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Equity Incentive Plan | 3 Months Ended
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Mar. 31, 2025
Equity [Abstract] |
Equity Incentive Plan | . Equity Incentive Plan Option Plan Activity The following table summarizes the stock option activity for the three months ended March 31, 2025:
|  | Shares (in thousands) |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (Years) |
Outstanding at December 31, 2024 |  |  | 26,082 |  |  | $ | 4.46 |  |  |  | 7.80 |
Granted |  |  | 4,461 |  |  | $ | 1.70 |  |  |  |
Exercised |  |  | (99 | ) |  | $ | 1.38 |  |  |  |
Expired and forfeited |  |  | (982 | ) |  | $ | 5.67 |  |  |  |
Outstanding at March 31, 2025 |  |  | 29,462 |  |  | $ | 4.02 |  |  |  | 7.69 |
We estimated the fair value of each option grant on the grant date using the Black-Scholes option pricing model and for market-based stock option grants using the Monte Carlo simulation model. The following are the weighted-average assumptions:
|  | For the Three Months Ended |
|  | March 31, |
|  | 2025 |  |  | 2024 |
Risk-free interest rate |  |  | 4.3 | % |  |  | 4.2 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
Volatility |  |  | 80.1 | % |  |  | 79.7 | %
Expected life (years) |  |  | 6 |  |  |  | 4 |
The following table summarizes the restricted stock unit (“RSU”) activity for the three months ended March 31, 2025:
|  | Shares (in thousands) |  |  | Weighted-Average Grant Date Fair Value |
Outstanding at December 31, 2024 |  |  | 1,981 |  |  | $ | 2.35 |
Granted |  |  | 2,207 |  |  | $ | 1.70 |
Released |  |  | (173 | ) |  | $ | 1.82 |
Expired and forfeited |  |  | (163 | ) |  | $ | 2.66 |
Outstanding at March 31, 2025 |  |  | 3,852 |  |  | $ | 1.93 |
The fair value of RSUs is estimated based on the closing market price of our common stock on the date of the grant. RSUs generally vest quarterly over a four-year period. Stock-Based Compensation The following table summarizes stock-based compensation expense related to stock-based payment awards granted pursuant to all of our equity compensation arrangements (in thousands):
|  | Three Months Ended March 31, |  |
|  | 2025 |  |  | 2024 |  |
General and administrative |  | $ | 1,572 |  |  | $ | 1,878 |  |
Sales and marketing |  |  | 695 |  |  |  | 796 |  |
Research and development |  |  | 244 |  |  |  | 701 |  |
Total stock-based compensation expense |  | $ | 2,511 |  |  | $ | 3,375 |  |
As of March 31, 2025, there was $25.5 million of total unrecognized compensation cost related to non-vested, stock-based payment awards granted under all of our equity compensation plans and all non-plan option grants. Total unrecognized compensation cost will be adjusted for future changes in estimated forfeitures. We expect to recognize this compensation cost over a weighted-average period of three years.

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 710 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/710/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 712 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/712/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/715/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent + Details
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