Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

The following table shows stock-

based compensation expense by where the stock-based compensation expense is recorded in the Company’s unaudited condensed consolidated statement of operations:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Cost of revenue	$	20	$	7	$	52	$	22
Sales and marketing	189		100		599		245
Research and development	329		68		836		204
General and administrative	1,442		452		3,629		1,318
Total stock-based compensation	$	1,980	$	627	$	5,116	$	1,789

Schedule of Weighted-Average Assumptions to Determine Fair Value

The weighted-average assumptions utilized to determine the fair value of options granted to employees are presented in the following table:

	Three Months Ended September 30,			Nine Months Ended September 30,
	2022		2021	2022		2021
Expected volatility	53.7	%	N/A	52.9	%	52.0	%
Weighted-average risk-free interest rate	2.65	%	N/A	2.52	%	1.04	%
Expected dividend yield	—		N/A	—		—
Expected life – in years	6		N/A	6		6

Compensation expense is based on the estimated value of the awards on the grant date, and is recognized over the period from the grant date through the expected vest dates of each vesting condition. The compensation expense attributable to the acquisition-based PSU awards was estimated based on a Monte Carlo simulation model, which applied the following key assumptions:

	Nine Months Ended September 30, 2022
Risk-free interest rate	2.07	%
Volatility	70.00	%
Dividend Yield	—	%
Term (years)	4.13

Summary of Option Activity

A summary of the Company’s option activity as of September 30, 2022, which all occurred under the 2019 Plan and the 2021 Plan, and changes during the nine months then ended are as follows:

	Number of Options	Weighted-Average Exercise Price (per share)		Weighted-Average Remaining Contractual Term (in years)
Outstanding at December 31, 2021	6,329,822	$	2.32	8.14
Granted	1,605,595	12.05
Exercised	(605,950)	1.45
Forfeited	(531,524)	3.96
Outstanding at September 30, 2022	6,797,943	4.57		7.85
Options exercisable at September 30, 2022	4,049,724	1.65		7.26

Summary of Restricted Stock Unit Activity

A summary of RSU activity under the Company’s 2021 Plan for the nine months ended September 30, 2022 is as follows:

	Number of Shares	Weighted-Average Grant Date Fair Value		Aggregate Fair Value
Unvested balance at January 1, 2022	239,936	$	17.21	$	4,129
Granted	1,045,658	11.71		12,245
Vested	(46,075)	13.81		636
Forfeited	(56,814)	13.48		766
Unvested balance as of September 30, 2022	1,182,705	$	12.20	$	14,429

A summary of PSU activity under the Company’s 2021 Plan for the nine months ended September 30, 2022 is as follows:

	Number of Shares	Weighted-Average Grant Date Fair Value		Aggregate Fair Value
Unvested balance at January 1, 2022	—	$	—	$	—
Granted	1,395,596	11.18		15,603
Vested	—	—		—
Forfeited	(68,421)	11.68		799
Unvested balance at June 30, 2022	1,327,175	$	11.18	$	14,838