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Stock Incentive Plan and Stock-based Compensation (Tables)
6 Months Ended
Jun. 30, 2023
Stock Incentive Plan and Stock-based Compensation  
Summary of changes in stock options granted

The following table summarizes stock option activity for the six months ended June 30, 2023:

    

    

    

Weighted-

Weighted-

Average

Average

Remaining

Number of

Exercise

Contractual

    

Awards

    

Price

    

Term

Awards outstanding—December 31, 2022

 

6,460,947

$

30.90

 

7.86

Awards issued

 

305,828

$

37.27

 

  

Awards exercised

 

(355,298)

$

11.74

 

  

Awards forfeited

 

(194,620)

$

24.57

 

  

Awards outstanding—June 30, 2023

 

6,216,857

$

32.50

 

7.61

Summary of changes in SARs granted

The following table summarizes SARs activity for the six months ended June 30, 2023:

    

    

    

Weighted-

Weighted-

Average

Average

Remaining

Number of

Exercise

Contractual

    

Awards

    

Price

    

Term

Awards outstanding—December 31, 2022

 

43,208

$

9.38

 

6.32

Awards issued

 

$

 

  

Awards exercised

 

$

 

  

Awards forfeited

 

$

 

  

Awards outstanding—June 30, 2023

 

43,208

$

9.38

 

5.83

Summary of changes in RSUs granted

The following table summarizes RSU activity for the six months ended June 30, 2023:

    

    

    

Weighted-

Weighted-

Average

Average

Remaining

Number of

Grant Date

Contractual

    

Awards

    

Fair Value

    

Term

Awards outstanding—December 31, 2022

 

60,000

$

29.03

 

8.24

Awards issued

 

$

 

  

Awards vested

 

(30,000)

$

29.03

 

  

Awards forfeited

 

$

 

  

Awards outstanding—June 30, 2023

 

30,000

$

29.03

 

7.75

Summary of assumptions used to value awards

The assumptions used to value the awards are summarized in the following table.

As of

    

June 30, 

    

December 31, 

    

2023

    

2022

Dividend yield

 

0.00

%  

0.00

%

Expected volatility

 

76.32 - 80.21

%  

72.57 - 77.08

%

Risk-free interest rate

 

3.42 - 3.85

%  

1.99 - 4.05

%

Lack of marketability discount

 

0.00

%  

0.00

%

Expected term (years)

 

2.6 - 6.3

 

3.1 - 6.3

Summary of stock-based compensation expense

Stock-based compensation expense, net for the three and six months ended June 30, 2023 and 2022, was recorded in the unaudited condensed consolidated statements of operations and comprehensive income in the following line items:

    

Three Months Ended June 30, 

Six Months Ended June 30, 

    

2023

    

2022

    

2023

    

2022

Research and development expense

$

956

$

826

$

1,932

$

1,344

Sales and marketing expense

 

1,146

 

884

 

2,219

 

1,860

General and administrative expense

 

5,691

 

5,661

 

10,203

 

9,063

$

7,793

$

7,371

$

14,354

$

12,267