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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
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:
| Year Ended December 31,
| 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 | %
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):
| Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value
Outstanding as of December 31, 2021 | 20,769,130 |  | $ | 0.39 |  |  |  |  |
Granted | 2,262,925 |  | 3.49 |  |  |  |  |
Exercised | (1,896,975) |  | 0.43 |  |  |  |  |
Forfeited | (710,707) |  | 0.42 |  |  |  |  |
Expired | (27,549) |  | 0.42 |  |  |  |  |
Outstanding as of December 31, 2022 | 20,396,824 |  | $ | 0.73 |  |  |  |  |
Granted | 2,840,421 |  | 3.12 |  |  |  |  |
Exercised | (1,735,978) |  | 0.38 |  |  |  |  |
Forfeited | (1,164,932) |  | 1.72 |  |  |  |  |
Expired | (11,807) |  | 0.42 |  |  |  |  |
Outstanding as of December 31, 2023 | 20,324,528 |  | $ | 1.04 |  |  | 6.0 |  | $ | 74,768 |
Vested and expected to vest as of December 31, 2023 | 20,324,528 |  | $ | 1.04 |  |  | 6.0 |  | $ | 74,768 |
Options exercisable as of December 31, 2023 | 16,114,401 |  | $ | 0.67 |  |  | 5.4 |  | $ | 65,339 |
Summary of restricted stock unit activity | The following table summarizes the Company’s restricted stock units activity under its existing restricted stock unit plan:
| Number of Shares |  | Grant Date Fair Value
Outstanding as of December 31, 2021 | 1,951,924 |  | $ | 6.76 |
Granted | 7,613,472 |  | 3.26 |
Vested | (565,774) |  | 6.72 |
Forfeited | (1,497,677) |  | 5.15 |
Outstanding as of December 31, 2022 | 7,501,945 |  | $ | 3.54 |
Granted | 9,477,014 |  | 3.48 |
Vested | (2,833,155) |  | 3.55 |
Forfeited | (1,099,125) |  | 3.54 |
Outstanding as of December 31, 2023 | 13,046,679 |  | $ | 3.49 |
Schedule of performance shares | The following table summarizes the Company's performance stock units activity under its existing performance stock units plan:
| Number of Shares |  | Grant Date Fair Value
Outstanding as of December 31, 2021 | — |  |  | $ | — |
Granted | 947,000 |  |  | 2.65 |
Vested | — |  |  | — |
Forfeited | (83,000) |  |  | 2.65 |
Outstanding as of December 31, 2022 | 864,000 |  |  | $ | 2.65 |
Granted | — |  |  | — |
Vested | (432,000) |  |  | 2.65 |
Forfeited | (52,000) |  |  | 2.67 |
Outstanding as of December 31, 2023 | 380,000 |  |  | $ | 2.64 |
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:
Warrants - Black Scholes |
Risk-free interest rate | 0.4 | %
Expected term (in years) | 3.0
Expected volatility | 23.9 | %
Expected dividend yield | — | %
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):
| Year Ended December 31,
| 2023 |  | 2022
Cost of revenue | $ | 583 |  | $ | 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 |  | $ | 22,498
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):
| Year Ended December 31,
| 2023 |  | 2022
Stock options | $ | 2,925 |  | $ | 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 |  | $ | 22,498

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