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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation Total stock-based compensation expense is recorded in the condensed consolidated statements of operations as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Cost of revenue | $ | 102 |  |  | $ | 148 |  |  | $ | 342 |  |  | $ | 482 |
Sales and marketing | 1,792 |  |  | 2,688 |  |  | 6,407 |  |  | 8,115 |
Research and development | 5,162 |  |  | 7,814 |  |  | 18,560 |  |  | 25,721 |
General and administrative | 4,004 |  |  | 4,438 |  |  | 12,990 |  |  | 14,935 |
Total stock-based compensation | $ | 11,060 |  |  | $ | 15,088 |  |  | $ | 38,299 |  |  | $ | 49,253 |
Equity Incentive Plan and Employee Stock Purchase Plan Under the Company’s 2021 Equity Incentive Plan, as of September 30, 2025, 35.9 million shares of Class A common stock were authorized, of which 18.3 million shares of Class A common stock were available for future issuance. The number of shares reserved for issuance was increased in January 2025 pursuant to the evergreen provisions set forth in the 2021 Equity Incentive Plan. Under the Company’s 2021 Employee Stock Purchase Plan (the “ESPP”), as of September 30, 2025, 4.5 million shares of Class A common stock were authorized. The number of shares reserved for issuance was increased in January 2025 pursuant to the evergreen provisions set forth in the ESPP. The ESPP provides for concurrent six-month offering and purchase periods beginning February 15 and August 15 of each year. During the three months ended September 30, 2025, no shares of Class A common stock were purchased under the ESPP. During the nine months ended September 30, 2025, 0.3 million shares of Class A common stock were purchased under the ESPP for an aggregate amount of $1.7 million. In January 2025, the compensation committee of the Company’s board of directors approved the suspension of its ESPP following the completion of the purchase of shares of its common stock for the offering period that ended February 14, 2025. As such, because there was no ongoing offering and purchase period as of September 30, 2025, the Company did not record any liability related to accumulated payroll deductions under the ESPP. Stock Options A summary of the Company’s stock option activity for the nine months ended September 30, 2025 is as follows (in thousands, except weighted average information):
| Number of Options Outstanding |  | Weighted Average Exercise Price Per Share
Outstanding at December 31, 2024 | 4,093 |  |  | $ | 2.37 |
Granted | — |  |  | — |
Exercised | (2,302) |  |  | 1.07 |
Forfeited/Canceled | (12) |  |  | 2.73 |
Outstanding at September 30, 2025 | 1,779 |  |  | $ | 4.04 |
Exercisable at September 30, 2025 | 1,779 |  |  | $ | 4.04 |
As of September 30, 2025, the Company has no remaining unvested stock options and no remaining stock-based compensation expense for its stock options. Restricted Stock Units For all restricted stock units (“RSUs”), the Company recorded stock-based compensation expense of $11.2 million and $39.0 million during the three and nine months ended September 30, 2025, respectively, and $15.1 million and $49.8 million during the three and nine months end September 30, 2024, respectively. A summary of the Company’s RSU activity for the nine months ended September 30, 2025 is as follows (in thousands, except weighted average information):
| Number of Shares |  | Weighted Average Grant Date Fair Value Per Share
Unvested at December 31, 2024 | 7,014 |  |  | $ | 14.85 |
Granted | 4,262 |  |  | 5.54 |
Vested | (2,886) |  |  | 13.99 |
Forfeited/Canceled | (884) |  |  | 14.92 |
Unvested at September 30, 2025 | 7,506 |  |  | $ | 9.89 |
As of September 30, 2025, total unrecognized stock-based compensation expense for unvested RSUs was $71.7 million, which is expected to be recognized over a weighted average period of 1.2 years.

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