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Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement [Abstract]  
Assumptions used in Determining Fair Value

Below are the assumptions used for the three months ended March 31, 2022 and 2021 in determining the fair value of each option award:

 

Three Months Ended March 31,

 

 

2022

 

 

2021

 

Expected volatility

 

57

%

 

 

54

%

Expected dividends

 

—

 

 

 

—

 

Expected term (in years)

 

6.25

 

 

 

5.75

 

Risk-free rate

 

1.69

%

 

 

0.47

%
Summary of Stock Option Activity

The following summarizes the Company’s stock option plan and the activity for the three months ended March 31, 2022:

 

Shares

 

 

Weighted-Average Exercise Price

 

 

Weighted-Average Remaining Contractual Term
(Years)

 

Outstanding, December 31, 2021

 

7,953,018

 

 

$

9.02

 

 

 

8.16

 

Granted

 

154,500

 

 

 

15.05

 

 

 

 

Exercised

 

(1,875

)

 

 

6.60

 

 

 

 

Forfeited or expired

 

(150,560

)

 

 

11.36

 

 

 

 

Outstanding, March 31, 2022

 

7,955,083

 

 

$

9.09

 

 

 

7.94

 

Exercisable, March 31, 2022

 

3,703,963

 

 

$

4.35

 

 

 

6.39

 

Vested and expected to vest at March 31, 2022

 

7,955,085

 

 

$

9.09

 

 

 

7.94