Stock-Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

14. Stock-Based Compensation

Restricted Stock Units

Restricted stock units (RSUs) activity for the six months ended June 30, 2024 is as follows:

	Number of Shares			Weighted- Average Grant Date Fair Value
Balance, December 31, 2023		3,244,369		$	5.30
RSUs granted		7,172,708			0.17
RSUs vested		(5,125,758	)		1.09
RSUs canceled		(958,001	)		4.15
Balance, June 30, 2024		4,333,318		$	2.06

Stock Options

Stock option activity for the six months ended June 30, 2024 (in thousands, except share amounts and per unit data) is as follows:

	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
Balance, December 31, 2023		7,997,004		$	1.78		7.53	$	10
Options granted		92,447,500			0.25		9.67		—
Options exercised		(52,557	)		0.03		—		6
Options expired		(183,793	)		4.29		—		1
Options forfeited		(1,732,576	)		1.05		—		—
Balance, June 30, 2024		98,475,578		$	0.35		9.40	$	4
Vested and Exercisable,    June 30, 2024		4,063,544			2.34		3.80		3
Vested and Exercisable and Expected to Vest,    June 30, 2024		98,475,578		$	0.35		9.40	$	4

The intrinsic value is calculated as the difference between the exercise price of the underlying stock option award and the estimated fair value of the Company’s common stock. The total intrinsic value for stock options exercised during the six months ended June 30, 2024 and 2023 was $6.0 thousand and $1.0 thousand, respectively. The fair value of awards vested during the six months ended June 30, 2024 and 2023 was $1.2 million and $2.8 million, respectively. The weighted-average grant-date fair value per share of stock options granted during the six months ended June 30, 2024 and 2023 was $0.17 and $0.18, respectively.

The following table summarizes the weighted-average assumptions used in the valuation of stock options granted:

	Six Months Ended June 30,
	2024			2023
Expected volatility (%)		71.3	%		81.4	%
Risk-free interest rate (%)		4.3	%		3.6	%
Expected dividend yield		—			—
Expected term (years)		6.8			6.0

The Company recognized stock-based compensation expense related to stock options of $2.5 million and $0.8 million for the three months ended June 30, 2024 and 2023, respectively, and $3.8 million and $2.0 million for the six months ended June 30, 2024 and 2023, respectively. This expense was included in the consolidated statements of operations and comprehensive loss as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Sales and marketing	$	6	$	15	$	14	$	32
Operations		39		177		141		367
Technology and product development		66		97		130		207
General and administrative		2,371		560		3,497		1,394
Total	$	2,482	$	849	$	3,782	$	2,000

As of June 30, 2024, there was $16.0 million of total unrecognized compensation cost related to unvested stock options granted under the plan that is expected to be recognized over a weighted-average period of 3.19 years.

The Company recognized stock-based compensation expense related to RSUs of $1.6 million and $2.0 million for the three months ended June 30, 2024 and 2023, respectively, and $3.6 million and $4.4 million for the six months ended June 30, 2024 and 2023, respectively. This expense was included in the consolidated statements of operations and comprehensive loss as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Sales and marketing	$	78	$	106	$	162	$	221
Operations		270		442		575		1,071
Technology and product development		799		991		1,596		1,889
General and administrative		483		452		1,296		1,224
Total	$	1,630	$	1,991	$	3,629	$	4,405

As of June 30, 2024, there was $8.1 million of total unrecognized compensation cost related to unvested RSUs that is expected to be recognized over a weighted-average period of 1.19 years.