v3.25.2
Stock-based Compensation (Notes)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] Stock-Based Compensation
Stock-based compensation expense includes restricted stock units granted to employees and other service providers and has been reported in the Company’s consolidated statements of operations depending on the function performed by the employee or other service provider. Stock-based compensation expense recognized in each category of the consolidated statements of operations was as follows (in thousands):
 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Veterinary invoice expense$774 $854 $1,544 $1,778 
Other cost of revenue605 541 1,094 1,007 
Technology and development1,470 1,261 2,621 2,515 
General and administrative5,047 3,861 9,575 7,310 
New pet acquisition expense1,560 2,129 4,452 4,188 
Total expensed stock-based compensation9,456 8,646 19,286 16,798 
Capitalized stock-based compensation9 126 58 332 
Total stock-based compensation$9,465 $8,772 $19,344 $17,130 

Stock Options
The following table presents information regarding stock options granted, exercised, and forfeited for the period presented:
Number of OptionsWeighted Average Exercise Price per ShareAggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2024347,334 $14.30 $11,775 
Granted— — — 
Exercised(106,904)12.45 2,580 
Forfeited(2,731)11.18 — 
Outstanding as of June 30, 2025237,699 15.16 9,557 
Exercisable as of June 30, 2025237,669 $15.16 $9,557 

As of June 30, 2025, stock options outstanding and stock options exercisable had a weighted average remaining contractual life of 1.4 years.
The Company has not granted any new stock options since 2017 and all outstanding options vested prior to January 1, 2022.
Restricted Stock Units
The following table presents information regarding restricted stock units granted, exercised and forfeited for the period presented:
Number of 
Shares		Weighted Average
Grant Date Fair Value per Share
Unvested shares as of December 31, 2024970,739 $37.35 
Granted938,893 45.97 
Vested(436,878)43.37 
Forfeited(79,187)34.36 
Unvested shares as of June 30, 20251,393,567 $41.44 
Stock-based compensation expenses of $55.3 million related to unvested restricted stock units are expected to be recognized over a weighted average period of approximately 2.0 years.