In July 2021, the Board and the Company’s stockholders approved the 2021 Long-Term Incentive Plan (the “2021 Plan”), under which stock options, restricted stock units (“RSUs”) and performance stock units (“PSUs”) may be granted. Awards previously issued under the 2007 Omnibus Securities and Incentive Plan, as amended and restated (the “2007 Plan”), remain subject to that plan.

As of March 31, 2026, 6,513,750 and 978,329 shares were available for grant under the 2021 Plan and the 2007 Plan, respectively. The Company generally issues new shares upon settlement of equity awards.

The Company recognizes stock-based compensation based on grant date fair value and accounts for forfeitures as they occur.

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,
	2026		2025
	(In thousands)
Research and development	$	417	$	601
Sales and marketing	697		1,045
General and administrative	1,032		1,295
Total stock-based compensation	$	2,146	$	2,941

As of March 31, 2026, unrecognized compensation expense was approximately $16.6 million for RSUs and $0.8 million for PSUs.

The following table summarizes stock option, RSU and PSU activity for the three months ended March 31, 2026:


	Stock Options	Service-Based RSUs	PSUs
Outstanding—December 31, 2025	1,326,262	7,420,833	2,911,575
Granted	—	1,502,600	—
Exercised/Vested	—	(888,039)	(168,115)
Forfeited/Expired	(149,490)	(974,306)	(1,197,597)
Outstanding—March 31, 2026	1,176,772	7,061,088	1,545,863

RSUs are granted to eligible employees and non-employee directors with fair value based on the Company’s stock price on the grant date. Compensation expense is recognized on a straight-line basis over the service period. During the three months ended March 31, 2026, the Company granted 1,502,600 RSUs with a weighted average grant date fair value of $0.78 per share.

PSUs are granted to senior executives and other key employees and include both performance-based and market-based awards.

The fair value of performance-based PSUs is based on the Company’s stock price on the grant date. These awards vest based on continued service and achievement of specified financial metric-based performance targets over the performance period (typically three years). Compensation expense is recognized ratably over the performance period based on the probability of achieving the performance conditions. The number of shares that may be earned is subject to a maximum of 150% of the target award.

The Company also grants market-based PSUs to senior executives and other key employees with vesting based on total shareholder return (“TSR”) performance and continued service. These awards include: Absolute TSR awards, which vest based on achievement of specified stock price targets, with payout levels ranging from 0% to 100% of target, and Relative TSR awards, which vest based on the Company’s TSR performance relative to a designated peer group, with payout levels ranging from 0% to 150% of target.

The fair value of market-based PSUs is determined on the grant date using a Monte Carlo simulation. Compensation expense is recognized using an accelerated attribution method over the applicable service period and is not reversed if the market condition is not achieved.

As of March 31, 2026, 48,529 warrants were outstanding and exercisable with a weighted average exercise price of $7.34. These warrants expire in September 2026.

As of March 31, 2026, approximately 4,310,250 shares were reserved under the Company’s 2021 Employee Stock Purchase Plan (the “ESPP”), which is subject to annual automatic evergreen increases. The plan is not yet active and no shares have been issued thereunder.

See Note 13 to the 2025 Form 10-K for additional information relating to the Company’s share-based compensation awards.