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Equity Incentive Plans | 3 Months Ended
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Mar. 31, 2026
Share-Based Payment Arrangement [Abstract] |
Equity Incentive Plans | Note 10. Equity Incentive Plans Stock options A summary of option activities under the 2005 Stock Plan, as amended in January 2010 and November 2012 (the “2005 Plan”) and 2017 Equity Incentive Plan (the “2017 Plan”) during the three months ended March 31, 2026 is as follows:
|  | Number of Options Outstanding |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Grant Date Fair Value per Option |  |  | Aggregate Intrinsic Value Exercised (in thousands) |  |  | Weighted- Average Remaining Contractual term (in years) |
Outstanding at December 31, 2025 |  |  | 1,689,142 |  |  | $ | 26.41 |  |  |  |  |  |  |  |  |  |
Granted |  |  | 83,336 |  |  | $ | 7.20 |  |  | $ | 4.34 |  |  |  |  |  |  |
Exercised |  |  | (2,000 | ) |  | $ | 3.06 |  |  |  |  |  | $ | 9 |  |  |  |
Canceled |  |  | (9,255 | ) |  | $ | 21.13 |  |  |  |  |  |  |  |  |  |
Outstanding at March 31, 2026 |  |  | 1,761,223 |  |  | $ | 25.56 |  |  |  |  |  |  |  |  |  |
Option exercisable at March 31, 2026 |  |  | 1,372,687 |  |  | $ | 28.12 |  |  |  |  |  |  |  |  |  |
Option vested and expected to vest at March 31, 2026 |  |  | 1,761,223 |  |  | $ | 25.56 |  |  |  |  |  | $ | 196 |  |  |  | 6.05 |
Under an “evergreen” provision, the number of shares of common stock reserved for issuance under the 2017 Plan will automatically increase on January 1 of each year, beginning on January 1, 2018 and ending on and including January 1, 2027, by 5% of the total number of shares of the Company’s common stock outstanding on December 31 of the preceding calendar year or a lesser number of shares determined by the Board. In accordance with the evergreen provision, the number of shares of common stock reserved for issuance under the 2017 Plan was increased on January 1, 2026 by 641,298 shares, which was equal to 5% of the total number of shares of common stock outstanding on December 31, 2025. Restricted stock units A summary of restricted stock unit (“RSU”) activities under the 2017 Plan during the three months ended March 31, 2026 is as follows:
|  | Number of RSUs |  |  | Weighted- Average Grant Date Fair Value per RSU |  |  | Aggregate Fair Value of RSUs Vested (in thousands) |
Unvested RSUs at December 31, 2025 |  |  | 520,379 |  |  | $ | 18.10 |  |  |  |
Granted |  |  | 5,594 |  |  | $ | 7.15 |  |  |  |
Vested |  |  | (70,237 | ) |  | $ | 18.60 |  |  | $ | 468 |
Unvested RSUs at March 31, 2026 |  |  | 455,736 |  |  | $ | 17.89 |  |  |  |
Performance-based restricted stock units The Company has granted performance-based restricted stock units (“PSUs”) under the 2017 Plan to certain employees of the Company that represent shares potentially issuable in the future. PSUs generally vest in one installment on the certification date following the satisfaction of obtaining revenue, Adjusted EBITDA or other performance criteria. Compensation expense related to PSUs is determined based on the fair value of the underlying common stock at the grant date and the most probable level of achievement of the performance conditions. A summary of PSU activities under the 2017 Plan during the three months ended March 31, 2026 is as follows:
|  | Number of PSUs |  |  | Weighted- Average Grant Date Fair Value per PSU |  |  | Aggregate Fair Value of PSUs Vested (in thousands) |  |  |
Unvested PSUs at December 31, 2025 |  |  | 1,757,277 |  |  | $ | 16.47 |  |  |  |  |  |
Granted |  |  | 119,196 |  |  | $ | 13.77 |  |  |  |  |  |
Vested |  |  | (59,598 | ) |  | $ | 13.77 |  |  | $ | 397 |  |  |
Forfeited |  |  | (59,598 | ) |  | $ | 13.77 |  |  |  |  |  |
Unvested PSUs at March 31, 2026 |  |  | 1,757,277 |  |  | $ | 16.47 |  |  |  |  |  |
2017 Employee Stock Purchase Plan Under the 2017 ESPP, eligible employees may purchase shares of our common stock through payroll deductions that cannot exceed 15% of the employee’s salary. The 2017 ESPP provides for a six-month offering period. At the end of the purchase period, eligible employees are permitted to purchase shares of common stock at the lower of 85% of the fair market value at the beginning or end of the offering period subject to tax limitations on the total value of the purchase. The 2017 ESPP contains an “evergreen” provision that provides for an automatic annual share increase on January 1 of each year, in an amount equal to the lesser of (1) 2% of the total number of shares of common stock outstanding on December 31st of the preceding calendar year, (2) 150,000 shares or (3) such number of shares as determined by the Board. In accordance with the evergreen provision, the number of shares of common stock reserved for issuance under the 2017 ESPP was increased on January 1, 2026 by 150,000 shares. The number of shares available for grant under the 2017 ESPP was 791,127 as of March 31, 2026. Total stock-based compensation expense associated with the 2005 Plan, 2017 Plan and 2017 ESPP is recorded in the condensed consolidated statements of operations and was allocated as follows (in thousands):
| Three Months Ended March 31, |
| 2026 |  |  | 2025 |
Cost of revenues | $ | 856 |  |  | $ | 648 |
Sales and marketing |  | 385 |  |  |  | 591 |
Research and development |  | 383 |  |  |  | 393 |
General and administrative |  | 855 |  |  |  | 1,772 |
Total | $ | 2,479 |  |  | $ | 3,404 |

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