Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

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, 2023	December 31, 2022
Warrants to purchase common stock	3,282,652	3,282,652
Stock options issued and outstanding under 2018 Plan (1)	8,395,260	12,853,072
Shares available for grant under 2022 Plan (2)	2,093,403	3,310,803
RSUs issued and outstanding under 2022 Plan	18,791,002	10,884,476
Shares available for grant under 2022 ESPP	5,797,609	4,072,000
Outstanding Private Placement Warrants	7,386,667	7,386,667
Total shares of common stock reserved	45,746,593	41,789,670

(1) Effective June 15, 2023, the Company cancelled the CEO Option (as defined below), which was granted under the 2018 Plan. As a result of such cancellation, the 3,122,931 shares of common stock underlying the CEO Option became available for future awards under the 2022 Plan.

(2) 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, 2023 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, 2022	12,853,072	$	2.39	7.0	$	7,055
Exercised	(692,220)	0.65
Cancelled/Forfeited/Expired (1)	(3,759,088)	3.64
Balance as of September 30, 2023	8,401,764	$	1.97	6.0	$	7,795
Vested and exercisable as of September 30, 2023	6,891,094	$	1.81	5.6	$	6,948

(1) Effective June 15, 2023, the Company cancelled the CEO Option (as defined below), which was granted under the 2018 Plan. As a result of such cancellation, the 3,122,931 shares of common stock underlying the CEO Option became available for future awards under the 2022 Plan.

Schedule of RSU Activity

RSU activity during the nine months ended September 30, 2023 was as follows:

	Total RSUs	Service-based	Performance-based	Market-based	Weighted Average Grant Date Fair Value Per Share
Unvested as of December 31, 2022	10,578,313	9,171,289	—	1,407,024	$	10.04
Granted	11,910,028	7,765,448	1,805,550	2,339,030	1.6
Vested(1)	(2,156,251)	(1,687,241)	—	(469,010)	14.7
Forfeited	(1,554,181)	(1,554,181)	—	—	9.27
Unvested as of September 30, 2023	18,777,909	13,695,315	1,805,550	3,277,044	$	4.22

    

(1) Common stock has not been issued in connection with 13,093 vested RSUs because such RSUs were unsettled as of September 30, 2023.