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Stock-based Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation Stock-based Compensation
Our employees, including senior executives, receive incentives in the form of stock options and RSUs, whereby employees render services as consideration for equity instruments (equity-settled transactions).
On the Closing Date, we established the 2021 Incentive Compensation Plan, which was amended and restated in connection with the Domestication (the “2021 Plan”) under which RSUs were issued during the years ended December 31, 2024 and December 31, 2023. The 2021 Plan provides for the grant of options, stock appreciation rights, restricted stock awards, RSUs, shares granted as a bonus or in lieu of another award, dividend equivalents, or other stock-based awards or performance awards at the discretion of a board-elected committee. We also maintain our 2015 Share Plan as amended (the “2015 Plan”) under which stock-based option awards were issued or modified. The options were typically granted with a four-year vesting term and a maximum contractual term of 10 years. As of December 31, 2022, no further awards have or shall be granted under the 2015 Share Plan. There were no options granted during the years ended December 31, 2024 and December 31, 2023.
A summary of stock option activity for the year ended December 31, 2024 is as follows:
Number
of Options		Weighted-Average Exercise PriceWeighted-Average Remaining Contractual Term (years)Intrinsic Value (in thousands)
Balance as of December 31, 20234,909,302$1.55 5.58$3,393 
Granted ——
Forfeited (118,463)4.13 
Exercised(1,026,285)0.92 
Expired (530,258)2.68 
Outstanding at December 31, 20243,234,296$1.50 4.55$5,574 
Exercisable at December 31, 20243,172,016$1.42 4.51$5,532 
The total intrinsic value of options exercised during the years ended December 31, 2024 and 2023 was $0.5 million, and $95 thousand, respectively. During the years ended December 31, 2024 and 2023 the shares purchased from 32,181 options exercised and 42,898 options exercised, respectively were sold for payment of withholding taxes.

A summary of RSU activity for the year ended December 31, 2024 is as follows:
Number
of RSUs		Weighted Average Grant-Date ValueIntrinsic Value (in thousands)
Outstanding unvested RSUs at December 31, 20233,229,915$2.25 $5,652 
Granted during the year2,576,3831.07 
Forfeited during the year(1,534,865)2.20 
Vested during the year (1)(1,378,037)1.89 
Outstanding unvested RSUs at December 31, 20242,893,396$2.52 $8,246 

(1) The issuance of Class A common stock was deferred, as elected by the grantees, for 264,516 and 121,384 RSUs that vested during the years ended December 31, 2024 and December 31, 2023, respectively.
The weighted-average grant date value of RSUs at December 31, 2024 and December 31, 2023 was $2.52 and $2.25, respectively. The number of shares vested is net of 387,717 and 253,101 RSUs forfeited for payment of withholding taxes for the years ended December 31, 2024 and December 31, 2023, respectively.
As of December 31, 2024, unrecognized stock-based compensation cost related to outstanding options and RSUs that are expected to vest was $0.1 million and $1.7 million, respectively, which is expected to be recognized over a weighted-average period of 0.24 years and 1.15 years, respectively.
Stock-based Compensation Expense
Total employee and non-employee stock-based compensation expense was classified in the Consolidated Statements of Operations and Comprehensive Loss as follows:

Year Ended December 31,
20242023
Selling, general and administrative$2,015 $3,952 
Engineering320 2,347 
Total$2,335 $6,299