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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Company's Stock Option, Activity

A summary of the Company’s stock option activity for the nine months ended September 30, 2022 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, 2021			3,375,000			$	15.23		—			$	—
Granted			553,794			3.94			—			—
Exercised			—			—			—			—
Forfeited			(1,949,822)			14.29			—			—
Outstanding as of September 30, 2022			1,978,972			$	12.99		8.8			$	—
Exercisable as of September 30, 2022			1,075,000			$	15.23		8.8			$	—

Schedule of Valuation Assumptions, Options

The fair value of each option grant during the nine months ended September 30, 2022 was estimated on the grant date using the Black-Scholes option pricing model based on the following assumptions:

Volatility			60.00		%	-			65.00		%
Risk-free rate			1.71%			-			3.02%
Expected term (years)									6.1 years
Dividend yield									0.00		%

Summary of Restricted Stock Unit, Activity

A summary of the Company’s restricted stock unit (“RSU”) activity for the nine months ended September 30, 2022 is as follows:

						Shares			Weighted Average Grant Date Fair Value
Unvested - beginning of period						1,818,530			$	7.58
Granted						1,913,043			3.40
Vested						(410,962)			6.83
Forfeited						(1,197,275)			5.24
Unvested - end of period						2,123,336			$	4.55

Summary of PSU Activity

A summary of the Company’s performance stock unit (“PSU”) activity for the nine months ended September 30, 2022 is as follows:

						Shares			Weighted Average Grant Date Fair Value
Unvested - beginning of period						78,907			$	7.69
Granted						425,264			3.81
Vested						—			—
Forfeited						(55,451)			7.69
Unvested - end of period						448,720			$	4.01

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

A summary of the Company’s profit unit interests activity for the nine months ended September 30, 2021 is as follows:

									Avg Fair Value
						Units			at Grant Date
Outstanding at December 31, 2020						12,202,135			$	0.08
Granted						—			—
Forfeited						(54,800)			0.08
Outstanding at March 31, 2021						12,147,335			0.08
Granted						—			—
Forfeited						—			—
Outstanding at June 30, 2021						12,147,335			0.08
Granted						—			—
Forfeited						(536,278)			0.10
Exchange in reverse recapitalization						(11,611,057)			0.08
Outstanding at September 30, 2021						—			$	—

Schedule of Non-vested Units

A summary of the Company’s non-vested units activity for the nine months ended September 30, 2021 is as follows:

									Avg Fair Value
						Units			at Grant Date
Non-vested units at December 31, 2020						4,738,333			$	0.12
Granted						—			—
Vested						(325,835)			0.15
Forfeited						(54,800)			0.08
Non-vested units at March 31, 2021						4,357,698			0.12
Granted						—			—
Vested						(2,522,476)			0.07
Forfeited						—			—
Non-vested units at June 30, 2021						1,835,222			0.20
Granted						—			—
Vested						(84,990)			0.20
Forfeited						(536,278)			0.10
Exchange in reverse recapitalization						(1,213,954)			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 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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