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Equity Based Compensation | 3 Months Ended
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Mar. 31, 2026
Share-Based Payment Arrangement [Abstract] |
Equity-Based Compensation | 15. Equity-Based Compensation Our 2021 Incentive Award Plan (as amended, the “Incentive Award Plan”) was approved and adopted in order to facilitate the grant of equity incentive awards to our employees, directors, non-employee directors, and consultants. The Incentive Award Plan became effective in 2021 upon consummation of the Merger Transaction, and the First Amendment to the Incentive Award Plan became effective in 2024. In connection with the Reverse Stock Split, proportionate equitable adjustments were made to the number of shares of Class A common stock issuable under the Incentive Award Plan, as well as to the number of shares of Class A common stock underlying outstanding restricted stock units (“RSUs") and stock options (and the exercise prices thereof). All share and per share amounts set forth reflect these adjustments. See Note 1, Background and Basis of Presentation, for more information. RSUs RSUs are awards that are denominated in a hypothetical equivalent number of shares of Class A common stock. The value of each RSU is equal to the fair value of our Class A common stock on the grant date. Each RSU converts into shares of Class A Common stock upon vesting. During the three months ended March 31, 2026 and 2025, we granted to certain employees 0.3 million and 0.6 million RSUs, respectively, at a weighted average grant date fair value of $5.90 per RSU and $56.20 per RSU, respectively. RSUs granted to employees during the three months ended March 31, 2026 vest over two years on a quarterly basis, subject to the employee’s continued employment through the applicable vesting date. RSUs granted to employees during the three months ended March 31, 2025 vest over three years, with one-third vesting on the first anniversary of the grant date and the remaining portion vesting on a quarterly basis thereafter, subject to the employee’s continued employment through the applicable vesting date. During the three months ended March 31, 2026, we granted to certain directors 0.2 million RSUs at a weighted average grant date fair value of $6.49 per RSU. RSUs granted to directors fully vest on the earlier of (i) one day prior to the date of our first annual meeting of stockholders following the grant date and (ii) the one-year anniversary of the grant date, subject to the director’s continued service on our Board. We did no t grant any RSUs to directors during the three months ended March 31, 2025. During the three months ended March 31, 2026 and 2025, we granted to certain consultants less than 0.1 million RSUs at a weighted average grant date fair value of $5.90 per RSU and $56.20 per RSU, respectively. RSUs granted to consultants either fully vest on the first anniversary of the grant date or in equal annual installments over three years, in each case subject to the consultant’s continued service through the applicable vesting date. As of March 31, 2026 and December 31, 2025, 0.4 million forfeited RSUs, previously held by certain former executives prior to their departure, were subject to reissuance and immediate vesting in the event of a Change in Control (as defined in the Incentive Award Plan) occurring within 12 months of their respective separation dates. The following tables summarize the total activity for RSUs during the three months ended March 31, 2026 and 2025 (in thousands, except per RSU data):
|  | RSUs |  |  | Weighted Average Grant Date Fair Value Per RSU |
Unvested at December 31, 2025 |  |  | 1,702 |  |  | $ | 22.81 |
Granted |  |  | 480 |  |  |  | 6.09 |
Forfeited |  |  | (51 | ) |  |  | 66.63 |
Vested |  |  | (281 | ) |  |  | 30.20 |
Unvested at March 31, 2026 |  |  | 1,850 |  |  | $ | 16.14 |
|  | RSUs |  |  | Weighted Average Grant Date Fair Value Per RSU |
Unvested at December 31, 2024 |  |  | 590 |  |  | $ | 112.24 |
Granted |  |  | 636 |  |  |  | 56.20 |
Forfeited |  |  | (3 | ) |  |  | 112.20 |
Vested |  |  | (136 | ) |  |  | 114.00 |
Unvested at March 31, 2025 |  |  | 1,087 |  |  | $ | 79.20 |
Stock Options Stock options provide for the purchase of shares of Class A common stock in the future at an exercise price set on the grant (or modification) date. Our stock option awards vest over three years, with one-third vesting on the first anniversary of the grant date and the remaining options vesting on a quarterly basis thereafter. Stock options granted to employees have a contractual term of ten years from the grant date, subject to the employee’s continued service through the applicable vesting date. Stock options granted to consultants have a contractual term of seven years from the grant date, subject to the consultant’s continued service through the applicable vesting date. As of March 31, 2026 and December 31, 2025, less than 0.1 million forfeited stock options, previously held by certain former executives prior to their departure, were subject to reissuance and immediate vesting in the event of a Change in Control (as defined in the Incentive Award Plan) occurring within 12 months of their respective separation dates. The following tables summarize the total activity for stock options during the three months ended March 31, 2026 and 2025 (in thousands, except price per stock option data):
|  | Stock Options |  |  | Weighted Average Exercise Price Per Stock Option |  |  | Weighted Average Remaining Contractual Life (Years) |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2025 |  |  | 389 |  |  | $ | 162.97 |  |  | 6.6 |  | $ | — |
Forfeited |  |  | (1 | ) |  |  | 143.40 |  |  |  |  |  |
Outstanding at March 31, 2026 |  |  | 388 |  |  | $ | 163.02 |  |  | 6.4 |  | $ | — |
Vested and exercisable at March 31, 2026 |  |  | 373 |  |  | $ | 155.54 |  |  |  |  |  |
|  | Stock Options |  |  | Weighted Average Exercise Price Per Stock Option |  |  | Weighted Average Remaining Contractual Life (Years) |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2024 |  |  | 405 |  |  | $ | 162.20 |  |  | 7.7 |  | $ | — |
Forfeited |  |  | — |  |  |  | — |  |  |  |  |  |
Outstanding at March 31, 2025 |  |  | 405 |  |  | $ | 162.20 |  |  | 7.4 |  | $ | — |
Vested and exercisable at March 31, 2025 |  |  | 309 |  |  | $ | 148.60 |  |  |  |  |  |
The weighted average grant date fair value for stock options outstanding during the three months ended March 31, 2026 and 2025 was $68.89 and $68.75, respectively. The weighted average grant date fair value for stock options forfeited during the three months ended March 31, 2026 was $65.98. No stock options were forfeited during the three months ended March 31, 2025. The weighted average grant date fair value for stock options vested during the three months ended March 31, 2026 and 2025 was $70.04 and $71.71, respectively. No stock options were granted, exercised, expired, or cancelled during the three months ended March 31, 2026 and 2025. Equity-Based Compensation Expense During the three months ended March 31, 2026 and 2025, equity-based compensation expense related to RSUs was $4.2 million and $8.8 million, respectively. Unrecognized equity-based compensation expense related to unvested RSUs as of March 31, 2026 was $27.2 million, which is expected to be recognized over a weighted average period of approximately one year. During the three months ended March 31, 2026 and 2025, equity-based compensation expense related to stock options was $0.3 million and $2.2 million, respectively. Unrecognized equity-based compensation expense related to unvested stock options as of March 31, 2026 was $0.1 million, which is expected to be recognized over a weighted average period of less than one year. Equity-based compensation expense for the three months ended March 31, 2026 and 2025 excludes capitalized development costs of $0.1 million and $0.2 million, respectively.

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