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Stock Based Compensation | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Stock Based Compensation | Stock Based Compensation Stock Options In 2021, the Company established the DocGo Inc. 2021 Equity Incentive Plan (the “Plan”) replacing Ambulnz, Inc.’s 2017 Equity Incentive Plan. The Plan reserved 16,607,894 shares of Class A common stock for issuance under the Plan. The Company’s stock options generally vest on various terms based on continuous services over periods ranging from three to five years. The stock options are subject to time vesting requirements through 2033 and are nontransferable. Stock options granted have a maximum contractual term of 10 years. As of December 31, 2023, approximately 4.7 million employee stock options had vested. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. Before the consummation of the Business Combination, management took the average of several publicly traded companies that were representative of the Company’s size and industry in order to estimate its expected stock volatility. Subsequent to the Business Combination, the Company utilized publicly available pricing. The expected term of the options represented the period of time the instruments were expected to be outstanding. The Company based the risk-free interest rate on the rate payable on the U.S. Treasury securities corresponding to the expected term of the awards at the date of grant. Expected dividend yield was zero based on the fact that the Company had not historically paid and does not intend to pay a dividend in the foreseeable future. The following assumptions were used to compute the fair value of the stock option grants during the years ended December 31, 2023 and 2022:
| Year Ended December 31,
| 2023 |  | 2022
Risk-free interest rate | 4.1% - 4.9% |  | 0.71% - 4.3%
Expected term (in years) | 6.25 |  | 6.25
Volatility | 52% - 62% |  | 60% - 69%
Dividend yield | — | % |  | — | %
The following table summarizes the Company’s stock option activity under the Plan for the years ended December 31, 2022 and 2023:
| Options Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life in Years |  | Aggregate Intrinsic Value
Balance as of December 31, 2021 | 8,422,972 |  | $ | 6.21 |  |  | 8.77 |  | $ | 24,706,020 |
Granted/vested during the year | 5,443,368 |  | 7.04 |  |  | — |  |  | — |
Exercised during the year | (1,699,720) |  | 2.03 |  |  | — |  |  | — |
Cancelled during the year | (595,312) |  | 8.28 |  |  | — |  |  | — |
Balance as of December 31, 2022 | 11,571,308 |  | 7.11 |  |  | 9.05 |  | 39,389,063
Granted/vested during the year | 1,566,010 |  | 7.93 |  |  | — |  |  | — |
Exercised during the year | (514,065) |  | 3.55 |  |  | — |  |  | — |
Cancelled during the year | (680,989) |  | 7.52 |  |  | — |  |  | — |
Balance as of December 31, 2023 | 11,942,264 |  | 7.36 |  |  | 8.16 |  | $ | 50,315,593 |
Options vested and exercisable as of December 31, 2023 | 4,703,686 |  | $ | 7.02 |  |  | 7.47 |  | $ | 3,199,037 |
The aggregate intrinsic value in the above table is calculated as the difference between fair value of the Common Stock price and the exercise price of the stock options. The weighted average grant date fair value per share for stock option grants during the years ended December 31, 2023 and 2022 was $7.93 and $7.04, respectively. On December 31, 2023, 2022 and 2021, the total recorded stock-based compensation related to stock option awards granted was $11,795,320, $6,232,992, and $1,376,353, respectively. On December 31, 2023, 2022 and 2021, the total unrecognized compensation related to unvested stock option awards granted was $29,058,756, $41,666,564 and $20,792,804, respectively, which the Company expects to recognize over a weighted-average period of approximately 1.79 years. Restricted Stock Units The fair value of restricted stock units (“RSUs”) is determined on the date of grant. The Company records compensation expenses in the Consolidated Statements of Operations and Comprehensive Income on a straight-line basis over the vesting period for RSUs. The vesting period for employees and members of the Board of Directors ranges from one to four years. Activity under RSUs for the year ended December 31, 2023 was as follows:
| RSUs |  | Weighted- Average Grant Date Fair Value Per RSU
Balance as of December 31, 2022 | 305,587 |  | $ | 8.35 |
Granted | 3,104,766 |  | 6.15 |
Vested | (986,258) |  | 8.61 |
Forfeited | — |  |  | 0
Balance as of December 31, 2023 | 2,424,095 |  | 5.61 |
Vested and unissued as of December 31, 2023 | 49,490 |  | 5.47 |
Non-vested as of December 31, 2023 | 2,424,095 |  | 5.61 |
The total grant-date fair value of RSUs granted during the year ended December 31, 2023 was $19,526,515. For the year ended December 31, 2023, the Company recorded stock-based compensation expense related to RSUs of $9,101,027, of which $493,043 is included in accrued liabilities. For the year ended December 31, 2022, the Company recorded stock-based compensation expense related to RSUs of $1,821,579, of which $375,000 is included in accrued liabilities. On December 31, 2023, and 2022, the total unrecognized compensation related to unvested RSUs granted was $12,602,662, and $2,177,713, respectively, which is expected to be recognized over a weighted-average period of approximately 2.5 years. Performance-based Stock Units The fair value of performance-based stock units (“PSUs”) is determined on the date of grant. The Company records compensation expenses in the Consolidated Statements of Operations and Comprehensive Income on a straight-line basis over the vesting period based on the grant date fair value of the awards and probability of the achievement of the specified performance target. The vesting period for employees and members of the Board of Directors ranges from one to four years. Activity under PSUs for the year ended December 31, 2023 was as follows:
| PSUs |  | Weighted-Average Grant Date Fair Value Per PSU
Balance as of December 31, 2022 | — |  |  | $ | — |
Granted | 1,085,270 |  | 5.16 |
Vested | — |  |  | — |
Forfeited | — |  |  | — |
Balance as of December 31, 2023 | 1,085,270 |  | 5.16 |
Vested and unissued as of December 31, 2023 | — |  |  | — |
Non-vested as of December 31, 2023 | 1,085,270 |  | 5.16 |
The total grant-date fair value of PSUs granted during the year ended December 31, 2023 was $5,599,993. For the year ended December 31, 2023, the Company recorded stock-based compensation expense related to PSUs of $72,827 which is included in accrued liabilities. As of December 31, 2023, the Company had $5,527,166 in unrecognized compensation cost related to non-vested PSUs, which is expected to be recognized over a weighted-average period of approximately 4.0 years.

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