Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 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:

	As of December 31,
	2023	2022
Warrants to purchase common stock	3,282,652	3,282,652
Stock options issued and outstanding under 2018 Plan(1)	7,813,366	12,853,072
Shares available for grant under 2022 Plan(2)	2,052,669	3,310,803
RSUs issued and outstanding under 2022 Plan	17,434,138	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	43,767,101	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 Share-Based Compensation Expense

The share-based compensation expense for the periods indicated below are as follows (in thousands):

	Year ended December 31
	2023		2022		2021
RSUs	$	29,573	$	40,113	$	—
Stock options	4,761		16,820		7,030
RSAs	—		371		890
Secondary sales of common stock	—		—		4,311
Pre-close issuance of common stock for services	—		621		—
Total share-based compensation	$	34,334	$	57,925	$	12,231

Schedule of Stock Option Activity

Stock option activity during the year ended December 31, 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, 2021	15,712,434	$	2.19	9.2	$	120,491
Exercised	(1,227,310)	0.88
Cancelled/Forfeited/Expired	(1,632,052)	1.67
Balance as of December 31, 2022	12,853,072	$	2.39	7.0	$	7,055
Exercised	(1,268,982)	0.64
Cancelled/Forfeited/Expired(1)	(3,770,724)	3.64
Balance as of December 31, 2023	7,813,366	$	2.06	6.0	$	14,942
Vested and exercisable as of December 31, 2023	6,599,883	$	1.93	5.8	$	13,272

(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 year ended December 31, 2023 was as follows:

	Total RSUs	Time-based	Performance-based	Market-based	Weighted-Average Grant Date Fair Value Per Share
Unvested as of December 31, 2021	—	—	—	—	$	—
Granted	11,521,853	9,662,716	—	1,859,137	10.82
Vested	(445,503)	(144,094)	—	(301,409)	18.82
Forfeited	(498,037)	(347,333)	—	(150,704)	20.24
Unvested as of December 31, 2022	10,578,313	9,171,289	—	1,407,024	$	10.04
Granted(1)	12,199,830	8,055,250	1,805,550	2,339,030	1.64
Vested(2)	(3,552,392)	(3,083,382)	—	(469,010)	10.09
Forfeited	(1,791,613)	(1,791,613)	—	—	8.72
Unvested as of December 31, 2023	17,434,138	12,351,544	1,805,550	3,277,044	$	4.30

(1) In connection with the cancellation of the CEO Option, the Company granted 2,339,030 market-based RSUs. See Performance and Market Condition Options above for additional information.

(2) Common stock has not been issued in connection with 69,987 vested RSUs because such RSUs were unsettled as of December 31, 2023.