Stock Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of fair value of the sole stock option grants

The following assumptions were used to compute the fair value of the stock option grants during the nine months ended September 30, 2023 and 2022:

	Nine Months Ended September 30,
	2023		2022
Risk-free interest rate	4.10 - 4.87		0.07 - 2.80
Expected term (in years)	6.25		4
Volatility	52% - 62%		60% - 64%
Dividend yield	0	%

Schedule of company’s stock option activity

The following table summarizes the Company’s stock option activity under the Company’s 2021 Stock Incentive Plan for the nine months ended September 30, 2023:

	Options Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life in Years	Aggregate Intrinsic Value
Balance as of December 31, 2022	11,571,308	$	7.11	9.05	$	39,389,063
Granted/vested during the year	1,115,874	8.92		—	—
Exercised during the year	(493,984)	3.63		—	—
Cancelled during the year	(551,665)	7.66		—	—
Balance as of September 30, 2023	11,641,533	7.42		8.47	49,268,644
Options vested and exercisable as of September 30, 2023	2,937,143	$	6.36	7.65	3,060,026

Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

Activity under RSUs during the nine months ended September 30, 2023 was as follows:

	RSUs	Weighted- Average Grant Date Fair Value Per RSU
Balance as of December 31, 2022	305,587	$	8.35
Granted	253,796	8.39
Vested	(156,276)	8.90
Forfeited	—	—
Balance as of September 30, 2023	403,107	8.16
Vested and unissued as of September 30, 2023	212,518	8.25
Non-vested as of September 30, 2023	403,107	8.16