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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation As of June 30, 2025, 14,331,506 shares of common stock had been authorized for issuance under our 2021 Equity and Incentive Compensation Plan and 6,287,687 shares of common stock were originally reserved for issuance under our 2018 Equity Incentive Plan. Stock Option Activity A summary of the stock option activity under our equity incentive plans is as follows:
| Number of Options |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value (in thousands)
Balance – December 31, 2024 | 1,997,466 |  |  | $ | 2.12 |  |  | 6.3 |  | $ | 732 |
Granted | — |  |  | — |  |  | — |  |  | — |
Exercised | — |  |  | — |  |  | — |  |  | — |
Forfeited, expired and cancelled | — |  |  | — |  |  | — |  |  | — |
Balance – June 30, 2025 | 1,997,466 |  |  | $ | 2.12 |  |  | 5.8 |  | $ | 878 |
Exercisable – June 30, 2025 | 1,997,466 |  |  | $ | 2.12 |  |  | 5.8 |  | $ | 878 |
Vested and expected to vest as of June 30, 2025 | 1,997,466 |  |  | $ | 2.12 |  |  | 5.8 |  | $ | 878 |
There were no options granted during the three or six months ended June 30, 2025 or 2024. Restricted Stock Unit Activity A summary of restricted stock unit (“RSU”) activity under our equity incentive plans is as follows:
| Number of Awards |  | Weighted- Average Grant Date Fair Value per Share
Unvested and outstanding balance at December 31, 2024 | 3,660,581 |  |  | $ | 1.34 |
Granted | 4,383,824 |  |  | 1.10 |
Vested | (3,224,163) |  |  | 1.13 |
Forfeited | (652,338) |  |  | 1.44 |
Unvested and outstanding balance at June 30, 2025 | 4,167,904 |  |  | $ | 1.23 |
The total fair value of RSUs that vested during the three months ended June 30, 2025 and 2024 was approximately $4.4 million and $1.1 million, respectively. The total fair value of RSUs that vested during the six months ended June 30, 2025 and 2024 was approximately $4.8 million and $1.4 million, respectively. We had 2,276,061 and 879,000 outstanding and fully vested RSUs that remained unsettled at June 30, 2025 and 2024, respectively, all of which are expected to be settled in 2025 and were settled in 2024, respectively. As such, they were excluded from outstanding shares of common stock but were included in weighted-average shares outstanding for the calculation of net loss per share for the three and six months ended June 30, 2025 and 2024. Performance Stock Unit Activity A summary of performance-based restricted stock unit (“PSU”) activity under our equity incentive plans is as follows:
| Number of Awards |  | Weighted- Average Grant Date Fair Value per Share
Unvested and outstanding balance at December 31, 2024 | 243,424 |  |  | $ | 7.59 |
Granted | — |  |  | — |
Vested | (169,021) |  |  | 26.18 |
Forfeited | (74,403) |  |  | 4.95 |
Unvested and outstanding balance at June 30, 2025 | — |  |  | $ | — |
The total fair value of PSUs that vested during the three and six months ended June 30, 2025 was approximately $0.3 million. The total fair value of PSUs that vested during the three and six months ended June 30, 2024 was approximately $0.2 million. We had 169,021 outstanding and fully vested PSUs that remained unsettled at June 30, 2025, all of which are expected to be settled in 2025. We had 317,828 outstanding and fully vested PSUs that remained unsettled at June 30, 2024, all of which were settled in 2024. As such, they are excluded from outstanding shares of common stock but are included in weighted-average shares outstanding for the calculation of net loss per share for the three and six months ended June 30, 2025 and 2024. Stock-Based Compensation Expense Stock-based compensation expense under our equity incentive plans was as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Cost of sales | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 633 |
Selling and administrative expenses | 1,666 |  |  | 2,005 |  |  | 2,353 |  |  | 3,206 |
Total | $ | 1,666 |  |  | $ | 2,005 |  |  | $ | 2,353 |  |  | $ | 3,839 |
At June 30, 2025, there was no unrecognized stock-based compensation expense related to unvested stock options and PSUs as all previously unvested and outstanding stock options and PSUs were fully vested as of June 30, 2025. At June 30, 2025, total unrecognized compensation cost related to unvested RSUs was $4.3 million and is expected to be recognized over the remaining weighted-average service period of 0.89 years.

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