Equity-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

EQUITY-BASED COMPENSATION

Grants of Restricted Stock Units

The following table summarizes the activity related to the Company's restricted stock units ("RSUs") for the three months ended March 31, 2024:


	Number of RSUs	Weighted average grant date fair value
Balance as of December 31, 2023, unvested	3,942,052	$	6.10
Granted	1,468,413	$	2.89
Vested	(506,264)	$	6.41
Forfeited	(52,726)	$	7.00
Balance as of March 31, 2024, unvested	4,851,475	$	5.09

Total compensation expense for RSUs was $2.4 million and $2.0 million for three months ended March 31, 2024 and 2023 respectively, and is included in selling, general and administrative expenses in the unaudited condensed consolidated statements of operations.

As of March 31, 2024, total compensation cost related to unvested RSUs not yet recognized is $22.6 million and is expected to be recognized over a weighted-average period of approximately 2.6 years.

Grants of Stock Options

The following table summarizes the activity related to the outstanding and exercisable stock options for the three months ended March 31, 2024:


	Number of options	Weighted average exercise price		Weighted average grant date fair value		Weighted average remaining contractual term (years)
Outstanding as of December 31, 2023	758,458	$	12.00	$	4.27	7.7

Forfeited	(17,257)	$	12.00	$	4.29	—
Outstanding as of March 31, 2024	741,201	$	12.00	$	4.27	7.5

Exercisable as of March 31, 2024	604,443	$	12.00	$	4.26	7.5
Unvested as of March 31, 2024	136,758	$	12.00	$	4.29	7.5
Vested and expected to vest as of March 31, 2024	741,201	$	12.00	$	4.27	7.5

As of March 31, 2024, the vested stock options did not have an aggregated intrinsic value as the exercise price exceeded the estimated fair market value of the stock options.

Total compensation expense for stock options was approximately $0.2 million and $0.2 million, for the three months ended March 31, 2024 and 2023 respectively, and is included in selling, general and administrative expenses in the unaudited condensed consolidated statements of operations.

As of March 31, 2024, total compensation cost related to unvested options not yet recognized is $0.6 million and is expected to be recognized over a weighted-average period of approximately 1.0 year.