Stock-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Share-Based Payment Arrangement [Abstract] |
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| Share-Based Payment Arrangement, Option, Activity |
Stock option activity under the 2016 Plan is as follows (in thousands, except share and per share amounts):
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Options Outstanding |
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Number of Options |
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Weighted–Average Exercise Price |
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Weighted-Average Remaining Contractual Life (years) |
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Aggregate Intrinsic Value |
| Balance – December 31, 2021 |
23,708,957 |
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$ |
3.05 |
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7.99 |
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$ |
125,429 |
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| Recapitalization |
4,173,563 |
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(0.46) |
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| Balance – December 31, 2021 |
27,882,520 |
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2.59 |
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7.99 |
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125,429 |
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| Exercised |
(328,448) |
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1.13 |
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| Forfeited as part of the Option Exchange |
(12,977,484) |
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3.24 |
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| Cancelled/forfeited |
(4,055,017) |
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3.26 |
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| Balance – December 31, 2022 |
10,521,571 |
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1.59 |
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4.87 |
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61 |
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| Options vested and exercisable – December 31, 2022 |
9,332,003 |
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$ |
1.32 |
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4.46 |
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$ |
61 |
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| Schedule of Restricted Common Stock |
A summary of the restricted common stock activity is as follows:
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Number of Options |
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Weighted–Average Exercise Price |
| Outstanding and unvested as of December 31, 2021 |
69,513 |
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$ |
2.25 |
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| Recapitalization |
12,237 |
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(0.33) |
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| Outstanding and unvested as of December 31, 2021 |
81,750 |
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1.92 |
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| Vested |
(65,211) |
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1.92 |
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| Repurchase of early exercise |
(16,539) |
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1.92 |
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| Outstanding and unvested as of December 31, 2022 |
— |
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$ |
— |
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| Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions |
The fair value of Vested Warrants and Unvested Warrants granted to HGI was estimated at the date of grant using the Black-Scholes option-pricing model, with the following assumptions:
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| Fair value of common stock |
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$1.26 |
| Expected term (in years) |
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4.5 years |
| Volatility |
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62.50% |
| Risk-free interest rate |
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4.00% |
| Dividend yield |
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— |
The fair value of stock option awards granted was estimated at the date of grant using the Black-Scholes option-pricing model, with the following assumptions:
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Year Ended December 31, 2021 |
| Fair value of common stock |
$5.06 – $7.28 |
| Expected term (in years) |
5.00 – 6.28 |
| Volatility |
62.33% – 75.19% |
| Risk-free interest rate |
0.50% – 1.21% |
| Dividend yield |
— |
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| Schedule of Restricted Stock Units Activity |
The following table summarizes the activity for all RSUs under all of the Company’s equity incentive plans for the years end December 31, 2022:
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Number of shares |
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Weighted–Average Grant Date Fair Value Per Share |
| Unvested – December 31, 2021 |
1,511,191 |
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$ |
8.62 |
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| Recapitalization |
265,992 |
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(1.29) |
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| Unvested – December 31, 2021 |
1,777,183 |
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7.33 |
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| Granted |
15,650,757 |
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2.25 |
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| Granted as part of the Option Exchange |
9,582,252 |
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1.49 |
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| Vested |
(6,068,403) |
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4.34 |
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| Cancelled/forfeited |
(1,459,362) |
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6.42 |
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| Balance – December 31, 2022 |
19,482,427 |
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1.75 |
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| Vested but unissued – December 31, 2022 |
102,865 |
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$ |
4.22 |
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