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Stock-based Compensation
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation
13. Stock-based Compensation
Equity Incentive Plans
In July 2021, the Board and the Company’s stockholders approved the 2021 Long-Term Incentive Plan (the “2021 Plan”), which may be used to grant, among other award types, stock options, restricted stock units (“RSUs”) and performance stock units (“PSUs”). The number of shares of Common Stock reserved for future issuance under the 2021 Plan will be increased pursuant to provisions for annual automatic evergreen increases. The Company’s previous awards issued under its 2007 Omnibus Securities and Incentive Plan, as amended and restated on January 21, 2009 (the “2007 Plan”), remain subject to the 2007 Plan. As of March 31, 2025, 7,861,732 and 1,611,274 and shares were available for grant under the 2021 Plan and the 2007 Plan, respectively. The Company generally issues new shares for stock option exercises and vesting of RSUs and PSUs.
The Company recognizes stock-based compensation expense for stock-based awards based on the estimated fair value of the awards. The Company estimates the fair value of its stock option awards on the grant date using the Black-Scholes option pricing model. The fair value of RSUs and performance-based PSUs is based on the fair value of the Common Stock on the date of grant, as adjusted based on achievement of any performance conditions. Compensation expense for options, RSUs and performance-based PSUs is recognized on a straight-line basis. The Company accounts for forfeitures as they occur.
The fair value of the Company’s market-based PSUs is estimated using a Monte Carlo simulation and compensation expense is recognized using an accelerated attribution method over the greater of the derived service periods and explicit quarterly service periods. Compensation expense, net of forfeitures, is recorded regardless of whether the market condition will be ultimately satisfied.
The following table summarizes stock-based compensation expense recognized in the Company’s condensed consolidated statements of operations for the periods presented:
Three Months Ended March 31,
20252024
(In thousands)
Research and development$601 $713 
Sales and marketing1,045 1,067 
General and administrative1,295 1,147 
Total stock-based compensation$2,941 $2,927 
As of March 31, 2025, the Company’s remaining unrecognized stock-based compensation expense was approximately $16.3 million for unvested RSUs and $1.3 million for unvested PSUs.
The following table summarizes stock option, RSU and PSU activity for the three months ended March 31, 2025:
Stock Options
RSUs
PSUs (1)
Outstanding—December 31, 2024
1,692,519 3,798,514 1,226,600 
Granted— 87,400 — 
Exercised/Vested— (400,641)(125,435)
Forfeited
(88,889)(149,731)— 
Outstanding—March 31, 2025
1,603,630 3,335,542 1,101,165 
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(1) Includes 90,000 performance-based RSUs granted in 2023; the remainder are market-based PSUs granted in 2024.
During the three months ended March 31, 2025, the Company granted 87,400 service-based RSUs with a weighted average grant date fair value of $4.09 per share.
Stock-Based Awards Granted Outside of Equity Incentive Plans
Warrants
The Company issued equity-classified warrants to purchase shares of Common Stock to certain third-party advisors, consultants, and financial institutions, which expire in September 2026. As of each of March 31, 2025 and December 31, 2024, 48,529 warrants were outstanding and exercisable with a weighted average exercise price of $7.34.
Employee Stock Purchase Plan
As of March 31, 2025, approximately 3,350,446 shares of Common Stock have been reserved for issuance under the Company’s 2021 Employee Stock Purchase Plan (the “ESPP”), which is subject to annual automatic evergreen increases. There have been no shares purchased under the ESPP as it is not yet active.
See Note 13 to the Company’s 2024 Form 10-K for additional information relating to the Company’s share-based compensation awards.