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Stock Incentive Plan

9 Months Ended

Sep. 30, 2025

Stock Incentive Plan

Stock Incentive Plan

20.Stock Incentive Plan

The Company’s stock-based compensation program is designed to attract and retain certain key employees while also aligning employees’ interests with the interests of its stockholders. Stock options have been granted to employees under the stockholder-approved 2014 Stock Incentive Plan (“2014 Plan”) and the stockholder approved 2024 Stock Option and Incentive Plan (the “2024 Plan”). In connection with expiration of the 2014 Plan in July 2024, the available share reserve (including any awards outstanding under the 2014 Plan that lapsed prior to stockholder approval of the new 2024 Plan) was transferred to the 2024 Plan upon stockholder approval thereof. The 2024 Plan provides that the aggregate number of shares of common stock that initially may be issued pursuant to awards granted under the 2024 Plan may not exceed 1,916,011 shares (the “Share Reserve”), along with any awards that transferred over from the 2014 Plan. In addition, the Share Reserve automatically increases on January 1st of each year, for a period of not more than 10 years, beginning on January 1st of the year following the year in which the 2024 Plan became effective and ending on (and including) January 1, 2034, in an amount equal to 4% of the total number of shares of common stock outstanding on December 31st of the preceding calendar year. The Company’s board of directors may act prior to January 1st of a given year to provide that there will be no January 1st increase in the Share Reserve for such year or that the increase in the Share Reserve for such year will be a lesser number of shares of common stock than would otherwise occur. The available Share Reserve was 1,865,880 shares as of September 30, 2025.

Stock Options

Aggregate intrinsic value represents the difference between the closing market value as of September 30, 2025 of the underlying common stock and the exercise price of outstanding, in-the-money options. A summary of the Company’s stock option activity and related information for the nine months ended September 30, 2025 is as follows:


		Options Outstanding
							Weighted
							Average
		Number of		Weighted			Remaining		Aggregate
		Stock Options		Average			Contractual		Intrinsic Value
		Outstanding		Exercise Price			Term (In Years)		(In Thousands)
Balance, December 31, 2024		691,450		$	8.86		3.21		$	31,209
Options granted		695,767		$	50.86		6.38			—
Options forfeited/cancelled		(29,423)			—		—			—
Options exercised		(138,387)		$	5.32		—			—
Balance, September 30, 2025		1,219,407		$	32.34		4.90		$	11,160
Exercisable as of September 30, 2025		554,270		$	15.19		2.49		$	10,521

As of September 30, 2025, the fair value of unvested stock options was approximately $18,440. This unrecognized stock-based compensation expense is expected to be recorded over a weighted average period of 3.0 years.

During the nine months ended September 30, 2025, the Company granted 695,767 stock options to the employees and non-executive members of the board of directors with an exercise price ranging from $31.79-$58.94 and grant date weighted average fair value ranging from $13.55-$38.85.

The following table summarizes the inputs used in applying the Black-Scholes options pricing model to determine the fair value of the options,


		September 30,		September 30,
		2025		2024
Expected term (in years)		1.1-6.1		2-7
Risk-free interest rate		3.9%-4.5%		4.5%-4.9%
Expected volatility		69.3%-100.4%		62.3%-77.2%
Expected dividend rate		0		0
Fair value of options granted		$13.55-$38.85		$10.35-$14.97

Employee options generally have vesting terms of 1/4th of options being vested one year after the grant date and 1/48th for each month thereafter contingent upon the participant’s continued service beginning on the initial vesting date and ending when the vested ratio equals 1/1. Non-executive members of board of directors have vesting terms of 1/12th and 1/24th of options being vested per month over a period of one and two years.

The following table represents the stock-based compensation for the three and nine months ended September 30, 2025 and 2024:


		Three months ended September 30,						Nine months ended September 30,
		2025			2024			2025			2024
Cost of Revenues		$	82		$	14		$	220		$	28
Engineering and Product Development			(16)			15			144			27
Sales and Marketing			437			47			1,184			81
General and Administrative			1,513			128			3,845			362
Total		$	2,016		$	204		$	5,393		$	498