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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The Company has one equity-based compensation plan, the Science 37 Holdings, Inc. 2021 Incentive Award Plan (the “2021 Plan”) from which stock-based compensation awards can be granted to employees, consultants, and non-executive directors. Prior to the consummation of the Merger in the fourth quarter of 2021, the Company granted stock options to employees under the Science 37, Inc. 2015 Stock Option Plan (the “2015 Plan”). No further awards have been or will be made under the 2015 Plan following the effectiveness of the 2021 Plan. The 2021 Plan allows for the grant of awards in the form of: (i) incentive stock options; (ii) non-qualified stock options; (iii) stock appreciation rights; (iv) restricted stock; (v) restricted stock units (“RSUs”); (vi) dividend equivalents; and (vii) other stock and cash based awards.

In May 2022, the Company began granting RSUs to certain officers and employees, and to the Board of Directors. The RSUs are contingent upon continued service and vest over time in annual or bi-annual installments over the vesting period, which is typically 1 to 3 years. The fair value of the RSUs is based on the Company’s closing stock price on the grant date. The fair value of the RSUs is amortized straight-line over the vesting period.
The following table summarizes stock option awards outstanding as of June 30, 2022, as well as activity during the six months then ended:
(In thousands, except per share amounts)Number of
Options		Weighted Average
Exercise Price
Outstanding at December 31, 202125,425 $5.30 
Granted4,137 10.93 
Exercised(1,261)0.58 
Forfeited(1,743)7.84 
Outstanding at June 30, 202226,558 $6.24 
The following table summarizes RSU awards outstanding as of June 30, 2022, as well as activity during the six months then ended:
(In thousands, except per share amounts)Number of
RSUs		Weighted Average
Grant Date Fair Value		Aggregate Fair Value
Outstanding at December 31, 2021— $— 
Granted877 $3.51 
Vested— $— 
Forfeited(10)$3.79 
Outstanding at June 30, 2022867 $3.50 $3,035 
As of June 30, 2022, the total unrecognized compensation expense related to outstanding RSU and stock option awards was $71.3 million, which the Company expects to recognize over a weighted-average period of 2.86 years.

The total amount of stock-based compensation expense recognized in the unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2022 and 2021 was as follows:
Statement of operations classificationThree Months Ended June 30,Six Months Ended June 30,
(In thousands)2022202120222021
Cost of revenue (stock options)$462 $162 $976 $217 
Selling, general and administrative (stock options)3,791 528 8,959 698 
Selling, general and administrative (Earn-Out Shares)1,877 — 3,752 — 
Total stock-based compensation expense$6,130 $690 $13,687 $915 
Stock-based compensation expense recognized in the statements of operations may differ from the impact of stock-based compensation to additional paid in capital due to stock-based compensation capitalized as part of software development activities.