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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Summary of Company's Stock Option, Activity

A summary of the Company’s stock option activity for the three and nine months ended September 30, 2021 is as follows:

			Number of Common Stock Options			Weighted-Average Exercise Price			Weighted-Average Remaining Contractual Life (Years)			Aggregate Intrinsic Value
Outstanding as of December 31, 2020			—			$	—		—			$	—
Granted			5,600,000			15.23			—			—
Exercised			—			—			—			—
Forfeited			—			—			—			—
Outstanding as of September 30, 2021			5,600,000			$	15.23		6.10			$	—

Schedule of Valuation Assumptions, Options

The fair value of each option grant was estimated on the grant date using the Black-Scholes option pricing model based on the following assumptions:

Volatility						32.50		%
Risk-free rate						0.91		%
Years to expiration						6.10
Dividend yield						0.00		%

Schedule of Valuation Assumptions, Profit Unit Interests

The compensation expense accounted for all vested units based on the following assumptions:

Expected term						3 years
Volatility						68.0		%
Discount for lack of marketability						45.0		%
Risk free rate						0.2		%

Schedule of Profit Unit Interest

The following table summarizes data concerning the profit unit interest (units in thousands):

												Avg Fair Value
						Units						at Grant Date
Outstanding at December 31, 2019						9,799						$	0.05
Granted						2,414						0.17
Forfeited						(11)						0.03
Outstanding at December 31, 2020						12,202						0.08
Granted						—						—
Forfeited						(55)						0.08
Outstanding at March 31, 2021						12,147						0.08
Granted						—						—
Forfeited						—						—
Outstanding at June 30, 2021						12,147						0.08
Granted						—						—
Forfeited						(536)						0.10
Exchanged in reverse recapitalization						(11,611)						0.08
Outstanding at September 30, 2021						—						$	—

Schedule of Non-vested Units

The following table provides information pertaining to non-vested units (units in thousands):

												Avg Fair Value
						Units						at Grant Date
Non-vested units at December 31, 2019						3,467						$	0.10
Granted						2,414						0.17
Vested						(1,132)						0.13
Forfeited						(11)						0.03
Non-vested units at December 31, 2020						4,738						0.12
Granted						—						—
Vested						(326)						0.15
Forfeited						(55)						0.08
Non-vested units at March 31, 2021						4,357						0.12
Granted						—						—
Vested						(2,522)						0.07
Forfeited						—						—
Non-vested units at June 30, 2021						1,835						0.20
Granted						—						—
Vested						(85)						0.20
Forfeited						(536)						0.10
Exchanged in reverse recapitalization						(1,214)						0.22
Non-vested units at September 30, 2021						—						$	—

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Schedule of Share-based Payment Award, Non-Option Equity Instruments, Valuation Assumptions

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Tabular disclosure of share-based payment arrangement.

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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 for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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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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