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Share-Based Compensation | 6 Months Ended
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Jun. 30, 2026
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | 13. SHARE-BASED COMPENSATION Restricted Stock Units The Company grants restricted stock units (“RSUs”) to certain employees under the 2022 Equity Incentive Plan and are valued based on the closing price of the Company’s Class A common stock on the date of grant. The following table summarizes RSU activity during the six months ended June 30, 2026:
|  | Shares |  |  | Weighted-Average Grant-Date Fair Value |
RSUs outstanding at December 31, 2024 |  |  | 69,827 |  |  | $ | 5.65 |
Granted |  |  | 266,849 |  |  | $ | 3.72 |
Forfeited |  |  | (49,288 | ) |  | $ | 3.25 |
Vested |  |  | (24,039 | ) |  | $ | 5.57 |
RSUs outstanding at December 31, 2025 |  |  | 263,349 |  |  | $ | 3.88 |
Granted |  |  | 282,893 |  |  | $ | 1.91 |
Forfeited |  |  | (12,712 | ) |  | $ | 2.91 |
Vested |  |  | (82,419 | ) |  | $ | 3.08 |
RSUs outstanding at June 30, 2026 |  |  | 451,111 |  |  | $ | 2.82 |
The Company recognized share-based compensation expense of $0.4 million and $0.3 million during the three months ended June 30, 2026 and 2025, respectively, and $0.4 million and $0.3 million for the six months ended June 30, 2026 and 2025, respectively, related to RSUs. As of June 30, 2026, the Company had $0.4 million of unrecognized share-based compensation expense related to unvested RSUs. Stock Options The Company grants stock options to certain employees, directors, and consultants under the 2022 Equity Incentive Plan. The following table summarizes stock option activity during the six months ended June 30, 2026:
|  | Shares |  |  | Weighted-Average Exercise Price |  |  | Weighted-Average Remaining Contractual Term (Years) |
Options outstanding at December 31, 2024 |  |  | 10,310,571 |  |  | $ | 4.95 |  |  |  | 8.4 |
Granted |  |  | 4,593,177 |  |  | $ | 3.94 |  |  |  |
Exercised |  |  | (64,040 | ) |  | $ | 3.53 |  |  |  |
Forfeited |  |  | (2,557,612 | ) |  | $ | 4.58 |  |  |  |
Options outstanding at December 31, 2025 |  |  | 12,282,096 |  |  | $ | 4.66 |  |  |  | 7.9 |
Granted |  |  | 2,678,103 |  |  | $ | 1.94 |  |  |  |
Forfeited |  |  | (4,435,183 | ) |  | $ | 4.48 |  |  |  |
Options outstanding at June 30, 2026 |  |  | 10,525,016 |  |  | $ | 4.04 |  |  |  | 7.6 |
Options exercisable at June 30, 2026 |  |  | 5,503,456 |  |  | $ | 4.64 |  |  |  | 6.2 |
The Company recognized share-based compensation expense of $1.5 million and $1.8 million during the three months ended June 30, 2026 and 2025, respectively, and $3.3 million and $3.9 million for the six months ended June 30, 2026 and 2025, respectively, related to stock options. As of June 30, 2026, there was $9.6 million of unrecognized share-based compensation expense related to unvested stock options. This expense is expected to be recognized over a weighted-average remaining vesting period of 2.24 years. The weighted-average assumptions used to estimate the fair value of stock options granted during the six months ended June 30, 2026 were as follows:
|  | June 30, |
|  | 2026 |
Expected term (in years) |  |  | 5.9 |
Volatility |  |  | 66.2 | %
Risk-free rate |  |  | 4.1 | %
Dividend yield |  |  | 0.0 | %
Stock Purchase Plan On May 26, 2022, the Company’s Board of Directors approved the 2022 Employee Stock Purchase Plan (the ESPP). The maximum number of shares of the Company’s common stock that may be issued under the ESPP is equal to the sum of 797,724 shares (the “Initial Share Reserve”) of the Company’s common stock plus the number of shares of the Company’s common stock that may be added to the ESPP annually each year for a period of up to 10 years. Additional shares added to the ESPP on an annual basis is equal to the lesser of 1% of the total number of shares of the Company’s capital stock on the last day of the immediately preceding calendar year and the Initial Share Reserve. The Company recognized share-based compensation expense of $0.01 million for each of the three months ended June 30, 2026 and 2025, respectively, and $0.02 million and $0.03 million for the six months ended June 30, 2026 and 2025, respectively, related to the ESPP. As of June 30, 2026 and 2025, 179,485 shares a nd 118,712 shares, res pectively, had been purchased under the ESPP.

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