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| Stock-based compensation | Stock-based compensation 2010 Stock Option and Grant Plan The Company’s 2010 Stock Option and Grant Plan (the “2010 Plan”) provided for the Company to grant incentive stock options or nonqualified stock options, restricted stock awards and other stock-based awards to employees, officers, directors and consultants of the Company. Following the effectiveness of the Company's IPO in July 2021, no additional awards are being granted under the 2010 Plan and shares of existing outstanding options that were issued under the 2010 Plan and are forfeited or canceled are available for grant under the 2021 Incentive Award Plan. 2021 Incentive Award Plan In July 2021, the Board of Directors adopted, and the Company’s stockholders approved, the 2021 Incentive Award Plan (the “2021 Plan”). The 2021 Plan provides for the grant of stock options, including incentive stock options and non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, and other stock-based and cash-based awards. The 2021 Plan has a term of ten years. The aggregate number of shares of Class A common stock available for issuance under the 2021 Plan is equal to the sum of (i) 4,200,000 shares; (ii) any shares which are subject to the 2010 Plan awards that become available for issuance under the 2021 Plan; and (iii) an annual increase for ten years on the first day of each calendar year beginning on January 1, 2022, equal to the lesser of (A) 5% of the aggregate number of shares of Class A common stock outstanding on the last day of the immediately preceding calendar year and (B) such smaller amount of shares as determined by the Board of Directors. No more than 33,900,000 shares of Class A common stock may be issued under the 2021 Plan upon the exercise of incentive stock options. As of December 31, 2025, there were 5,158,947 shares available for issuance under the 2021 Plan. 2023 Inducement Plan In May 2023, the Company's board of directors adopted the 2023 Inducement Plan (the “Inducement Plan”) pursuant to which the Company reserved 330,000 shares of Class A common stock to be used exclusively for grants of equity-based awards to individuals who were not previously employees or directors of the Company as an inducement material to the individual’s entry into employment with the Company within the meaning of Rule 5635(c)(4) of The Nasdaq Listing Rules. The Inducement Plan provides for the grant of equity-based awards in the form of nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, and dividend equivalent rights. The Inducement Plan was adopted by the Company's board of directors without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. As of December 31, 2024, 217,013 shares were available for future issuance under the Inducement Plan. In February 2025, the Company amended the Inducement Plan to reserve an additional 476,000 shares of its Class A common stock. In May 2025, the Company amended the Inducement Plan to reserve an additional 442,987 shares of its Class A common stock. The amendments were adopted by the Company's board of directors, without stockholder approval pursuant to Rule 5635(c)(4) of The Nasdaq Listing Rules. As of December 31, 2025, 660,000 shares were available for future issuance under the Inducement Plan. Stock options The following table summarizes the Company’s stock option activity since December 31, 2024:
During the years ended December 31, 2025 and 2024, the Company granted to employees, officers and directors options to purchase 1,454,250 shares and 952,470 shares, respectively, of common stock. The Company recorded stock-based compensation expense for options granted to employees, officers, and directors of $1.7 million and $2.3 million during the years ended December 31, 2025 and 2024, respectively. 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 to employees and directors:
The aggregate intrinsic value of options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s Class A common stock for those options that had exercise prices lower than such fair value. The intrinsic value of stock options exercised during each of the years ended December 31, 2025 and 2024 was $0.7 million and less than $0.1 million, respectively. The weighted average grant-date fair value per share of stock options granted during the years ended December 31, 2025 and 2024 was $1.86 and $0.48, respectively. Restricted stock units Restricted stock unit grants typically have service-based vesting terms from to three years. Vesting occurs annually on the anniversary of the grant date. During the year ended December 31, 2025, the Company granted restricted stock units with service-based vesting conditions only. The Company expenses the fair value of the restricted stock units over the vesting period and accounts for forfeitures prospectively as they occur. The Company recorded stock-based compensation expense for restricted stock units granted to employees, officers, and directors of $2.3 million and $1.6 million during the years ended December 31, 2025 and 2024, respectively. The following table summarizes the Company's restricted stock units activity since December 31, 2024:
The weighted average grant-date fair value per share of restricted stock units granted during the years ended December 31, 2025 and 2024 was $3.14 and $0.94, respectively. The total fair value of shares vested during the years ended December 31, 2025 and 2024 was $2.5 million and $0.4 million, respectively. 2021 Employee Stock Purchase Plan In July 2021, the board of directors adopted, and the Company’s stockholders approved, the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which became effective in connection with the IPO of Class A common stock. The aggregate number of shares of Class A common stock available for issuance under the 2021 ESPP is equal to (i) 400,000 shares and (ii) an annual increase for ten years on the first day of each calendar year beginning on January 1, 2022, equal to the lesser of (A) 1% of the aggregate number of shares of Class A common stock outstanding on the last day of the immediately preceding calendar year and (B) such smaller amount of shares as determined by the board of directors. No more than 6,300,000 shares of Class A common stock may be issued under the 2021 ESPP. Under the 2021 ESPP, eligible employees may purchase shares of the Company’s common stock through payroll deductions of up to 15% of eligible compensation during an offering period. Generally, each offering period will be for 6 months as determined by the Company's board of directors. In no event may an employee purchase more than 100,000 shares per offering period based on the closing price on the first trading date of an offering period or the last trading date of an offering period, or more than $25,000 worth of stock during any calendar year. The purchase price for shares to be purchased under the 2021 ESPP is 85% of the lesser of the market price of the Company's common stock on the first trading date of an offering period or on any purchase date during an offering period (March 14 or September 14). During the years ended December 31, 2025 and 2024, there were 164,108 and 287,217, respectively, shares of Class A common stock purchased under the 2021 ESPP. The Company recognized less than $0.1 million of expense related to the 2021 ESPP for each of the years ended December 31, 2025 and 2024. As of December 31, 2025, 1,170,124 shares were available for future issuance under the 2021 ESPP. The Company estimates the fair value of shares issued to employees under the 2021 ESPP using the Black-Scholes option pricing model. The following weighted-average assumptions were used in the calculation of fair value of shares issued under the 2021 ESPP:
Stock-based compensation Stock-based compensation expense was classified in the consolidated statements of operations as follows (in thousands):
As of December 31, 2025, total unrecognized compensation expense related to unvested stock options held by employees and directors was $1.5 million, which is expected to be recognized over weighted-average period of 2.4 years. Additionally, unrecognized compensation expense related to unvested restricted stock units held by employees and directors was $4.5 million, which is expected to be recognized over a weighted-average period of 1.0 years.
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