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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Assumptions Used to Calculate Fair Value of Options Granted to Employees

The fair value of stock options granted to employees during the years ended December 31, 2022 and 2021 was estimated at the date of grant using the following assumptions:

 

 

 

Years Ended December 31,

 

 

2022

 

2021

Risk-free interest rate

 

3.03%

 

0.73%

Expected dividend yield

 

0%

 

0%

Expected term

 

5.2 years

 

5.2 years

Expected volatility

 

68.02%

 

68.48%

Summary of Stock Option Activity

The following table summarizes stock option activity during the year ended December 31, 2022:

 

(in thousands, except per share amounts)

 

Options

 

 

Weighted-
Average
Exercise Price

 

 

Weighted-
Average
Remaining
Contractual Term
(in years)

 

 

Aggregate
Intrinsic
Value

 

Outstanding at December 31, 2021

 

 

1,778

 

 

$

11.46

 

 

 

5.32

 

 

$

148

 

Granted

 

 

22

 

 

$

5.20

 

 

 

 

 

 

 

Exercised

 

 

(805

)

 

$

8.12

 

 

 

 

 

 

 

Forfeited

 

 

(171

)

 

$

23.18

 

 

 

 

 

 

 

Outstanding at December 31, 2022

 

 

824

 

 

$

12.38

 

 

 

4.28

 

 

$

2,498

 

Vested and expected to vest at December 31, 2022

 

 

824

 

 

$

12.38

 

 

 

4.28

 

 

$

2,498

 

Exercisable at December 31, 2022

 

 

813

 

 

$

12.48

 

 

 

4.21

 

 

$

2,429