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Equity Incentive Plans | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Equity Incentive Plans | 7. EQUITY INCENTIVE PLANS As of September 30, 2025, there are 17,785,881 shares of Class A common stock reserved for issuance under the 2020 Equity Incentive Plan, 3,183,434 shares of which are available for issuance in connection with grants of future awards. Stock Options Stock option activity for the nine months ended September 30, 2025 is as follows:
|  | Options Outstanding |  |  | Weighted-Average Exercise Price |
Balance at December 31, 2024 |  |  | 13,198,232 |  |  | $ | 2.86 |
Options granted |  |  | 937,366 |  |  |  | 2.18 |
Options exercised |  |  | (22,717 | ) |  |  | 2.03 |
Options forfeited |  |  | (578,011 | ) |  |  | 6.67 |
Balance at September 30, 2025 |  |  | 13,534,870 |  |  | $ | 2.74 |
Vested and exercisable, September 30, 2025 |  |  | 8,272,121 |  |  | $ | 3.18 |
Restricted Stock Units Restricted stock unit activity for the nine months ended September 30, 2025 is as follows:
|  | Number of Shares |  |  | Weighted-Average Grant Date Fair Value |
Balance at December 31, 2024 |  |  | 4,450,441 |  |  | $ | 4.26 |
Granted |  |  | 1,298,983 |  |  |  | 2.29 |
Vested |  |  | (2,108,601 | ) |  |  | 5.41 |
Forfeited |  |  | (369,484 | ) |  |  | 2.89 |
Balance at September 30, 2025 |  |  | 3,271,339 |  |  | $ | 2.89 |
In connection with the vesting of restricted stock units, the Company withheld shares of Class A common stock to satisfy tax withholding and remittance obligations. As of September 30, 2025, the Company withheld 359,664 shares of Class A common stock, which were retired, for $0.8 million. Employee Stock Purchase Plan A total of 2,138,712 shares of Class A common stock are reserved for issuance under the employee stock purchase plan (ESPP) as of September 30, 2025. During the nine months ended September 30, 2025, 119,484 shares of Class A common stock were issued under the ESPP. Stock-Based Compensation The following table summarizes the components of stock-based compensation recognized in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Cost of revenue |  | $ | 116 |  |  | $ | 402 |  |  | $ | 374 |  |  | $ | 1,189 |
Research and development |  |  | 1,360 |  |  |  | 2,127 |  |  |  | 4,809 |  |  |  | 6,381 |
Selling, general and administrative |  |  | 2,117 |  |  |  | 3,994 |  |  |  | 6,945 |  |  |  | 14,198 |
Total stock-based compensation |  | $ | 3,593 |  |  | $ | 6,523 |  |  | $ | 12,128 |  |  | $ | 21,768 |

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