Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Cost of revenue	$	32	$	21	$	49	$	32
Sales and marketing	840		277		1,368		410
Research and development	542		358		885		507
General and administrative	2,351		1,548		4,259		2,187
Total stock-based compensation	$	3,765	$	2,204	$	6,561	$	3,136

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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Expected volatility	63.0	%	52.9	%	63.2	%	52.9	%
Weighted-average risk-free interest rate	3.48	%	2.57	%	3.70	%	2.52	%
Expected dividend yield	—		—		—		—
Expected life – in years	6		6		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:

	Three Months Ended June 30, 2023		Six Months Ended June 30, 2023
Risk-free interest rate	2.07	%	2.07	%
Volatility	70.00	%	70.00	%
Dividend Yield	—	%	—	%
Term (years)	4.13		4.13

Summary of Option Activity

A summary of the Company’s option activity as of June 30, 2023, which all occurred under the 2019 Plan and the 2021 Plan, and changes during the six 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, 2022	6,865,265	$	4.82	7.68
Granted	2,503,932	9.14
Exercised	(672,094)	0.48
Forfeited	(77,991)	5.87
Outstanding at June 30, 2023	8,619,112	6.38		8.00
Options exercisable at June 30, 2023	4,412,281	2.97		6.77

Summary of Restricted Stock Unit Activity

A summary of RSU activity under the Company’s 2021 Plan for the six months ended June 30, 2023 is as follows:

	Number of Shares	Weighted-Average Grant Date Fair Value		Aggregate Fair Value
Unvested balance at January 1, 2023	1,269,743	$	11.97	$	15,194
Granted	1,840,417	9.05		16,656
Vested	(331,251)	11.96		3,962
Forfeited	(48,458)	13.76		667
Unvested balance as of June 30, 2023	2,730,451	$	10.00	$	27,305

Summary of Performance Share Units Activity

A summary of PSU activity under the Company’s 2021 Plan for the six months ended June 30, 2023 is as follows:

	Number of Shares	Weighted-Average Grant Date Fair Value		Aggregate Fair Value
Unvested balance at January 1, 2023	1,283,620	$	11.22	$	14,402
Granted	—	—		—
Vested	(5,226)	10.05		53
Forfeited	(200,668)	11.96		2,400
Unvested balance at June 30, 2023	1,077,726	$	11.61	$	12,512