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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation Equity Incentive Plans In 2021, the Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”) under which the Company may grant options, stock appreciation rights, restricted stock units (“RSUs”), restricted stock awards, other equity-based awards and incentive bonuses to employees, officers, non-employee directors and other service providers of the Company and its affiliates. The number of shares available for issuance under the 2021 Plan is increased on January 1 of each year beginning in 2022 and ending with a final increase in 2031 in an amount equal to the lesser of: (i) 4,784,100 shares, (ii) 5% of the total number of shares of Class A common stock outstanding on the preceding December 31, or (iii) a smaller number of shares determined by the Company’s Board of Directors. In 2021, the Company adopted the 2021 Employee Stock Purchase Plan (the “2021 ESPP”). The number of shares available for issuance under the 2021 ESPP is increased on January 1 of each year beginning in 2022 and ending with a final increase in 2041 in an amount equal to the lesser of: (i) 1,913,630 shares, (ii) 2% of the total number of shares of Class A common stock outstanding on the preceding December 31, or (iii) a smaller number of shares determined by the Company’s Board of Directors. On August 2, 2024, the Company adopted the 2024 New Employee Equity Incentive Plan (the “Inducement Plan”), pursuant to which the Company reserved 414,740 shares of its Class A common stock to be used exclusively for grants of equity-based awards to individuals who were not previously employees or directors of the Company, as an inducement material to the individual’s entry into employment with the Company. Restricted Stock Units RSUs granted under the 2021 Plan generally vest based on continued service up to a four-year period for employees, and over a one-year period for non-employee directors. RSU activity for the three months ended March 31, 2025 was as follows:
| RSUs |  | Weighted-average grant date fair value per unit
RSUs unvested as of December 31, 2024 | 4,764,133 |  | $ | 6.18 |
Granted(1) | 3,234,491 |  | 6.99 |
Vested(1) | (1,159,608) |  | 6.17 |
Forfeited | (114,609) |  | 6.23 |
RSUs unvested as of March 31, 2025 | 6,724,407 |  | $ | 6.57 |
________________ (1) Includes 301,571 RSUs granted and vested during the period pursuant to the 2024 Bonus Plan. As of March 31, 2025, total unrecognized compensation cost related to RSUs was $40.2 million, which will be recognized over a weighted-average period of 2.3 years. Bonus Plan In January 2025, the Compensation Committee approved a new bonus structure (the “2025 Bonus Plan”) for its employees. The Bonus Plan is contingent upon the achievement of annual corporate performance targets. In each respective calendar year, the Company accrues for the 2025 Bonus Plan. The Compensation Committee assesses the actual performance against these targets to determine the payout amount which is disbursed in the following year. Payouts include both cash and RSU components, which are accounted for under Accounting Standards Codification (“ASC”) 710, Compensation-General and ASC 718, Compensation-Stock Compensation, respectively. The RSUs will be issued under the 2021 Plan and are subject to performance and service condition vesting requirements, beginning from the grant date to the payout date, with the number of RSUs varying according to the established payout amount. Participants must remain employed with the Company through the date of payout to maintain eligibility under the 2025 Bonus Plan. During March 2022, the Compensation Committee approved the Bonus Plan (as defined in Note 14 to Notes to Consolidated Financial Statements in the Annual Report) for its employees, which includes awards in the form of RSUs issued under the 2021 Plan. In January 2025, the Compensation Committee approved the issuance of 301,571 RSUs that immediately vested based on actual performance against the performance targets set in the Bonus Plan for the year ended December 31, 2024. Pursuant to the bonus plans, the Company recognized $1.1 million and $0.8 million in stock-based compensation during the three months ended March 31, 2025 and 2024, respectively, of which the Company capitalized $0.1 million in each period for the development of internal-use software. Stock Options Stock options granted under the equity plans generally vest based on continued service over four years and expire ten years from the date of grant. A summary of stock option award activity under the Company’s equity plans and related information is as follows (in thousands, except share, price and year data):
| Outstanding stock options |  | Weighted- average exercise Price |  | Weighted- average remaining contractual life (years) |  | Aggregate intrinsic value
Balance as of December 31, 2024 | 6,378,753 |  |  | $ | 7.28 |  |  |  |  |
Options granted | — |  |  | $ | — |  |  |  |  |
Options exercised | (395,718) |  |  | $ | 2.47 |  |  |  |  |
Options canceled | (88,270) |  |  | $ | 5.22 |  |  |  |  |
Balance as of March 31, 2025 | 5,894,765 |  |  | $ | 7.64 |  |  | 4.84 |  | $ | 6,391 |
Vested and exercisable as of March 31, 2025 | 5,684,534 |  |  | $ | 7.27 |  |  | 4.77 |  | $ | 6,391 |
The intrinsic value of options exercised for the three months ended March 31, 2025 and 2024 was $1.5 million and $9.9 million, respectively. As of March 31, 2025, total unrecognized compensation cost related to stock options was $1.7 million, which will be recognized over a weighted-average period of 0.5 years. ESPP The Company recorded stock-based compensation under the 2021 ESPP plan of $0.5 million and $0.3 million for the three months ended March 31, 2025 and 2024, respectively, of which the Company capitalized $0.1 million and $0.2 million, respectively, for the development of internal-use software. As of March 31, 2025, the total unrecognized stock-based compensation expense related to the ESPP was $2.6 million and is expected to be recognized over a weighted average period of 0.9 years. Total Stock-Based Compensation Expense Stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Cost of revenue | $ | 420 |  |  | $ | 386 |  |  |  |  |
Research and development | 3,467 |  |  | 2,108 |  |  |  |  |
Sales and marketing | 1,797 |  |  | 1,822 |  |  |  |  |
General and administrative | 1,675 |  |  | 1,213 |  |  |  |  |
Total stock-based compensation expense | $ | 7,359 |  |  | $ | 5,529 |  |  |  |  |
During the three months ended March 31, 2025 and 2024, the Company capitalized $0.7 million and $1.0 million, respectively, of stock-based compensation for the development of internal-use software.

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