
	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Cost of services	$	193	$	86	$	361	$	134
Research and development	1,422		347		1,841		160
Selling and marketing	1,268		368		1,814		348
General and administrative	4,930		2,307		7,780		2,015
Total stock-based compensation expense1,2	$	7,813	$	3,108	$	11,796	$	2,657

(1)The Company recorded an aggregate reversal of stock-based compensation of $0.2 million and $0.1 million during the three months ended June 30, 2025 and 2024, respectively, and $0.8 million and $3.3 million during the six months ended June 30, 2025 and 2024, respectively, due to forfeiture activities upon employee terminations.

(2)Includes $0.4 million and $0.1 million of expenses related to the 2021 Employee Stock Purchase Plan for the three months ended June 30, 2025 and 2024, respectively, and $0.7 million and $0.1 million of expenses for the six months ended June 30, 2025 and 2024, respectively.

The Company maintains the Amended and Restated 2021 Equity Incentive Plan (the “2021 Plan”), which allows for grants of stock-based awards. No awards granted under the 2021 Plan are exercisable after 10 years from the date of grant, and the awards granted under the 2021 Plan generally vest over a four-year period on a graded vesting basis; however, the Company also granted certain restricted stock units with vesting terms beginning 12 months from the grant date and vesting immediately on the grant date. On January 1 of each year through 2031, the aggregate number of shares of Class A common stock reserved for issuance under the 2021 Plan may be increased automatically by the number of shares equal to 5% of the total number of shares of all classes of common stock issued and outstanding immediately preceding December 31. In January 2025, the number of Class A common stock reserved for future issuance under the 2021 Plan automatically increased by 1,400,827 shares.

The Company also maintains the 2023 Equity Inducement Plan (the “Equity Inducement Plan”), which allows for grants of equity awards of the Company’s Class A common stock to individuals who were not previously an employee or director of the Company, or following a bona fide period of non-employment, as an inducement material to such persons entering into employment with the Company.


	Stock Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (years)	Aggregate Intrinsic Value
Outstanding at December 31, 2024	341,280	$	44.83	5.99	$	12,429
Granted	—	$	—
Exercised	(35,432)	$	22.63
Forfeited and canceled	—	$	—
Outstanding at June 30, 2025	305,848	$	47.33	5.50	$	15,108
Options exercisable at June 30, 2025	275,244	$	44.68	5.33	$	14,058

Non-vested options outstanding as of June 30, 2025 were 30,604 with a weighted-average grant-date fair value of $45.87. As of June 30, 2025, unrecognized stock-based compensation cost related to the unvested portion of the Company’s stock options was $0.2 million, which is expected to be recognized on a graded-vesting basis over a weighted-average period of 0.7 years.

There were no options granted during the six months ended June 30, 2025. The aggregate intrinsic value of options exercised during the six months ended June 30, 2025 was $2.4 million, and is calculated based on the difference between the exercise price and the fair value of the Company’s Class A common stock as of the exercise date. There were no options forfeited or canceled during the six months ended June 30, 2025.

Restricted stock units granted under the 2021 Plan are accounted for as either time-based restricted stock units (“RSUs”) or performance-based restricted stock units (“PRSUs”). Restricted stock units convert to Class A common stock on a one-for-one basis as the awards vest. The Company measures the fair value of restricted stock units at fair value based on the closing price of the underlying common stock on the grant date. The following table summarizes restricted stock unit activity during the six months ended June 30, 2025:


	Restricted Stock Units	Weighted-Average Grant Date-Fair Value Per Unit
Outstanding at December 31, 2024	1,869,561	$	12.03
Granted1	481,895	$	92.90
Vested	(483,407)	$	14.69
Forfeited	(232,189)	$	15.69
Outstanding at June 30, 2025	1,635,860	$	34.73

During the six months ended June 30, 2025, the Company approved an award of 73,677 PRSUs to certain executives. The grant date fair value of the PRSUs is based on the fair value of the Company’s Class A common stock on the grant date. The awards have both time-based and performance-based vesting conditions. The actual number of shares earned on vesting ranges from 0% to 200% of the target number of shares granted, depending on the attainment of specified performance goals established for the years ending December 31, 2025 and 2026.

The total fair value of restricted stock units vested during the six months ended June 30, 2025 was $7.1 million. As of June 30, 2025, unrecognized stock-based compensation expense related to the Company’s restricted stock units was $41.1 million, which is expected to be recognized on a graded-vesting basis over a weighted-average period of 2.0 years.

The 2021 Employee Stock Purchase Plan (the “2021 ESPP”) authorizes the issuance of shares of Class A common stock pursuant to purchase rights granted to employees. On January 1 of each year through 2031, the aggregate number of shares of Class A common stock reserved for issuance under the 2021 ESPP may be increased automatically by the number of shares equal to 1% of the total number of shares of all classes of common stock issued and outstanding immediately preceding December 31. In January 2025, the number of class A common stock reserved for future issuance under the 2021 ESPP automatically increased by 280,165 shares.

The 2021 ESPP became open for enrollment in April 2024. Under the 2021 ESPP, eligible employees may purchase shares of the Company’s Class A common stock at a discount through payroll deductions during each discrete six-month offering period. The purchase price under each discrete offering period is equal to 85% of the lesser of the fair market value of the Class A common stock on the first and last day of the offering period.

The Company issued 22,674 shares of Class A common stock under the 2021 ESPP during the three and six months ended June 30, 2025. As of June 30, 2025, a total of 827,322 shares of Class A common stock have been reserved for future issuance under the 2021 ESPP.