Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Common Stock Reserved for Future Issuance

The Company has the following shares of common stock reserved for future issuance, on an as-if converted basis:

	September 30, 2022	December 31, 2021
Conversion of convertible preferred stock	—	86,815,192
Warrants to purchase convertible preferred stock	—	3,540,546
Warrants to purchase common stock	3,282,652	233,891
Shares available for grant under 2018 Plan	—	1,133,920
Stock options issued and outstanding under 2018 Plan	13,407,629	15,712,433
Shares available for grant under 2022 Plan(1)	8,169,560	—
RSUs issued and outstanding under 2022 Plan	7,126,492	—
Stock options issued and outstanding under 2022 Plan	—	—
Shares available for grant under 2022 ESPP	4,072,000	—
Outstanding Private Placement Warrants	7,386,667	—
Total shares of common stock reserved	43,445,000	107,435,982

(1) To the extent outstanding options granted under the 2018 Plan are cancelled, forfeited, or otherwise terminated without being exercised and would have been returned to the share reserve under the 2018 Plan following the closing date of the Merger, the number of shares of common stock underlying such awards will be available for future awards under the 2022 Plan.

Schedule of Stock Option Activity

Stock option activity during the nine months ended September 30, 2022 consisted of the following (in thousands, except for share and per share data):

	Stock Options	Weighted Average Exercise Price		Weighted- Average Life (Years)	Aggregate Intrinsic Value
Balance as of December 31, 2021	5,031,310	$	6.85	9.2	$	120,491
Retroactive application of recapitalization	10,681,124	$	(4.66)
Balance as of December 31, 2021	15,712,434	$	2.19
Exercised	(1,042,214)	$	0.96
Cancelled/Forfeited/Expired	(1,262,591)	$	1.53
Balance as of September 30, 2022	13,407,629	$	2.35	8.0	$	7,728
Vested and exercisable as of September 30, 2022	5,961,059	$	1.54	7.5	$	5,412

Schedule of Valuation Assumptions Using Black-Scholes

The fair value has been estimated using the Black-Scholes pricing model with the following assumptions:

Fair value of common stock	$	6.11
Expected term (years)	5.3
Expected volatility	40.0%
Risk-free interest rate	0.7%
Expected dividend yield	0.0%

Schedule of RSU Activity

RSU activity during the nine months ended September 30, 2022 was as follows:

	RSUs	Weighted Average Grant Date Fair Value Per Share
Unvested as of December 31, 2021	—	$	—
Granted	7,416,040	$	16.06
Vested(1)	(60,512)	$	13.35
Forfeited	(246,406)	$	20.26
Unvested as of September 30, 2022	7,109,122	$	15.93

(1) Common stock has not been issued in connection with 17,370 vested RSUs because such RSUs were unsettled as of September 30, 2022.