XML 38 R28.htm IDEA: XBRL DOCUMENT v3.23.1
Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2023
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 three months ended March 31, 2023 in determining the fair value of shares under the ESPP. There was no offering period during the three months ended March 31, 2022.

 

 

Three Months Ended March 31,

 

 

2023

 

Expected volatility

 

60.33

%

Expected dividends

 

 

Expected term (in years)

 

0.50

 

Discount rate

 

15.00

%

Risk-free rate

 

4.77

%

Assumptions used in Determining Fair Value of Stock Options

Below are the assumptions used for the three months ended March 31, 2023 and 2022 in determining the fair value of each option award:

 

Three Months Ended March 31,

 

 

2023

 

 

2022

 

Expected volatility

 

66.20

%

 

 

57.00

%

Expected dividends

 

 

 

 

 

Expected term (in years)

 

6.25

 

 

 

6.25

 

Risk-free rate

 

4.11

%

 

 

1.69

%

Summary of Stock Option Activity

The following summarizes the Company’s stock option plan and the activity for the three months ended March 31, 2023.

 

Shares

 

 

Weighted-Average Exercise Price

 

 

Weighted-Average Remaining Contractual Term (Years)

 

Outstanding, December 31, 2022

 

6,538,536

 

 

$

10.02

 

 

 

7.36

 

Granted

 

225,000

 

 

 

18.33

 

 

 

 

Exercised or released

 

(223,785

)

 

 

7.25

 

 

 

 

Forfeited or expired

 

(15,968

)

 

 

16.51

 

 

 

 

Outstanding, March 31, 2023

 

6,523,783

 

 

$

10.38

 

 

 

7.19

 

Exercisable, March 31, 2023

 

3,950,421

 

 

$

7.54

 

 

 

6.56

 

Vested and expected to vest at March 31, 2023

 

6,514,442

 

 

$

10.37

 

 

 

7.19

 

 

2021 Plans  
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 three months ended March 31, 2023:

 

Restricted Stock Units

 

 

Weighted-Average Fair Value

 

Outstanding, December 31, 2022

 

964,054

 

 

$

17.74

 

Granted

 

458,970

 

 

 

17.88

 

Vested

 

 

 

Forfeited or expired

 

(2,889

)

 

 

17.82

 

Outstanding, March 31, 2023

 

1,420,135

 

 

$

17.79

 

Vested and expected to vest at March 31, 2023

 

1,401,121

 

 

$

17.78