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Stock-Based Compensation
3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

Note 11.  Stock-Based Compensation

The Company’s stock-based compensation included in its unaudited interim condensed consolidated statements of operations and comprehensive loss, net of forfeitures, was as follows:

Three Months Ended March 31, 

(in thousands)

    

2025

    

2024

Research and development

$

1,150

$

1,451

General and administrative

 

2,662

 

3,333

Cost of revenue

161

Total stock-based compensation

$

3,973

$

4,784

 

The following table summarizes stock-based compensation expense by award type, net of forfeitures:

Three Months Ended March 31, 

(in thousands)

2025

2024

Restricted Stock Units ("RSUs")

$

2,815

$

3,085

Performance Stock Units ("PSUs")

657

932

Restricted Stock Awards ("RSAs")

478

491

Stock options

23

276

Total

$

3,973

$

4,784

 

PSUs are measured at their estimated fair value using a Monte Carlo simulation valuation model with the effect of the market condition reflected in the grant date fair value of the award. The fair value of RSUs is estimated based on the closing price of the Company’s Class A common stock at the date of grant.