Stock-Based Compensation Plan (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Summary of Stock Option Plan Activity

A summary of activity for the three months ended March 31, 2022 and 2021 for the 2011 Stock Option Plan is as follows:

	Number of Stock Options	Weighted Average Exercise Price
Balance (December 31, 2021)	1,260,328	$0.56
Granted	—	—
Exercised	(50,964)	0.32
Forfeited	—	—
Balance (March 31, 2022)	1,209,364	0.57
Vested (as of March 31, 2022)	1,209,364	$0.57

	Number of Stock Options	Weighted Average Exercise Price
Balance (December 31, 2020)	1,571,205	$0.59
Granted	—	—
Exercised	(56,059)	0.24
Forfeited	—	—
Balance (March 31, 2021)	1,515,146	0.58
Vested (as of March 31, 2021)	1,515,146	$0.58

The following summarizes certain information about stock options vested and expected to vest as of March 31, 2022 related to the 2011 Stock Option Plan:

	Number of Stock Options	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price
Outstanding	1,209,364	0.42 years	$0.57
Exercisable	1,209,364	0.42 years	$0.57

A summary of activity for the three months ended March 31, 2022 and 2021 for the 2017 Stock Option Plan is as follows:

	Number of Units	Weighted Averaged Exercise Price
Balance (December 31, 2021)	3,936,176	$	0.92
Granted	—	—
Exercised	(6,371)	$	0.92
Forfeited	(19,111)	0.92
Balance (March 31, 2022)	3,910,694	$	0.92
Vested (as of March 31, 2022)	3,631,681	$	0.92

	Number of Units	Weighted Averaged Exercise Price
Balance (December 31, 2020)	3,961,658	$	0.92
Granted	—	—
Forfeited	—	—
Balance (March 31, 2021)	3,961,658	$	0.92

A summary of activity for the three months ended March 31, 2022 and 2021 for the options associated with the 2020 Incentive Award Plan is as follows:

	Number of Units	Weighted Averaged Exercise Price
Balance (December 31, 2021)	1,469,297	$	11.12
Granted	1,573,361	$	1.68
Forfeited	(74,626)	$	10.47
Balance (March 31, 2022)	2,968,032	$	6.13
Exercisable	388,691	$	11.34

	Number of Units	Weighted Averaged Exercise Price
Balance (December 31, 2020)	—	$	—
Granted	1,409,401	11.35
Forfeited	—	—
Balance (March 31, 2021)	1,409,401	$	11.35

Summary of Options Vested and Expected to Vest

The following summarizes certain information about stock options vested and expected to vest as of March 31, 2022 related to the 2017 Stock Option Plan:

	Number of Stock Options	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price
Outstanding	3,910,694	7.30 years	$0.92
Exercisable	3,631,681	7.21 years	$0.92

The following summarizes certain information about stock options vested and expected to vest as of March 31, 2022 related to the 2020 Stock Option Plan:

	Number of Stock Options	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price
Outstanding	2,968,032	9.20 years	$6.13
Exercisable	388,691	7.27 years	$11.34

The aggregate intrinsic value for options outstanding and options exercisable as of March 31, 2022 was $0.00.

Schedule of Inputs Used

The inputs used for the 2017 Stock Option Plan were as follows:

Balance (Expected volatility)	80.00	%
Expected dividend yield	—	%
Expected term (in years)	3.6 - 4.8 years
Risk-free interest rate	0.32% - 0.45%

The inputs used for the 2020 Incentive Award Plan options were as follows for the three months ended March 31, 2022:

Balance (Expected volatility)	80%
Expected dividend yield	—	%
Expected term (in years)	6 years
Risk-free interest rate	2.20%

The inputs used to value the Earnout RSUs were as follows at January 21, 2021:

Expected volatility	80.00		%
Starting stock price	$	11.31
Expected term (in years)	5 years
Risk-free interest rate	0.45		%
Earnout hurdle	$12.50-$15.00

Summary of Restricted Stock Unit Activity

A summary of activity for the three months ended March 31, 2022 for the restricted shares associated with the 2020 Incentive Award Plan is as follows:

	Balance (Number of Units	Weighted Average Grant Date Fair Value
Balance (December 31, 2021)	597,739	$	5.57
Granted	1,235,437	$	1.68
Forfeited	(54,208)	$	5.56
Vested (as of March 31, 2022)	(71,273)	$	5.69
Balance (March 31, 2022)	1,707,695	$	2.75

A summary of activity for the three months ended March 31, 2022 and 2021 for the RSUs is as follows:

	Number of Units	Weighted Average grant date fair value
Balance (December 31, 2021)	621,200	$	10.70
Granted	—	—
Forfeited	(141,350)	10.70
Balance (March 31, 2022)	479,850	$	10.70

	Number of Units	Weighted Average grant date fair value
Balance (December 31, 2020)	—	$	—
Granted	640,421	10.70
Forfeited	—	—
Balance (March 31, 2021)	640,421	$	10.70