In December 2012, the Company adopted the 2012 Stock Option and Grant Plan (the “2012 Plan”) under which the Company may grant stock options to purchase shares of its common stock to certain employees and nonemployees of the Company. The 2012 Plan was terminated as of the Closing, and accordingly, no additional awards will be granted under the 2012 Plan thereafter.

In connection with the Closing, the Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”) and the 2021 Employee Stock Purchase Plan (“2021 ESPP”). The number of shares available for issuance under the 2021 Plan will be increased on the first day of each fiscal year, beginning on January 1, 2022, in an amount equal to the lesser of (i) 23,951,000 shares of Class A common stock, (ii) a number of shares of Class A common stock equal to 5% of the total number of shares of all of Class A common stock outstanding as of the last day of the immediately preceding fiscal year, or (iii) such number of shares of Class A common stock as the Company’s board of directors or its designated committee may determine no later than the last day of the immediately preceding fiscal year.

The 2021 Plan permits the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units, and performance awards to employees, directors, or consultants under the 2021 Plan. The 2021 ESPP, the Company can grant stock options to employees to purchase shares of Class A common stock at a purchase price which equals to 85% of the lower of (i) the fair market value of common stock on the first trading day of the offering period or (ii) the fair market value of common stock on the exercise date. As of December 31, 2022, 5,685,295 and 4,059,162 shares were available for grant under the 2021 Plan and 2021 ESPP, respectively.

The Company’s option award quantities and prices prior to the Merger have been retroactively restated to reflect the exchange ratio of

approximately 1.8282 established in the Merger as described in Note 3.

The aggregate intrinsic value of options exercised as of December 31, 2022 and 2021, was $483 and $5,339, respectively. The aggregate fair value of options vested as of December 31, 2022 and 2021 was $6,072 and $3,908, respectively. The Company received $806 and $1,289 in cash proceeds from options exercised during the years ended December 31, 2022 and 2021, respectively. The weighted-average grant date fair value of options granted for the years ending December 31, 2022 and 2021 was $0.95 and $2.92, respectively. The aggregate intrinsic value of options outstanding as of December 31, 2022 and 2021 was $200 and $26,865, respectively. The aggregate intrinsic value of options exercisable as of December 31, 2022 and 2021 was $200 and $18,639, respectively.

For RSUs with service-based vesting conditions, the fair value is calculated based upon the Company’s closing stock price on the date of grant, and the stock-based compensation expense is recognized over the four-year vesting period.

As of December 31, 2022, there was $31,518 of total unrecognized compensation expense related to options and RSUs expected to be recognized over a weighted average-period of 2.3 years.

The fair value of stock-based compensation for stock options was estimated using the Black-Scholes option-pricing model requiring the use of subjective valuation assumptions and inputs, including the expected stock price volatility. The Company’s options have characteristics significantly different from those of traded options, and changes in input assumptions can materially affect the fair value estimates. Stock-based compensation expense for options is recognized over their respective vesting period, which ranges from one to four years.