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Share-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity Stock option activity for the periods presented is as follows:

 

 

 

 

Options Outstanding

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

Shares

 

 

Weighted-

 

 

Average

 

 

 

 

 

 

Subject to

 

 

Average

 

 

Remaining

 

 

Aggregate

 

 

 

Options

 

 

Exercise

 

 

Contractual

 

 

Intrinsic

 

 

 

Outstanding

 

 

Price

 

 

Life (Years)

 

 

Value

 

Balance as of December 31, 2021

 

 

1,476,475

 

 

$

9.35

 

 

 

9.4

 

 

$

884

 

Granted

 

 

3,595,838

 

 

 

1.88

 

 

 

 

 

 

 

Exercised

 

 

(60,520

)

 

 

0.50

 

 

 

 

 

 

 

Forfeited

 

 

(1,012,570

)

 

 

4.66

 

 

 

 

 

 

 

Balance as of December 31, 2022

 

 

3,999,223

 

 

$

3.95

 

 

 

9.3

 

 

$

64

 

 

Schedule of Stock Options Awards Valuation Assumptions

The Black-Scholes option pricing model assumptions used in evaluating our awards to employees are as follows:

 

 

 

Year Ended

 

 

Year Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Expected Term (Years)

 

 

6.09

 

 

 

6.02

 

Expected Volatility

 

 

41.0

%

 

 

42.0

%

Risk-free interest rate

 

 

2.74

%

 

 

1.22

%

Dividend Yield

 

 

 

 

 

 

The estimated fair values of these awards was determined using a Monte-Carlo valuation simulation, with the following most significant assumptions:

 

 

 

Year Ended

 

 

 

December 31,

 

 

 

2022

 

Valuation date stock price

 

 

1.68

 

Valuation date to end of performance period (Years)

 

 

10.00

 

Expected Volatility

 

 

38.8

%

Risk-free interest rate

 

 

2.80

%

Dividend Yield

 

 

 

Schedule of Equity-based Compensation Expense

Equity-based compensation expense in the statement of operations is summarized as follows:

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

Research and development

 

$

555

 

 

$

250

 

Sales and marketing

 

 

(7

)

 

 

6

 

General and administrative

 

 

1,276

 

 

 

390

 

Total equity-based compensation expense

 

$

1,824

 

 

$

646