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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Plan Activity

Summaries of the Company’s 2018 Stock Plan activity for the year ended December 31, 2022 is presented below.

 

Options Outstanding

 

 

Number of
Options

 

 

Weighted-
Average
Exercise Price
($ per share)

 

 

Weighted
Average
Remaining
Contractual
Life (years)

 

 

Aggregate
Intrinsic
Value

 

December 31, 2020

 

10,457

 

 

$

0.51

 

 

 

8.96

 

 

$

-

 

Granted

 

-

 

 

$

-

 

 

 

 

 

 

 

Forfeited

 

-

 

 

$

-

 

 

 

 

 

 

 

December 31, 2021

 

10,457

 

 

$

0.51

 

 

 

7.96

 

 

$

95,935

 

Granted

 

175

 

 

$

9.58

 

 

 

 

 

 

 

Exercised

 

(465

)

 

$

0.47

 

 

 

 

 

 

 

Forfeited

 

(496

)

 

$

0.47

 

 

 

 

 

 

 

December 31, 2022

 

9,671

 

 

$

0.67

 

 

 

6.99

 

 

$

18,234

 

Exercisable options as of December 31, 2022

 

8,276

 

 

$

0.49

 

 

 

6.83

 

 

$

16,024

 

 

 

Summary of Restricted Stock Units Activity The table below summarizes the activity related to the RSUs.

 

Restricted Stock Units

 

Number of
Restricted Stock Units

 

 

Weighted
Average
Grant Date Fair Value (per share)

 

 

December 31, 2020

 

-

 

 

$

-

 

 

Granted - pre-merger, retroactive application of exchange ratio

 

7,489

 

 

$

4.41

 

 

Granted - post-merger

 

426

 

 

$

12.10

 

 

Forfeited

 

(244

)

 

$

4.41

 

 

December 31, 2021

 

7,671

 

 

$

4.98

 

 

Granted

 

2,047

 

 

$

6.63

 

 

Vested or distributed

 

(3,026

)

 

$

4.88

 

 

Forfeited

 

(1,199

)

 

$

5.06

 

 

December 31, 2022

 

5,493

 

 

$

5.43

 

 

 

Summary of Fair value of Stock Option Grants

The fair value of stock option grants is estimated by the Company on the date of grant using the Black Scholes-Merton option pricing model with the following weighted-average assumptions for the year ended December 31, 2022 and 2020. There were no options granted during the year ended December 31, 2021.

 

December 31, 2022

 

 

December 31, 2020

 

Risk free interest

 

1.47

%

 

 

0.99

%

Dividend yield

 

0.00

%

 

 

0.00

%

Expected volatility

 

58.80

%

 

 

103.59

%

Expected life (years)

 

6.08

 

 

 

6.11

 

Summary of Stock-based Compensation Expense

The Company recorded stock-based compensation expense as follows.

 

Years Ended December 31,

 

 

2022

 

 

2021

 

 

2020

 

Research and development

$

3,668

 

 

$

2,340

 

 

$

256

 

Sales and marketing

 

1,396

 

 

 

1,379

 

 

 

86

 

General and administrative

 

8,652

 

 

 

4,412

 

 

 

1,417

 

Total

$

13,716

 

 

$

8,131

 

 

$

1,759