Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024	December 31, 2023
Warrants to purchase common stock	3,282,652	3,282,652
Stock options issued and outstanding under 2018 Plan	7,187,837	7,813,366
Shares available for grant under 2022 Plan(1)	442,031	2,052,669
RSUs issued and outstanding under 2022 Plan	14,625,747	17,434,138
Shares available for grant under 2022 ESPP	7,566,607	5,797,609
Outstanding Private Placement Warrants	7,386,667	7,386,667
Total shares of common stock reserved	40,491,541	43,767,101

(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 Compensation

The stock compensation for the periods indicated below are as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
RSUs
Time-based	$	5,737	$	6,304	$	19,412	$	16,556
Performance-based	614		546		1,417		950
Market-based	173		1,418		1,446		4,043
Total RSUs	6,524		8,268		22,275		21,549
Stock options	1,098		965		2,673		3,894
Total stock compensation	$	7,622	$	9,233	$	24,948	$	25,443

Schedule of Stock Option Activity

Stock option activity during the nine months ended September 30, 2024 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, 2023	7,813,366	$	2.06	6.0	$	14,929
Exercised	(510,598)	0.92
Cancelled/Forfeited/Expired	(114,931)	4.26
Balance as of September 30, 2024	7,187,837	$	2.12	5.4	$	3,076
Vested and exercisable as of September 30, 2024	6,815,326	$	2.04	5.3	$	3,031

Schedule of RSU Activity

RSU activity during the nine months ended September 30, 2024, was as follows:

	RSUs	Service-based	Performance-based(2)	Market-based(3)	Weighted Average Grant Date Fair Value
Unvested as of December 31, 2023	17,434,138	12,351,544	1,805,550	3,277,044	$	4.30
Granted	8,576,496	7,108,327	1,468,169	—	1.90
Vested(1)	(9,851,103)	(8,200,523)	(1,181,573)	(469,007)	3.70
Forfeited	(1,533,784)	(1,300,775)	(233,009)	—	5.79
Unvested as of September 30, 2024	14,625,747	9,958,573	1,859,137	2,808,037	$	3.15

    

(1) Common stock has not been issued in connection with 613,029 vested RSUs because such RSUs were unsettled as of September 30, 2024. These RSUs will be settled by December 31, 2024.

(2) For performance-based awards granted in 2024, the performance condition was not met as of September 30, 2024.

(3) Market-based RSUs consist of CEO RSUs and Executive Retention RSUs as defined in the Company’s Annual Report on Form 10-K filed on March 26, 2024.