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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Assumptions used in Determining Fair Value of Employee Stock Purchase Plan

Below are the assumptions used for the year ended December 31, 2022 in determining the fair value of shares under the ESPP. No shares were issued during the years ended December 31, 2021 and 2020.

 

Year Ended December 31,

 

 

2022

 

Expected volatility

 

70.27

%

Expected dividends

 

 

Expected term (in years)

 

0.50

 

Discount rate

 

15.0

%

Risk-free rate

 

2.79

%

Assumptions used in Determining Fair Value of Stock Options the years ended December 31, 2022, 2021 and 2020 in determining the fair value of each option award:

 

 

Year Ended December 31,

 

 

2022

 

 

2021

 

 

2020

 

Expected volatility

55% - 70%

 

 

52% - 55%

 

 

51% - 56%

 

Expected dividends

 

 

 

 

 

 

 

 

Expected term (in years)

 

6.00

 

 

5.75 - 6.25

 

 

5.75 - 6.0

 

Risk-free rate

1.69% - 2.79%

 

 

0.47% - 1.20%

 

 

0.35% - 1.66%

 

2011 and 2021 Plans  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Stock Option Activity

The following summarizes the Company’s stock option plan and the activity under the 2011 and 2021 Plans for the year ended December 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

 

359,054

 

 

 

16.08

 

 

 

 

Exercised or released

 

(1,250,476

)

 

 

4.25

 

 

 

 

Forfeited or expired

 

(523,060

)

 

 

12.89

 

 

 

 

Outstanding, December 31, 2022

 

6,538,536

 

 

$

10.02

 

 

 

7.36

 

Exercisable, December 31, 2022

 

3,870,811

 

 

$

7.18

 

 

 

6.46

 

Vested and expected to vest at December 31, 2022

 

6,538,536

 

 

$

10.02

 

 

 

7.36

 

2021 Incentive Award Plan  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of RSU Activity RSU activity under the 2021 Plan is as follows for the year ended December 31, 2022:

 

Restricted Stock Units

 

 

Weighted-Average Fair Value

 

Outstanding, December 31, 2021

 

79,886

 

 

$

17.84

 

Granted

 

929,090

 

 

 

17.71

 

Vested

 

(36,004

)

 

 

17.36

 

Forfeited or expired

 

(8,918

)

 

 

16.82

 

Outstanding, December 31, 2022

 

964,054

 

 

$

17.74

 

Vested and expected to vest at December 31, 2022

 

964,054

 

 

$

17.74

 

 

There were no RSUs vested or forfeited during the years ended December 31, 2021 and 2020.