Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.23.1
Stock-Based Compensation
 3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Restricted Common Stock Awards

A summary of the restricted common stock awards ("RSAs") for three months ended March 31, 2023 is as follows:

Number of Shares of Restricted Common Stock Awards

Average Grant-Date Fair Value
Unvested at December 31, 2022
 3,754,496 $ 1.85
Forfeited (249,269) $ 2.79
Vested (610,191) $ 2.63
Unvested at March 31, 2023
 2,895,036 $ 1.00

Total expense of RSAs was $0.2 million and $0.9 million for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023, the total compensation cost related to unvested RSAs not yet recognized is $1.6 million. Unvested RSA expense not yet recognized is expected to be recognized over a weighted average period of 1.48 years.

Restricted Stock Units

A summary of the restricted stock units ("RSUs") activity for the three months ended March 31, 2023 is as follows:

Number of RSUs Average Grant-Date Fair Value
Unvested at December 31, 2022
 9,456,513 $ 6.27
Granted 3,495,788 $ 1.33
Forfeited (95,391) $ 7.59
Vested (2,873,058) $ 5.93
Vested, unsettled 2,084,266 $ 5.98
Unvested and outstanding at March 31, 2023
 12,068,118 $ 1.00

Total expense of RSUs, net of amounts capitalized, was $5.8 million and $10.1 million for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023, the total compensation cost related to unvested RSUs not yet recognized is $23.3 million. Unvested RSU expense not yet recognized is expected to be recognized over a weighted average period of 2.16 years.