Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Schedule of Stock Option Activity

A summary of the stock option activity under the Company’s plans for the three months ended March 31, 2023 is as follows:

 

	Number of Shares	Weighted Average Exercise Price
Outstanding at December 31, 2022	4,214,617	$	16.48
Granted	338,792	$	10.62
Exercised	(75,028)	$	10.01
Forfeited	(347,719)	$	20.56
Outstanding at March 31, 2023	4,130,662	$	15.77
Exercisable at March 31, 2023	754,142	$	29.45

Schedule of Fair Value of Each Stock Option Award Granted

The fair value of each stock option award granted during the three months ended March 31, 2023 was estimated as of the grant date using a Black-Scholes model with the following assumptions:

	Three Months Ended March 31, 2023
Expected term (in years)	4.0 - 5.5
Risk-free interest rate (%)	3.4% - 4.4%
Expected volatility (%)	54.6% - 65.7%
Dividend yield (%)	—
Weighted average grant date fair value per share	$5.66

Schedule of Restricted Stock Activity

A summary of the restricted stock activity under the Company’s plans for the three months ended March 31, 2023 is as follows:

	Number of Restricted Shares	Weighted Average Grant Date Fair Value
Nonvested at December 31, 2022	1,994,861	$	12.71
Granted	213,710	$	10.15
Vested	(33,607)	$	23.42
Forfeited	(89,836)	$	12.16
Nonvested at March 31, 2023	2,085,128	$	12.28