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Stock-Based Compensation
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Restricted Stock Units
RSUs granted under the 2021 Plan and the Inducement 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 nine months ended September 30, 2025 was as follows:

RSUsWeighted-average grant date fair value per unit
RSUs unvested as of December 31, 2024
4,764,133$6.18 
Granted
3,596,390 $6.86 
Vested
(2,709,672)$6.25 
Forfeited
(528,054)$6.41 
RSUs unvested as of September 30, 2025
5,122,797$6.60 
As of September 30, 2025, total unrecognized compensation cost related to RSUs was $31.1 million, which will be recognized over a weighted-average period of 2.2 years.
Bonus Plan
In January 2025, the Compensation Committee approved a new bonus structure (the “2025 Bonus Plan”) for its employees. The 2025 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 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 calculated in accordance with 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. In February 2025, the Compensation Committee approved the issuance of 301,571 RSUs that vested based on actual performance against the targets set in the Bonus Plan for the year ended December 31, 2024.
Pursuant to the bonus plans, the Company recognized an immaterial amount and $0.5 million in stock-based compensation during the three months ended September 30, 2025 and 2024, respectively, of which the Company capitalized an immaterial amount and $0.1 million in each period for the development of internal-use software. The Company recognized $2.0 million and $1.8 million in stock-based compensation during the nine months ended September 30, 2025 and 2024, respectively, of which the Company capitalized $0.2 million in both periods 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 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(1,352,497)$3.46 
Options canceled(242,417)$10.95 
Balance as of September 30, 2025
4,783,839 $8.18 4.57$18,137 
Vested and exercisable as of September 30, 2025
4,757,668 $8.11 4.56$18,137 
The intrinsic value of options exercised for the nine months ended September 30, 2025 and 2024 was $4.7 million and $12.5 million, respectively. As of September 30, 2025, total unrecognized compensation cost related to stock options was $0.2 million, which will be recognized over a weighted-average period of 0.1 years.
ESPP
Stock-based compensation under the 2021 ESPP was $0.7 million and $0.4 million for the three months ended September 30, 2025 and 2024, respectively, of which the Company capitalized an immaterial amount and $0.1 million in each period for the development of internal-use software. The Company recorded stock-based compensation under the 2021 ESPP plan of $1.7 million and $1.2 million for the nine months ended September 30, 2025 and 2024, respectively, of which the Company capitalized $0.2 million and $0.4 million, respectively, for the development of internal-use software. The reset provision under the ESPP was triggered on May 20, 2025 resulting in an incremental modification expense of $1.0 million, which will be recognized on a straight-line basis over the new offering period.
As of September 30, 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 0.8 years.
The following table summarizes the Black-Scholes option pricing model used in estimating the fair value of the stock purchase rights under the ESPP during the nine months ended September 30, 2025 and 2024. There were no ESPP offerings or modification events requiring an estimation of fair value during the three months ended September 30, 2025 and 2024.
Nine Months Ended September 30,
20252024
Expected term (in years)
0.5 - 2.0
0.5 - 2.0
Expected volatility
61% - 70%
48% - 56%
Risk-free interest rate
3.97% - 4.32%
4.82% - 5.43%
Expected dividend yield—%—%
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 September 30,
Nine Months Ended September 30,
2025202420252024
Cost of revenue
$318 $478 $1,170 $1,218 
Research and development
2,564 3,097 9,303 7,455 
Sales and marketing
1,230 2,908 4,908 6,492 
General and administrative
1,333 1,955 4,727 4,330 
Total stock-based compensation expense
$5,445 $8,438 $20,108 $19,495 
During the three and nine months ended September 30, 2025, the Company capitalized $0.5 million and $2.0 million, respectively, of stock-based compensation for the development of internal-use software. During the three and nine months ended September 30, 2024, the Company capitalized $1.2 million and $3.2 million, respectively.
Additionally, during the third quarter of 2024, the Compensation Committee approved amendments to outstanding vested stock options held by certain former employees in connection with their separation from the Company to extend the option expiration and also accelerate the vesting of RSU’s. As a result of the modifications, the Company recognized $1.0 million of expense, of which $0.7 million is recorded in sales and marketing, and $0.3 million is recorded in general and administrative expense on the Company’s condensed consolidated statements of operations and comprehensive loss for the period ending September 30, 2024.