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Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
Summary of the Weighted-average Assumptions Used in the Valuation of Stock Options Granted

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

 

 

Summary of the Company Recognized Stock-based Compensation Expense Related to Stock Options

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

 

Restricted Stock Units (RSUs) [Member]  
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
Summary of Restricted Stock Units (RSUs) Activity

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

 

Summary of Stock Option Activity

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

 

Summary of the Company Recognized Stock-based Compensation Expense Related to Stock Options

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