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Stock-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Share-based Payment Arrangement, Option, Activity
The following table summarizes the stock option activity for the years ended December 31, 2021 and 2020:
(Aggregate intrinsic value in thousands)
Number of
Units
Weighted
Average
Exercise Price
Weighted
Average
Remaining
Contractual
Term (Years)
Aggregate
Intrinsic
Value
Outstanding as of January 1, 20209,363,757 $0.61 8.22
Granted8,541,033 0.29 0
Exercised(299,334)0.45 0
Forfeited(4,010,754)0.70 0
Outstanding as of January 1, 202113,594,702 $0.38 8.35
Granted16,891,718 7.88 0
Exercised(3,606,121)0.40 0
Forfeited(1,455,010)1.39 0
Outstanding at December 31, 2021
25,425,289 $5.30 8.91$182,291 
Exercisable at December 31, 2021
5,745,305 $0.49 7.55$68,850 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value
Other information about the Company’s stock options for the years ending December 31, 2021 and 2020 was as follows:
(In thousands)20212020
Total grant date fair value of stock options vested$776 $573 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions The following table summarizes the assumptions used in valuing the stock options for the year ended December 31, 2021 and 2020:
20212020
Expected term
5.50 - 6.25 years
6.25 years
Risk-free interest rate
0.6% – 1.36%
0.4% – 1.4%
Expected volatility
46.3% – 47.7%
43.5% – 46.4%
Dividend yield0%0%
Share-based Payment Arrangement, Expensed and Capitalized, Amount
Total stock-based compensation expense was classified in the statements of operations for the years ended December 31, 2021 and 2020 as follows:
(In thousands)20212020
Cost of revenues (stock options)$846 $(65)
Selling, general and administrative (stock options)5,481 187 
Selling, general and administrative (earn-out shares)$2,080 $— 
Total stock-based compensation expense$8,407 $122