Share-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2023 |
Share-Based Payment Arrangement [Abstract] |
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Summary of Weighted Average Assumptions used in the Black-Scholes-Merton Option-Pricing Model |
The weighted average assumptions used in the Black-Scholes-Merton option-pricing model for the units granted during the years ended December 31, 2023 and 2022 Stock Options are provided in the following table: | | | | | | | | | | | | | December 31, 2023 | | December 31, 2022 | Valuation assumptions: | | | | Expected dividend yield | —% | | —% | Expected volatility | 56.2% to 64.0% | | 35.00% to 60.00% | Risk-free interest rate | 3.40% to 4.30% | | 2.33% to 3.87% | Expected term (years) | 6.25 | | 5.75 to 6.65 |
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Summary of Stock Option Activity |
Stock option activity during the years ended December 31, 2023 and 2022 is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | Stock options | | Number of shares | | Weighted average exercise price | | Weighted average remaining contractual term | | Aggregate intrinsic value (in thousands) | Balance at January 1, 2023 | | 8,049,474 | | | $ | 2.14 | | | | | | Granted | | 1,979,203 | | | 0.50 | | | | | | Exercised | | (138,315) | | | 0.91 | | | | | | Forfeited | | (1,225,337) | | | 2.36 | | | | | | Expired | | (139,763) | | | 2.18 | | | | | Balance at December 31, 2023 | | 8,525,262 | | | $ | 1.74 | | | 7.04 | | $ | 8,220 | | Vested Options Exercisable at December 31, 2023 | | 4,598,066 | | | $ | 1.60 | | | 6.05 | | $ | 4,550 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Stock options | | Number of shares | | Weighted average exercise price | | Weighted average remaining contractual term | | Aggregate intrinsic value (in thousands) | Balance at January 1, 2022 | | 6,921,180 | | $ | 0.88 | | | | | | Granted | | 2,940,064 | | | 4.67 | | | | | | Exercised | | (973,389) | | | 0.90 | | | | | | Forfeited | | (836,505) | | | 2.35 | | | | | | Expired | | (1,876) | | | 0.97 | | | | | | Balance at December 31, 2022 | | 8,049,474 | | | $ | 2.14 | | | 7.64 | | $ | 4,081 | | Vested Options Exercisable at December 31, 2022 | | 2,860,085 | | | $ | 1.34 | | | 6.90 | | $ | 2,061 | |
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Summary of the Activity for the RSUs and RSAs |
A summary of the activity for the RSUs and RSAs for the years ended December 31, 2023 and 2022, respectively, are shown in the following tables: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | 2023 | | 2022 | | | Number of Shares | | Weighted Average Grant Date Fair Value | | Number of Shares | | Weighted Average Grant Date Fair Value | Unvested at beginning of year | | 2,106,540 | | | $ | 7.25 | | | 1,291,492 | | | $ | 10.98 | | Granted | | 2,332,757 | | | 0.83 | | | 2,163,135 | | | 5.74 | | Vested | | (1,501,805) | | | 3.04 | | | (760,973) | | | 9.31 | | Forfeited | | (761,070) | | | 4.23 | | | (587,114) | | | 7.21 | | Unvested at end of year | | 2,176,422 | | | $ | 3.50 | | | 2,106,540 | | | $ | 7.25 | | | | | | | | | | | A summary of the activity for the equity-classified Medical RSUs for the year ended December 31, 2023 is shown in the following table: | | | | | | | Number of Shares | Balance at January 1, 2022 | — | | Granted | 208,881 | | Vested | — | | Forfeited | (61,411) | | Balance at December 31, 2022 | 147,470 | | Granted | 824,288 | | Vested | (971,758) | | Forfeited | — | | Balance at December 31, 2023 | — | |
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Summary of Share-Based Payment Arrangement, Outstanding Award, Activity, Excluding Option |
A summary of the activity for the Employees Earnout Shares for the years ended December 31, 2023 and 2022 is shown in the following tables: | | | | | | | | | | | | | | | | | Year Ended December 31, | | | 2023 | | 2022 | Outstanding at beginning of year | | 1,417,632 | | | 1,602,435 | | Granted | | — | | | — | | Forfeited | | (16,568) | | | (184,803) | | Outstanding at end of year | | 1,401,064 | | | 1,417,632 | |
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