Stock-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount |
The Company recorded stock-based compensation on the Consolidated Statement of Operations for the three and six months ended June 30, 2025 and 2024 as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | Cost of revenue | | $ | 302 | | | $ | 358 | | | $ | 718 | | | $ | 753 | | | General and administrative | | 10,408 | | | 7,493 | | | 19,190 | | | 14,156 | | | Research and development | | 675 | | | 237 | | | 1,272 | | | 408 | | | Sales and marketing | | 830 | | | 753 | | | 1,788 | | | 1,298 | | | Total stock-based compensation | | $ | 12,215 | | | $ | 8,841 | | | $ | 22,968 | | | $ | 16,615 | |
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| Schedule of Stock Option Activity |
A summary of the stock option activity under the Company’s plans for the six months ended June 30, 2025 is as follows: | | | | | | | | | | | | | | | | | Number of
Shares | | Weighted Average Exercise Price | | Outstanding at December 31, 2024 | | 5,231,262 | | | $ | 16.14 | | | Granted | | 3,147,871 | | | $ | 11.66 | | | | | | | | Exercised | | (9,083) | | | $ | 8.10 | | | Forfeited | | (914,134) | | | $ | 19.91 | | | Outstanding at June 30, 2025 | | 7,455,916 | | | $ | 13.80 | | | Vested and expected to vest at June 30, 2025 | | 7,455,916 | | | $ | 13.80 | | | Exercisable at June 30, 2025 | | 2,780,597 | | | $ | 15.71 | |
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| Schedule of Fair Value of Each Stock Option Award Granted |
The fair value of each stock option award granted during the six months ended June 30, 2025 was estimated as of the grant date using a Black-Scholes model with the following assumptions: | | | | | | | | Six Months Ended
June 30, 2025 | | Expected term (in years) | 5.2 - 6.5 | | Risk-free interest rate (%) | 3.8% - 4.4% | | Expected volatility (%) | 56.0% - 67.1% | | Dividend yield (%) | — | | Weighted average grant date fair value per share | $6.50 |
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| Schedule of Restricted Stock Activity |
A summary of the restricted stock activity under the Company’s plans for the six months ended June 30, 2025 is as follows: | | | | | | | | | | | | | | | | | Number of Restricted
Shares | | Weighted Average Grant Date Fair Value | | Nonvested at December 31, 2024 | | 2,164,071 | | | $ | 14.25 | | | Granted | | 2,693,092 | | | $ | 11.19 | | | Vested | | (1,016,859) | | | $ | 14.10 | | | Forfeited | | (707,958) | | | $ | 12.52 | | | Nonvested at June 30, 2025 | | 3,132,346 | | | $ | 12.05 | |
A summary of the PSU activity under the Company’s plans for the six months ended June 30, 2025 is as follows:
| | | | | | | | | | | | | | | | | Number of Stock Units | | Weighted Average Grant Date Fair Value | | Nonvested at December 31, 2024 | | 647,084 | | | $ | 19.35 | | | Granted | | — | | | $ | — | | | Vested | | — | | | $ | — | | | Forfeited | | (58,473) | | | $ | 18.62 | | | Nonvested at June 30, 2025 | | 588,611 | | | $ | 19.42 | |
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