v3.25.1
STOCKHOLDERS' EQUITY AND EQUITY INCENTIVE PLANS
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
STOCKHOLDERS' EQUITY AND EQUITY INCENTIVE PLANS OTE 15: STOCKHOLDERS' EQUITY AND EQUITY INCENTIVE PLANS
Equity Incentive Plans
On January 1, 2025, the number of shares of common stock authorized for issuance under the 2021 Incentive Award Plan (the “2021 Plan”) automatically increased by 7,602,857 shares pursuant to the terms of the 2021 Plan.
Stock Options
A summary of the Company's stock option activity with respect to options granted under the 2021 Plan is as follows:

Number of Options
Weighted
Average exercise price
Weighted remaining contractual term (years)Aggregate
Intrinsic
Value








Outstanding as of January 1, 2025

16,321,014$3.29 4.34$5,212 


Granted

— $— 
Exercised

(1,252,550)$2.04 $445 
Forfeited

(693,151)$4.72 
Outstanding as of March 31, 2025

14,375,313$3.33 4.71$3,076 


Exercisable options at end of the period

14,370,625$3.33 4.71$3,076 

RSUs
The following table summarizes the RSU activity with respect to the 2021 Plan for the three months ended March 31, 2025:


RSUs
Outstanding

Weighted Average
Grant Date Fair
Value per Share
Outstanding as of January 1, 2025

12,331,745$1.56
RSUs granted

8,418,514$2.58
RSUs vested

(2,112,442)$1.69
RSUs forfeited (1)

(1,734,972)$1.52
Unvested and Outstanding as of March 31, 2025

16,902,845$2.05

(1) During the three months ended March 31, 2025 the Company's Board of Directors approved the cash settlement of 1,661,000 RSUs for its officers based on the Company's closing stock price on March 19, 2025. These RSUs were vested upon achieving specific performance targets outlined in the 2024 Executive Compensation Plan. The total amount approved for cash settlement was $3,089.
The stock-based compensation expense by line item in the accompanying consolidated statement of operations is summarized as follows:
Three Months Ended March 31,
20252024
Cost of revenue$128 $285 
Research and development849 1,172 
Sales and marketing432 770 
General and administrative3,124 4,302 
Total expenses$4,533 $6,529 

As of March 31, 2025, there was $31,029 of total unrecognized compensation cost related to non-vested stock-based compensation arrangements granted under the Company's equity incentive plans. These costs are expected to be recognized over a weighted-average period of approximately two years.
Shares Reserved for Future Issuance
The Company has the following common stock reserved for future issuance under the 2021 Plan:
March 31, 2025
Outstanding options14,375,313 
Outstanding RSUs16,902,845 
Shares reserved under 2021 Plan6,035,813 
Total37,313,971 
Stock Repurchase Program
In June 2024, the Company’s Board of Directors authorized a stock repurchase program of the Company’s outstanding common stock (the “2024 Repurchase Program”), which provided for repurchases up to a total of $5,000 thereunder. Subsequently, in March 2025, the Board approved a new repurchase program (the “2025 Repurchase Program”), providing for repurchases up to a total of $15,000 thereunder, which superseded the 2024 Repurchase Program. Under the 2025 Repurchase Program, the Company may make repurchases, from time to time, through open market purchases, block trades, in privately negotiated transactions, accelerated stock repurchase transactions, or by other means. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases under this authorization. The volume, timing, and manner of any repurchases will be determined at the Company’s discretion, subject to general market conditions, as well as the Company’s management of capital, general business conditions, other investment opportunities, regulatory requirements and other factors. The 2025 Repurchase Program does not obligate the Company to repurchase any specific amount of common stock, has no time limit, and may be modified, suspended, or discontinued at any time without notice at the discretion of the Board of Directors.
During the three months ended March 31, 2025, the Company repurchased 1,175,109 shares of common stock at a weighted average price of $1.94 per share (excluding broker and transaction fees of $35). As of March 31, 2025, the Company had remaining authorization under the 2025 Repurchase Program to repurchase common stock up to an aggregate amount of $14,073, subject to satisfying required conditions under the Companies Law and Companies Regulations.