In November 2011, the Company established the 2011 Employee, Director and Consultant Equity Incentive Plan (the “2011 Plan”) and reserved shares of the Company’s common stock for sale and issuance under the 2011 Plan. Options granted under the 2011 Plan generally vest over a four-year period and generally expire ten years from the date of grant. Options are exercisable only to the extent vested. The 2011 Plan terminated in November 2021, and accordingly, no additional shares are available for grant under the 2011 Plan. The 2011 Plan continues to govern outstanding awards granted under the 2011 Plan.

The 2021 Equity Incentive Plan (the “2021 Plan”) was established in July 2021. The 2021 Plan provides for the grant of incentive and non-statutory stock options as well as other stock rights to employees, directors and consultants of the Company. Options generally vest over a four-year period, are exercisable only to the extent vested, and generally expire ten years from the date of grant. Restricted stock units (“RSUs”) generally vest over either a two-year or a four-year period. The 2021 Plan includes provisions for annual automatic increases to the number of shares of Class A common stock reserved for issuance under the 2021 Plan. In addition, any shares that otherwise would be returned to the 2011 Plan as a result of the expiration or cancellation of stock options may be added to the 2021 Plan. As of December 31, 2024, there were 2,071,498 shares of the Company’s Class A common stock that were available for future grants under the 2021 Plan.

The 2021 Employee Stock Purchase Plan (the “2021 ESPP”) was established in July 2021. The 2021 ESPP includes provisions for annual automatic increases to the number of shares of Class A common stock reserved for issuance under the 2021 ESPP. As of December 31, 2024, there were 1,060,293 shares of the Company’s Class A common stock that were available for future grants under the 2021 ESPP.

Unless otherwise noted, references to “options” in the subsequent disclosures, refers to the combined incentive and non-statutory stock options issued as employee and non-employee stock-based compensation, and authorized under the 2011 Plan and the 2021 Plan. The following table summarizes information about these options granted and outstanding:


	Number of Shares Subject to Options Outstanding			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Life (In Years)		Aggregate Intrinsic Value (In Thousands)
Outstanding – December 31, 2023		7,251,663		$	3.66		6.9	$	20,014
Granted		84,392			8.43
Expired		—			—
Cancelled		(120,387	)		3.68
Exercised		(1,102,513	)		2.63
Outstanding – December 31, 2024		6,113,155		$	3.91		6.3	$	27,008
Vested and expected to vest at December 31, 2024		6,073,028		$	3.90		6.3	$	26,849
Vested and exercisable at December 31, 2024		5,380,324		$	3.77		6.1	$	24,500

The weighted-average grant date fair value of options granted during the years ended December 31, 2024 and 2023 was $5.54 and $2.28 per share, respectively. The total aggregate intrinsic value of options exercised during the years ended December 31, 2024 and 2023 was $5.5 million and $1.4 million, respectively. The total fair value of options vested for the years ended December 31, 2024 and 2023 was $3.7 million and $4.8 million, respectively.

The fair values calculated using the Black-Scholes option pricing model were estimated on each grant date using the following assumptions:


	Year Ended
	December 31,
	2024			2023
Expected volatility	78.8% - 78.9%			70.1% - 72.4%
Risk-free interest rate	4.1% - 4.2%			3.7% - 4.2%
Expected term (in years)	5.2 - 5.3			5.3 - 7.0
Expected dividend yield		0	%		0	%

The following table summarizes information about RSUs granted and outstanding under the 2021 Plan:


	Number of Awards			Weighted-Average Grant Date Fair Value
Outstanding – December 31, 2023		2,692,459		$	2.01
Granted		249,040			8.52
Forfeited		(52,992	)		2.02
Vested		(1,257,345	)		2.54
Outstanding – December 31, 2024		1,631,162		$	2.60

The following table presents the impact of stock-based compensation expense in the statements of operations for the periods indicated (in thousands):


	Year Ended
	December 31,
	2024		2023
Research and development expense	$	2,502	$	1,574
Sales and marketing expense		390		657
General and administrative expense		4,121		3,042
Total employee stock-based compensation	$	7,013	$	5,273

The information about unrecognized stock-based compensation expense for outstanding unvested stock options and RSUs as of December 31, 2024 was as follows (in thousands, except years):


	Unrecognized Stock-Based Compensation Expense		Weighted-Average Period of Recognition (in years)
Stock Options	$	1,975		1.0
RSUs		3,099		1.9
Total unrecognized stock-based compensation expense	$	5,074