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Stock Based Compensation | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 11. Stock-Based Compensation In connection with the Closing, the Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”) and the 2021 Employee Stock Purchase Plan (the “2021 ESPP”). The number of shares available for issuance under the 2021 Plan is increased on the first day of each fiscal year, beginning on January 1, 2022, in an amount as provided in the 2021 Plan. Pursuant to this automatic increase feature of the 2021 Plan, 1,285,558 shares were added as available for issuance thereunder on January 1, 2025. As of March 31, 2025, 1,915,312 shares were available for issuance under the 2021 Plan. The number of shares available for issuance under the 2021 ESPP is increased on the first day of each fiscal year, beginning on January 1, 2022, in an amount as provided in the 2021 ESPP. Pursuant to this automatic increase feature of the 2021 ESPP, 257,111 shares were added as available for issuance thereunder on January 1, 2025. As of March 31, 2025, 853,941 shares were available for issuance under the 2021 ESPP. The following table summarizes stock option activity under our equity compensation plans:
|  | Number of Options |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term |  |  | Aggregate Intrinsic Value ('000) |
|  |  |  |  |  |  |  | (in years) |  |  |  |
Options outstanding as of December 31, 2024 |  |  | 1,978,557 |  |  | $ | 16.72 |  |  |  | 4.5 |  |  |  |
Granted |  |  | — |  |  | $ | — |  |  |  |  |  |  |
Exercised |  |  | (73,140 | ) |  | $ | 8.75 |  |  |  |  |  |  |
Forfeited, canceled, or expired |  |  | (22 | ) |  | $ | 61.60 |  |  |  |  |  |  |
Options outstanding as of March 31, 2025 |  |  | 1,905,395 |  |  | $ | 17.03 |  |  |  | 4.1 |  |  | $ | 378 |
Vested and expected to vest at March 31, 2025 |  |  | 1,905,395 |  |  | $ | 17.03 |  |  |  | 4.1 |  |  | $ | 378 |
Exercisable at March 31, 2025 |  |  | 1,868,793 |  |  | $ | 17.09 |  |  |  | 4.0 |  |  | $ | 378 |
The aggregate intrinsic value of options exercised was $338 and $188 during the three months ended March 31, 2025 and 2024, respectively. The cash proceeds from the options exercised was $640 and $267 during the three months ended March 31, 2025 and 2024, respectively. The aggregate fair value of options vested was $128 and $764 during the three months ended March 31, 2025 and 2024, respectively. There were no options granted during the three months ended March 31, 2025 and 2024. The following table summarizes restricted stock unit (“RSU”) activity under the 2021 Plan:
|  |  |  | Number of RSUs |  |  | Weighted Average Grant Date Fair Value per Share |
Outstanding as of December 31, 2024 |  |  |  |  | 2,777,156 |  |  | $ | 10.32 |
RSUs granted |  |  |  |  | 336,978 |  |  | $ | 17.24 |
RSUs vested |  |  |  |  | (339,059 | ) |  | $ | 11.10 |
RSUs forfeited |  |  |  |  | (394,672 | ) |  | $ | 10.32 |
Outstanding as of March 31, 2025 |  |  |  |  | 2,380,403 |  |  | $ | 11.19 |
For RSUs with service-based vesting conditions, the fair value is calculated based upon the Company’s closing stock price on the date of grant, and the stock-based compensation expense is recognized over the applicable grant vesting term, generally three to four years. The aggregate fair value of RSUs vested was $3,741 and $2,496 during the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, there was $21,758 of total unrecognized compensation expense related to options and RSUs expected to be recognized over a weighted average period of 2.1 years. The following table summarizes the components of total stock-based compensation expense based on roles and responsibilities of the employees within the condensed consolidated statements of operations:
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
Cost of revenue |  | $ | 41 |  |  | $ | 61 |
Research and development |  |  | 675 |  |  |  | 1,018 |
Sales and marketing |  |  | 682 |  |  |  | 675 |
General and administrative |  |  | 2,489 |  |  |  | 1,874 |
|  | $ | 3,887 |  |  | $ | 3,628 |

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