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 December 31, 2025, a total of 2,947,464, registered shares of common stock remain available for future issuance under the 2020 Plan.

Pursuant to the automatic increase provisions, effective January 1, 2026, the share reserve increased by a number of shares of common stock equal to 5 percent of the number of shares of common stock issued and outstanding on December 31, 2025.

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.


	Year ended December 31,
	2025		2024		2023
Weighted-average grant date fair value of options	$	4.06	$	4.38	$	6.55
Risk-free interest rate	3.59% - 4.10%		4.10% - 4.30%		3.65% - 4.30%
Expected volatility	67.77% - 69.21%		64.53% - 70.56%		65.02% - 66.56%
Expected life in years	5.30 - 6.09 years		5.21 - 6.10 years		6.06 - 6.11 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.


Stock option activity for the year ended December 31, 2025 was as follows:

(in thousands)	Outstanding			Weighted-Average Exercise Price		Aggregate Intrinsic Value
Balance as of December 31, 2024		4,684		$	8.25	$	8,311
Options granted		1,013			6.29		0
Exercised		(1,503	)		2.41		4,666
Plan shares expired or canceled		(1,128	)		16.66		9
Balance as of December 31, 2025		3,066		$	7.37	$	1,173
Vested and expected to vest		2,645		$	7.32	$	1,173
Exercisable as of December 31, 2025		1,771		$	7.81	$	1,173

The total intrinsic value of options exercised during the years ended December 31, 2025, 2024, and 2023 was $4.7 million, $2.5 million, and $6.8 million, respectively. The intrinsic value was calculated as the difference between the estimated fair value of the Company's common stock at exercise, and the exercise price of the in-the-money options. The total grant date fair value of options vested for the years ended December 31, 2025, 2024, and 2023 was $2.6 million, $4.2 million, and $7.6 million, respectively.

The expected stock-based compensation expense remaining to be recognized as of December 31, 2025 was $3.3 million 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 2.50 years.


Restricted stock unit activity for the year ended December 31, 2025 was as follows:

(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		3,231			5.92		19,138
Canceled		(1,671	)		11.30		8,907
Vested and converted to shares		(1,786	)		14.16		9,471
Balance as of December 31, 2025		5,518		$	7.50	$	22,732
Vested and expected to vest		4,198		$	7.65	$	17,296

The expected stock-based compensation expense remaining to be recognized as of December 31, 2025 was $24.0 million related to RSUs, which reflects outstanding RSUs that are vested and outstanding RSUs that are expected to vest. This expense will be recognized over a weighted-average period of 2.45 years.

Market-based and performance-based restricted stock unit activity for the year ended December 31, 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		3,152
Canceled		(187	)		8.76		770
Vested and converted to shares		(163	)		7.09		1,157
Balance as of December 31, 2025		811		$	7.22	$	3,341
Vested and expected to vest		482		$	7.34	$	1,988

The grant date fair value of the market-based awards issued in April and May 2025 was $7.97. Significant assumptions used in the Monte Carlo simulation model for the market-based awards granted are as follows:

The expected stock-based compensation expense remaining to be recognized as of December 31, 2025 was $1.7 million related to PSUs (performance-based and market-based awards), which reflects outstanding PSUs that are vested and outstanding PSUs that are expected to vest. This expense will be recognized over a weighted-average period of 1.64 years.