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Stock Based Compensation (Tables)
3 Months Ended
Mar. 31, 2024
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 three months ended March 31, 2024 and 2023:
Three Months Ended March 31,
20242023
Risk-free interest rate4.3 %
0.7% - 4.3%
Expected term (in years)56.25
Volatility70.7 %
60% - 69%
Dividend yield— %— %
Schedule of Company’s Stock Option Activity
The following table summarizes the Company’s stock option activity under the Plan for the three months ended March 31, 2024:
Options
Shares
Weighted
Average
Exercise Price
Weighted
Average
Remaining
Contractual
Life in Years
Aggregate
Intrinsic
Value
Balance as of December 31, 202311,942,264 $7.36 8.16$50,315,593 
Granted/vested50,000 3.66 — — 
Exercised— — — — 
Cancelled(203,279)5.69 — — 
Balance as of March 31, 202411,788,985 7.38 8.0549,866,336 
Options vested and exercisable as of March 31, 20245,135,931 $6.89 7.53$2,173,571 
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
Activity under RSUs during the three months ended March 31, 2024 was as follows:
RSUsWeighted-
Average
Grant Date
Fair Value
Per RSU
Balance as of December 31, 20232,424,095 $5.61 
Granted818,2473.67 
Vested(165,688)4.23 
Forfeited— — 
Balance as of March 31, 20243,076,6545.16 
Vested and unissued as of March 31, 202458,4345.85 
Non-vested as of March 31, 20243,018,220 $5.16 
Share-Based Payment Arrangement, Performance Shares, Activity
Activity under PSUs during the three months ended March 31, 2024 was as follows:
PSUsWeighted-
Average
Grant Date
Fair Value
Per PSU
Balance as of December 31, 20231,085,270 $5.16 
Granted— — 
Vested— — 
Forfeited— — 
Balance as of March 31, 20241,085,2705.16 
Vested and unissued as of March 31, 2024— — 
Non-vested as of March 31, 20241,085,270 $5.16