The Company maintains its 2021 Long-Term Incentive Plan ("2021 Plan") under which it grants stock awards to its employees, directors and non-employee third parties. On January 1, 2025, the number of shares of common stock available to issue under the 2021 Plan automatically increased by 10,216,793 shares. As of March 31, 2025, the Company had 29,912,729 shares of common stock allocated to the 2021 Plan, but not yet issued or granted as an award.

The Company also maintains its 2021 Employee Stock Purchase Plan ("ESPP"), under which eligible employees may purchase the Company’s common stock through accumulated payroll deductions. On January 1, 2025, the number of shares of common stock reserved for issuance under the ESPP automatically increased by 2,043,359. As of March 31, 2025, the number of shares of common stock reserved for issuance under the ESPP was 9,804,643.

Stock Options

Stock options granted under the Company's current and prior equity incentive plans have various vesting periods ranging from fully-vested on the date of grant to vesting over a period of three or four years. The term for each incentive stock option under these plans is ten years from the grant date, or five years for a grant to a ten percent owner optionee, in each case assuming continued employment. The fair value of options granted is estimated on the date of grant using the Black-Scholes option-pricing model.

Stock option activity for the three months ended March 31, 2025 was as follows:


	Stock Options
	Number of Stock Options Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
Balance as of December 31, 2024		7,396,102		$	9.02		6.51	$	14,247
Exercised		(82,121	)		1.72
Cancelled		(40,909	)		9.00
Expired		(1,052	)		1.09
Balance as of March 31, 2025		7,272,020		$	9.14		6.31	$	5,718
Vested and exercisable		5,748,514		$	9.10		5.94	$	5,496

As of March 31, 2025, the total unamortized stock-based compensation expense related to the unvested stock options was $5,982, which the Company expects to amortize over a weighted average period of 1.9 years.

Restricted Stock Units

RSUs have a vesting period of between one and four years. Any unvested RSUs are forfeited upon termination of employment. RSUs are valued based on the trading price of the Company's common stock at the date of grant. RSUs granted prior to the Company's IPO are valued at the estimated value of a share of common stock at the date of grant.

RSU activity for the three months ended March 31, 2025 was as follows:


	Restricted Stock Units
	Number of Restricted Stock Units Outstanding			Weighted Average Grant Date Fair Value
Balance as of December 31, 2024		10,098,649		$	10.58
Granted		6,778,725			8.45
Released		(1,777,444	)		10.83
Cancelled		(256,489	)		7.60
Balance as of March 31, 2025		14,843,441		$	9.63

As of March 31, 2025, the total unamortized stock-based compensation expense related to the unvested RSUs was $131,766, which the Company will amortize over a weighted average period of 2.6 years.

Stock-Based Compensation Expense

Stock-based compensation expense from stock options and RSUs, reduced for actual forfeitures, was included in the following line items in the accompanying unaudited consolidated statements of operations:


	Three Months Ended March 31,
	2025		2024
Cost of revenues	$	1,940	$	1,197
Sales and marketing		1,397		1,098
Research and development		3,689		3,658
General and administrative		7,200		4,813
Total	$	14,226	$	10,766

Employee Stock Purchase Plan

Stock-based compensation expense for the ESPP is based on the estimated fair value of the option to purchase shares at a discount and uses grant date inputs including the purchase discount, expected contributions and stock price. Total ESPP expense recorded in the Company's unaudited consolidated statements of operations was as follows:

11. Stock-Based Compensation

Stock Plans

Stock Options

Restricted Stock Units

Stock-Based Compensation Expense

Employee Stock Purchase Plan