Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Stock-based Compensation Expense

The Company recorded stock-based compensation on the Consolidated Statement of Operations for the three months ended March 31, 2024 and 2023 as follows (in thousands):

	Three Months Ended March 31,
	2024		2023
Cost of revenue	$	395	$	—
General and administrative	6,663		4,758
Research and development	171		—
Sales and marketing	545		—
Total stock-based compensation	$	7,774	$	4,758

Schedule of Stock Option Activity

A summary of the stock option activity under the Company’s plans for the three months ended March 31, 2024 is as follows:

 

	Number of Shares	Weighted Average Exercise Price
Outstanding at December 31, 2023	4,381,099	$	15.87
Granted	634,134	$	16.39
Exercised	(12,764)	$	7.97
Forfeited	(30,382)	$	19.79
Outstanding at March 31, 2024	4,972,087	$	19.97
Exercisable at March 31, 2024	1,241,392	$	19.97

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, 2024 was estimated as of the grant date using a Black-Scholes model with the following assumptions:

	Three Months Ended March 31, 2024
Expected term (in years)	5.5 - 6.5
Risk-free interest rate (%)	3.8% - 4.2%
Expected volatility (%)	55.6% - 62.8%
Dividend yield (%)	—
Weighted average grant date fair value per share	$9.77

The fair value of each PSU granted subject to a market condition during the three months ended March 31, 2024 was estimated as of the grant date using a Monte Carlo simulation with the following assumptions:

	Three Months Ended March 31, 2024
Expected term (in years)	3.0
Risk-free interest rate (%)	4.5%
Expected volatility (%)	72.2%
Dividend yield (%)	—
Weighted average grant date fair value per share	$18.82

Schedule of Restricted Stock Activity

A summary of the restricted stock activity under the Company’s plans for the three months ended March 31, 2024 is as follows:

	Number of Restricted Shares	Weighted Average Grant Date Fair Value
Nonvested at December 31, 2023	1,961,919	$	13.83
Granted	378,996	$	16.40
Vested	(47,338)	$	11.89
Forfeited	(9,008)	$	13.85
Nonvested at March 31, 2024	2,284,569	$	14.29

A summary of the PSU activity under the Company’s plans for the three months ended March 31, 2024 is as follows:

	Number of Stock Units	Weighted Average Grant Date Fair Value
Nonvested at December 31, 2023	305,105	$	21.83
Granted	358,666	$	17.64
Vested	—	$	—
Forfeited	—	$	—
Nonvested at March 31, 2024	663,771	$	19.56