | 1.6 | %
Expected term (in years) | 6.1 |  | 6.1
Expected volatility | 87.5 | % |  | 75.0 | %
Expected dividend yield | 0.0 | % |  | 0.0 | %
The following table summarizes the Company’s stock option activity since December 31, 2022 (in thousands, except for share and per share data):
| Number of Shares |  | Weighted Average Exercise Price
Outstanding as of December 31, 2022 | 20,396,824 |  | $ | 0.73 |
Granted | 2,840,421 |  | 3.12 |
Exercised | (875,780) |  | 0.39 |
Forfeited | (20,468) |  |  | 0.42 |
Outstanding as of June 30, 2023 | 22,340,997 |  | 1.05 |
Restricted Stock Units The following table summarizes the Company's restricted stock units activity since December 31, 2022:
| Number of Shares |  | Grant Date Fair Value
Outstanding as of December 31, 2022 | 7,501,945 |  |  | $ | 3.54 |
Granted | 7,742,983 |  |  | 3.25 |
Vested | (2,447,672) |  |  | 3.40 |
Forfeited | (345,516) |  |  | 3.75 |
Outstanding as of June 30, 2023 | 12,451,740 |  |  | $ | 3.38 |
Performance Stock Units The following table summarizes the Company's performance stock units activity since December 31, 2022:
| Number of Shares |  | Grant Date Fair Value
Outstanding as of December 31, 2022 | 864,000 |  |  | $ | 2.65 |
Granted | — |  |  | — |
Vested | (432,000) |  |  | 2.65 |
Forfeited | (25,000) |  |  | 2.65 |
Outstanding as of June 30, 2023 | 407,000 |  |  | $ | 2.65 |
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 six months ended June 30, 2023, 830,216 Finback Common Stock Warrants were exercised. As of June 30, 2023, 175,599 Finback Common Stock Warrants were exercisable at a total aggregate intrinsic value of $1.0 million, and 1,415,385 Finback Common Stock Warrants are unvested and have a total unrecognized grant date fair value of $10.8 million. During the three months ended June 30, 2023 and 2022, the Company recorded $0.8 million and $0.6 million, respectively, of stock-based compensation expense within sales and marketing expense related to the Finback Common Stock Warrants. During the six months ended June 30, 2023 and 2022, the Company recorded $1.4 million and $0.8 million, respectively, of stock-based compensation expense within sales and marketing expense related to the Finback Common Stock Warrants. Stock-Based Compensation Stock-based compensation expense was classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Cost of revenue | $ | 184 |  | $ | 280 |  | $ | 329 |  | $ | 388
Research and development | 1,238 |  | 931 |  | 2,075 |  | 1,479
Sales and marketing | 2,508 |  | 2,344 |  | 4,506 |  | 3,828
General and administrative | 2,759 |  | 1,506 |  | 4,822 |  | 3,293
Total stock-based compensation expense | $ | 6,689 |  | $ | 5,061 |  | $ | 11,732 |  | $ | 8,988

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