The Company grants restricted stock units (“RSUs”) to certain employees under the 2022 Equity Incentive Plan and are valued based on the closing price of the Company’s Class A common stock on the date of grant. The following table summarizes RSU activity during the six months ended June 30, 2025:


	Shares			Weighted-Average Grant-Date Fair Value
RSUs outstanding at December 31, 2023		414,566		$	8.08
Granted		100,044		$	4.76
Vested		(444,783	)	$	7.72
RSUs outstanding at December 31, 2024		69,827		$	5.65
Granted		266,849		$	3.72
Forfeited		(29,879	)	$	3.25
Vested		(24,039	)	$	5.57
RSUs outstanding at June 30, 2025		282,758		$	3.84

The Company recognized share-based compensation expense of $0.3 million and $0.5 million during the three months ended June 30, 2025 and 2024, respectively, and $0.3 million and $0.8 million during the six months ended June 30, 2025 and 2024, respectively, in each case related to RSUs. As of June 30, 2025, the Company had $0.5 million of unrecognized share-based compensation expense related to unvested RSUs. This expense is expected to be recognized over a weighted-average remaining vesting period of 3.75 years.

The Company grants stock options to certain employees, directors, and consultants under the 2022 Equity Incentive Plan. The following table summarizes stock option activity during the six months ended June 30, 2025:


	Shares			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)
Options outstanding at December 31, 2023		8,141,716		$	4.66		8.9
Granted		4,200,766		$	5.43
Exercised		(556,515	)	$	4.29
Forfeited		(1,475,396	)	$	4.99
Options outstanding at December 31, 2024		10,310,571		$	4.95		8.4
Granted		4,228,627		$	3.97
Exercised		(64,040	)	$	3.53
Forfeited		(1,329,073	)	$	4.59
Options outstanding at June 30, 2025		13,146,085		$	4.68		8.2
Options exercisable at June 30, 2025		4,893,930		$	4.75		6.9

The Company recognized share-based compensation expense of $1.8 million and $2.3 million during the three months ended June 30, 2025 and 2024, respectively, and $3.9 million and $3.7 million during the six months ended June 30, 2025 and 2024, respectively, related to stock options. As of June 30, 2025, there was $21.2 million of unrecognized share-based compensation expense related to unvested stock options. This expense is expected to be recognized over a weighted-average remaining vesting period of 2.72 years.

The weighted-average assumptions used to estimate the fair value of stock options granted during the six months ended June 30, 2025 were as follows:


	June 30,
	2025
Expected term (in years)		6.0
Volatility		62.4	%
Risk-free rate		4.0	%
Dividend yield		0.0	%

On May 26, 2022, the Company’s Board of Directors approved the 2022 Employee Stock Purchase Plan (the “ESPP”). The maximum number of shares of the Company’s Class A common stock that may be issued under the ESPP is equal to the sum of 797,724 shares (the “Initial Share Reserve”) of the Company’s Class A common stock plus the number of shares of the Company’s Class A common stock that may be added to the ESPP annually each year for a period of up to 10 years. Additional shares added to the ESPP on an annual basis is equal to the lesser of 1% of the total number of shares of the Company’s capital stock on the last day of the immediately preceding calendar year and the Initial Share Reserve.

The Company recognized share-based compensation expense of $0.01 million and $0.03 million for the three and six months ended June 30, 2025, respectively, and $0.06 million for each of the three and six months ended June 30, 2024, related to the ESPP. As of June 30, 2025, 118,712 cumulative shares had been purchased under the ESPP.