Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Schedule of Stock Option Activity

A summary of the stock option activity under the Company’s plans for the nine months ended September 30, 2023 is as follows:

 

	Number of Shares	Weighted Average Exercise Price
Outstanding at December 31, 2022	4,214,617	$	16.48
Granted	1,644,070	$	17.17
Exercised	(223,044)	$	10.70
Forfeited	(1,142,470)	$	21.11
Outstanding at September 30, 2023	4,493,173	$	15.84
Exercisable at September 30, 2023	1,126,578	$	21.05

Schedule of Fair Value of Each Stock Option Award Granted

The fair value of each stock option award granted during the nine months ended September 30, 2023 was estimated as of the grant date using a Black-Scholes model with the following assumptions:

	Nine Months Ended September 30, 2023
Expected term (in years)	4.0 - 6.5
Risk-free interest rate (%)	3.3% - 4.4%
Expected volatility (%)	53.3% - 67.9%
Dividend yield (%)	—
Weighted average grant date fair value per share	$9.04

Schedule of Restricted Stock Activity

A summary of the restricted stock activity under the Company’s plans for the nine months ended September 30, 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	986,142	$	16.90
Vested	(548,543)	$	14.00
Forfeited	(385,489)	$	15.72
Nonvested at September 30, 2023	2,046,971	$	13.79

A summary of the PSU activity under the Company’s plans for the nine months ended September 30, 2023 is as follows:

	Number of Stock Units	Weighted Average Grant Date Fair Value
Nonvested at December 31, 2022	—	$	—
Granted	305,105	$	21.83
Vested	—	$	—
Forfeited	—	$	—
Nonvested at September 30, 2023	305,105	$	21.83

Schedule of Fair Value of PSU Award Granted

The fair value of each PSU granted during the nine months ended September 30, 2023 was estimated as of the grant date using a Monte Carlo with the following assumptions:

	Nine Months Ended September 30, 2023
Expected term (in years)	3.0
Risk-free interest rate (%)	3.6% - 4.0%
Expected volatility (%)	68.4% - 69.9%
Dividend yield (%)	—
Weighted average grant date fair value per share	$21.83