v3.25.4
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Fair Value Weighted-Average Assumptions
The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted during the year ended December 31, 2024. No option grants were issued during the year ended December 31, 2025.
Year Ended December 31,
2024
Risk-free interest rate4.1 %
Expected term (in years)6.1
Expected volatility90.0 %
Expected dividend yield0.0 %
Schedule of Stock Option Activity
The following tables summarize the Company’s stock option activity under the 2021 Equity Incentive Plan (in thousands, except for share and per share data):
Number of
Shares
Weighted
Average
Exercise Price
Weighted
Average
Remaining
Contractual Term (in years)
Aggregate
Intrinsic Value
Outstanding as of December 31, 2024
18,125,937$1.18 
Granted— 
Exercised(9,395,646)0.98 
Forfeited(525,981)3.61 
Expired(20,306)3.63 
Outstanding as of December 31, 2025
8,184,004$1.25 4.4$48,364 
Vested and expected to vest as of December 31, 2025
8,184,004$1.25 4.4$48,364 
Options exercisable as of December 31, 2025
7,397,552$1.02 4.1$45,433 
Schedule of Restricted Stock Unit Activity
The following table summarizes the Company’s restricted stock units activity under its existing restricted stock unit plan:
Number of
Shares
Grant Date Fair
Value
Nonvested as of December 31, 2024
12,115,657$3.50 
Granted8,272,3973.95 
Vested(5,593,282)3.33 
Forfeited(4,134,609)3.71 
Nonvested as of December 31, 2025
10,660,163$3.85 
Schedule of Fair Value Weighted-Average Assumptions The fair value of the awards were estimated based on a Monte Carlo simulation model applying the following key assumptions, on a weighted average basis:
Year Ended December 31,
2025
Risk-free interest rate3.9%
Expected term (in years)3.0
Expected volatility90.5%
Expected dividend yield0.0%
Schedule of Market Based Stock Unit Activity
The following table summarizes the Company's market-based stock units activity since December 31, 2024:
Number of
Shares
Grant Date Fair
Value
Nonvested as of December 31, 2024
— $— 
Granted1,755,370 5.14 
Vested— — 
Forfeited(85,227)4.40 
Nonvested as of December 31, 2025
1,670,143 $5.17 
Schedule of Allocation of Share Based Compensation Expense
Stock-based compensation expense was classified in the consolidated statements of operations and comprehensive loss as follows (in thousands):
Year Ended December 31,
20252024
Cost of revenue$1,044$788
Research and development4,7484,520
Sales and marketing5,56810,946
General and administrative9,2118,502
Restructuring costs525
Total stock-based compensation expense$21,096$24,756
Schedule of Stock-Based Compensation Expense
Stock-based compensation expense by award type recognized in the consolidated statements of operations and comprehensive loss was as follows (in thousands):
Year Ended December 31,
20252024
Stock options $1,566$3,767
Earn-out shares6411
RSUs16,97220,978
MSUs2,494
Total stock-based compensation expense $21,096$24,756