In 2020, the Company adopted the 2020 Equity Incentive Plan, or “2020 Plan”, under which stock options, stock appreciation rights, restricted stock, restricted stock units, performance-based restricted stock units and other cash-based or stock-based awards may be granted to employees, consultants and directors. Shares of common stock that are issued and available for issuance under the 2020 Plan consist of authorized, but unissued or reacquired shares of common stock or any combination thereof. The Company has granted awards of stock options, restricted stock units, and market-based and performance-based restricted stock units under the 2020 Plan.

A total of 3,873,885 shares of common stock were initially authorized and reserved for issuance under the 2020 Plan. This share reserve automatically increased, and will continue to increase, on each subsequent January 1st through and including January 1, 2031, by an amount equal to the smaller of (a) 5 percent of the number of shares of common stock issued and outstanding on the immediately preceding December 31 and (b) an amount determined by the board of directors. As of June 30, 2025, a total of 4,552,545 shares of common stock remain available for future issuance under the 2020 Plan.

Stock options generally vest and become exercisable over a service period of 4 years from the date of grant, subject to continued service. The following table summarizes the weighted-average grant date value of options and the assumptions used to develop their fair value.


	Six months ended June 30,
	2025		2024
Weighted-average grant date fair value of options	$	4.53	$	4.54
Risk-free interest rate	4.07% - 4.10%			4.10	%
Expected volatility	68.60% - 69.21%			64.53	%
Expected life in years	6.07 years		6.10 years

The Company estimated its future stock price volatility using a combination of its observed option-implied volatilities and its peer historical volatility calculations. Management believes this is the best estimate of the expected volatility over the expected life of its stock options. The estimated life for the stock options is based on the weighted average of the remaining vesting term and the remaining contractual life of each award. The risk-free interest rate is based on the rate for a U.S. government security with the same estimated life at the time of the option grant. The estimated forfeiture rate applied is based on historical forfeiture rates. The Company does not anticipate paying any cash dividends in the foreseeable future and therefore uses an expected dividend yield of zero in the option pricing model.


(in thousands)	Outstanding			Weighted-Average Exercise Price		Aggregate Intrinsic Value
Balance as of December 31, 2024		4,684		$	8.25	$	8,311
Options granted		747			6.92		0
Exercised		(1,013	)		3.03		2,800
Plan shares expired or canceled		(719	)		18.07		5
Balance as of June 30, 2025		3,699		$	7.50	$	3,755
Vested and expected to vest		3,240		$	7.47	$	3,755
Exercisable as of June 30, 2025		2,241		$	7.48	$	3,755

At June 30, 2025, there was an estimated $4.3 million of total unrecognized compensation expense related to stock options, which reflects outstanding stock option awards that are vested and outstanding stock option awards that are expected to vest. This expense will be recognized over a weighted-average period of 2.90 years.


(in thousands)	Outstanding			Grant Date Fair Value		Aggregate Intrinsic Value
Balance as of December 31, 2024		5,744		$	11.57	$	35,152
Granted – restricted stock units		1,893			6.63		12,553
Canceled		(862	)		13.20		5,145
Vested and converted to shares		(890	)		13.49		5,088
Balance as of June 30, 2025		5,885		$	9.45	$	29,423
Vested and expected to vest		4,516		$	9.85	$	22,580

Market-based and performance-based restricted stock unit activity for the six months ended June 30, 2025 was as follows:


(in thousands)	Outstanding			Grant Date Fair Value		Aggregate Intrinsic Value
Balance as of December 31, 2024		396		$	7.90	$	2,281
Granted – market-based and performance-based restricted stock units		765			6.89		3,825
Canceled		(119	)		8.07		685
Vested and converted to shares		(163	)		7.09		1,157
Balance as of June 30, 2025		879		$	7.34	$	4,395
Vested and expected to vest		629		$	7.21	$	3,145

During the three months ended June 30, 2025, the Company's Board of Directors approved performance grants of 2025 market-based and performance-based PSUs pursuant to the 2020 Plan. The grant date fair value for the market-based awards was calculated utilizing a Monte Carlo simulation. Significant assumptions used in the Monte Carlo simulation model for the market-based restricted stock unit awards granted are as follows:

The aggregate expected stock-based compensation expense remaining to be recognized as of June 30, 2025 is $35.3 million related to RSUs and PSUs (performance-based and market-based awards), which reflects outstanding stock awards that are vested and outstanding stock awards that are expected to vest. This expense will be recognized over a weighted-average period of 2.36 years.