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Stockholders’ Equity | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Stockholders’ Equity | Stockholders’ Equity Equity Incentive Plans In December 2013, the Company adopted the Long-Term Incentive Plan (“2013 Plan”). The 2013 Plan was terminated in July 2021 in connection with the adoption of the 2021 Equity Incentive Plan (“2021 Plan”), which became effective on July 20, 2021, and no further awards will be granted under the 2013 Plan. The 2021 Plan provides for the grant of incentive stock options (“ISOs”), within the meaning of Section 422 of the Code to employees, including employees of any parent or subsidiary, and for the grant of nonstatutory stock options (“NSOs”), stock appreciation rights, restricted stock awards (“RSAs”), performance-based restricted stock units (“PSUs”), restricted stock units (“RSUs”) and other forms of awards to the Company’s employees, directors and consultants, including employees and consultants of the Company’s affiliates. As of September 30, 2025, 5.7 million shares remained available for future issuance under the 2021 Plan. The Company recognized total stock-based compensation expense related to equity incentive awards of $18.4 million and $16.9 million for the nine months ended September 30, 2025 and 2024, respectively. Stock Options Prior to becoming a public company in 2021, the Company granted options to employees, directors and consultants. The Company ceased granting options after its initial public offering in July 2021. Options were granted with an exercise price equal to the fair value of the shares on the date of grant. The maximum term of options granted under the plan is 10 years from the date of grant. Options generally vest according to a four-year vesting schedule, with 25% of the shares vesting on the first anniversary of the vesting commencement date and the remainder of the shares vesting in equal monthly installments thereafter. The following table summarizes the stock option activity under the 2013 Plan and 2021 Plan (in thousands, except for per share amounts and years):
| Number of shares |  | Weighted- average exercise price per share |  | Weighted- average remaining contractual life (years) |  | Aggregate intrinsic value
Options outstanding as of December 31, 2024 | 287 |  |  | $ | 7.24 |  |  | 3.58 |  | $ | 375 |
Granted | — |  |  | — |  |  |  |  |
Exercised | (64) |  |  | 0.57 |  |  |  |  |
Forfeited and cancelled | (40) |  |  | 9.99 |  |  |  |  |
Options outstanding as of September 30, 2025 | 183 |  |  | $ | 8.98 |  |  | 3.84 |  | $ | 127 |
Options vested and exercisable as of September 30, 2025 | 183 |  |  | $ | 8.98 |  |  | 3.84 |  | $ | 127 |
Aggregate intrinsic value represents the difference between the Company’s fair value of its common stock and the exercise price of outstanding options. The aggregate intrinsic value of stock options exercised was $0.2 million during each of the nine months ended September 30, 2025 and 2024. As of September 30, 2025, there was no unrecognized stock-based compensation expense related to outstanding unvested stock options that are expected to vest. Restricted Stock Awards Prior to becoming a public company, the Company granted RSAs to certain senior employees and consultants. The Company ceased granting RSAs after its initial public offering in July 2021. The fair value of RSAs is determined using the fair value of the Company’s common stock on the date of grant. No RSAs were granted during the nine months ended September 30, 2025 and 2024. During each of the nine months ended September 30, 2025 and 2024, 37,500 RSAs vested and were released from the Company’s right to repurchase. During each of the nine months ended September 30, 2025 and 2024, no RSAs were cancelled. As of September 30, 2025, the Company had $0.2 million of unrecognized stock-based compensation related to RSAs with a weighted average remaining requisite service period of 0.25 years. Restricted Stock Units and Performance-Based Restricted Stock Units The fair value of RSUs and PSUs is determined using the closing market price of the Company’s common stock on the date of grant. The RSUs vest over the requisite service period, generally three years or four years, subject to the continuous service of the individual. In February 2025 and 2024, the Company granted PSUs for 0.9 million shares and 0.4 million shares of common stock, respectively. The PSUs vest on the satisfaction of both service-based and performance-based conditions. The PSUs have a one-year performance period based on revenue and Adjusted EBITDA targets as well as non-quantitative business-related performance criteria that will determine the total vestable shares. With respect to the PSUs granted in 2025, a fter the applicable performance period, one-fourth of the vestable shares will vest upon the Compensation Committee’s certification of the degree of achievement of the applicable goals, and the remaining vestable shares will vest over a three-year service period. With respect to the PSUs granted in 2024, a fter the applicable performance period, one-third of the vestable shares vested upon the Compensation Committee’s certification of the degree of achievement of the applicable goals, and the remaining vestable shares will vest over a two-year service period. In February 2025, it was determined that the Company partially met the performance goals for the PSUs granted in 2024, and accordingly, these PSUs will vest at approximately 73% attainment. As of September 30, 2025, 0.1 million of the PSUs granted in 2024 had vested or settled and 0.3 million of the PSUs granted in 2024 were cancelled. The following table summarizes the RSU and PSU activity under the 2021 Plan (in thousands, except for per share amounts):
| Number of shares |  | Weighted-average fair value |  | Aggregate intrinsic value
Unvested and outstanding as of December 31, 2024 | 5,095 |  |  | $ | 8.85 |  |  | $ | 25,424 |
Granted | 5,028 |  |  | 5.14 |  |  |
Vested | (2,005) |  |  | 9.12 |  |  |
Forfeited and cancelled | (658) |  |  | 7.10 |  |  |
Unvested and outstanding as of September 30, 2025 | 7,460 |  |  | $ | 6.43 |  |  | $ | 48,188 |
As of September 30, 2025, there was an estimated $40.6 million of total unrecognized stock-based compensation expense related to RSUs and PSUs with a weighted average remaining requisite service period of 2.23 years. Employee Stock Purchase Plan In June 2022, the Compensation Committee approved the terms of the Company’s offerings under its 2021 Employee Stock Purchase Plan (“ESPP”). Under the terms of the offering, the Company’s employees can elect to have up to 15% of their annual compensation, up to a maximum of $25,000 per year, withheld to purchase shares of the Company’s common stock for a purchase price equal to 85% of the lesser of the closing fair market value per share of the Company’s common stock on (i) the commencement date of the six-month offering period, or (ii) the respective purchase date. The initial offering period commenced on August 1, 2022 and ended on January 31, 2023 with subsequent six-month offering periods commencing on February 1 st and August 1 st of each year. The Company recognized $0.1 million and $0.2 million of stock-based compensation expense for the ESPP during the nine months ended September 30, 2025 and 2024, respectively. The Company distributed 0.1 million shares of the Company’s common stock through the ESPP in each of the nine months ended September 30, 2025 and 2024. Share Repurchase Program In March 2024, the Board of Directors authorized the repurchase of up to $20.0 million of the Company’s outstanding shares of common stock, which was completed as of June 30, 2024 under which approximately 2.6 million shares of common stock were purchased at a weighted average price of $7.66. These trades were completed through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act, in accordance with applicable securities laws and other restrictions.

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