Equity-based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Share-based Payment Arrangement, Option, Activity |
A summary of the Company's time-based stock option activity under the 2021 Plan for the years ended December 31, 2023, 2022 and 2021, as adjusted for the one-for-12 Reverse Stock Split, is as follows:
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Number of Options |
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Weighted Average Exercise Price |
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Weighted Average Remaining Contractual Term |
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Aggregate Intrinsic Value |
Balance as of December 31, 2021 |
22,752 |
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$ |
114.00 |
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9.73 |
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$ |
— |
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Granted |
19,536 |
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47.64 |
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Exercised |
— |
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— |
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Forfeited/Repurchased |
— |
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— |
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Balance as of December 31, 2022 |
42,288 |
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83.36 |
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9.04 |
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— |
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Granted |
— |
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— |
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Exercised |
— |
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— |
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Forfeited/Repurchased |
(2,468) |
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114.00 |
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Balance as of December 31, 2023 |
39,820 |
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81.47 |
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8.06 |
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— |
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Vested as of December 31, 2023 |
22,503 |
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82.70 |
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8.05 |
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— |
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| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
The assumptions that the Company used to determine the grant date fair value of time-based stock options granted under the 2021 Plan during the year ended December 31, 2022, were as follows, presented on a weighted-average basis:
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Year Ended December 31, 2022 |
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Risk free interest rate |
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2.96 |
% |
Expected volatility |
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65.34 |
% |
Expected dividend yield |
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— |
% |
Expected term |
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5.85 years |
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| Schedule of Share-based Payment Arrangement, Restricted Stock Unit, Activity |
A summary of the Company's RSU activity under the 2021 Plan for the years ended December 31, 2023, 2022 and 2021, as adjusted for the one-for-12 Reverse Stock Split, is as follows:
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Number of Shares |
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Weighted Average
Grant Date
Fair Value
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Balance as of December 31, 2021 |
76,290 |
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$ |
120.48 |
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Granted |
325,967 |
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21.36 |
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Vested |
(21,911) |
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118.20 |
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Forfeited/Repurchased |
(12,834) |
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116.40 |
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Balance as of December 31, 2022 |
367,512 |
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32.81 |
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Granted |
387,067 |
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7.87 |
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Vested |
(130,550) |
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34.20 |
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Forfeited/Repurchased |
(45,116) |
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34.79 |
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Balance as of December 31, 2023 |
578,913 |
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$ |
15.67 |
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| Schedule of Share-Based Payment Arrangement, Outstanding Award, Activity, Excluding Option |
The following table summarizes time-based incentive unit activity under the 2018 Plan for the years ended December 31, 2023, 2022 and 2021:
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Number of Units |
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Weighted Average
Grant Date
Fair value
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Weighted Average Participation Threshold |
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Aggregate Intrinsic Value |
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Balance as of December 31, 2021 |
5,975,813 |
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1.16 |
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36.48 |
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14,162 |
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Granted |
— |
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— |
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— |
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Vested |
(2,511,311) |
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1.15 |
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36.24 |
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Forfeited/Repurchased |
(100,646) |
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0.46 |
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21.96 |
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Balance as of December 31, 2022 |
3,363,856 |
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1.43 |
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18.64 |
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— |
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Granted |
— |
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— |
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— |
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Vested |
(1,987,639) |
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1.37 |
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17.67 |
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Forfeited/Repurchased |
(16,150) |
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3.19 |
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22.68 |
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Balance as of December 31, 2023 |
1,360,067 |
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1.50 |
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20.01 |
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— |
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Vested as of December 31, 2023 |
7,861,220 |
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| Schedule of Share-Based Compensation, Employee Stock Purchase Plan, Activity |
A summary of the Company's ESPP activity under the 2021 Plan for the years ended December 31, 2023 and 2022, as adjusted for the one-for-12 Reverse Stock Split, was as follows:
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Year Ended December 31, |
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2023 |
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2022 |
Shares purchased using ESPP purchase rights |
39,050 |
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12,348 |
Weighted average purchase price |
$ |
4.14 |
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$ |
18.36 |
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| Schedule of Company’s Equity-based Compensation Expense |
The following table summarizes the Company’s equity-based compensation expense by award type for all Plans:
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Year Ended December 31, |
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2023 |
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2022 |
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2021 |
| Stock options |
$ |
572 |
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$ |
495 |
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$ |
95 |
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| RSUs |
4,256 |
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2,943 |
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655 |
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| ESPP purchase rights |
148 |
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188 |
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— |
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| Time-based incentive units |
2,664 |
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3,104 |
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2,390 |
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| Performance-based incentive units |
— |
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— |
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4,903 |
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| Total |
$ |
7,640 |
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$ |
6,730 |
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$ |
8,043 |
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